LONDON–(BUSINESS WIRE)– H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with over €35 billion of equity capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire KPMG’s UK restructuring business, a leading provider of insolvency, financial restructuring and turnaround services in the UK and globally. Terms of the transaction, which is expected to complete in April 2021, were not disclosed.
KPMG UK Restructuring is a leading multidisciplinary practice of approximately 22 partners and 528 staff located across the full breadth of the UK. The group advises companies, lenders, equity holders and a wide range of other stakeholders including Government, regulators and pension trustees to navigate through the issues associated with economic disruption and overcome financial and operational challenges.
Following completion of the transaction, the business will rebrand to Interpath Advisory, becoming the largest independent restructuring and turnaround team in the UK. The new business will be led by Blair Nimmo, Will Wright and Mark Raddan, who have also led the transaction as three of the senior partners in KPMG’s UK Restructuring practice. They will be supported by an experienced group of partners who will remain as significant shareholders in the business.
H.I.G.’s investment will support Interpath Advisory in its transition to an independent business and strengthen its existing capabilities as it continues to grow its advisory offering in the UK and beyond. H.I.G. has a successful international track record of investing in and supporting the long-term growth of consulting and professional services businesses across Europe and the US.
Blair Nimmo said: “This is tremendously exciting news for our business and our people and opens up enormous potential for growth. With over 500 people based across the full breadth of the UK, Interpath Advisory will become the largest independent restructuring and turnaround business in the country. From the strong foundations that we’ve built over the past 50 years, we’re looking forward to building a market-leading international advisory business that is capable of servicing the largest and most complex engagements.”
Markus Noe-Nordberg, Managing Director and Head of the H.I.G. European Middle Market LBO team, which led the transaction, commented: “We are thrilled to welcome Interpath Advisory to the H.I.G. family. H.I.G. has had great success investing in leading professional services firms, and we will use this experience to help Interpath maximise its potential. This transaction is an ideal fit with our investment mandate and underscores once more H.I.G.’s ability to execute on complex transactions such as carve-outs.”
Nishant Nayyar, Managing Director at H.I.G. Europe, added: “We have been impressed by Interpath’s track record, deep client relationships and above all its collaborative culture. Interpath will be ideally positioned to support its clients in their recovery from the disruptions caused by the COVID-19 pandemic. We are proud to partner with Blair, Mark, Will and the entire team and look forward to supporting Interpath’s continued growth.”
About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with over €35 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo and Bogotá, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €27 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.