AlixPartners

AlixPartners From Wikipedia, the free encyclopedia Jump to navigationJump to search [needs update] AlixPartners LLP AlixPartners Logo.png Type Partnership Industry Management consulting Founded 1981; 40 years ago Founder Jay Alix Headquarters New York City, New York, U.S. Area served Global Key people Simon Freakley (CEO)[1] Number of employees 2000+ Website AlixPartners.com AlixPartners sometimes referred to as Alix Partners is an American consulting firm best known for its work in the turnaround space.[2] Jay Alix founded what became AlixPartners LLP in 1981. The firm has advised on some of the largest Chapter 11 reorganizations including General Motors Co., Kmart, and Enron Corp.[3] The firm has since moved into a more traditional consulting space, grown to a staff of over 1000.[4] AlixPartners is headquartered in New York, and has offices in more than 20 cities around the world.[5] In 2006, private equity firm Hellman & Friedman invested in AlixPartners.[6] In 2012, CVC Capital Partners acquired AlixPartners from Hellman & Friedman.[7] In 2016, AlixPartners was valued at $2.5 billion.[8] Contents 1 Founding 2 Business structure 3 Consulting and M&A work 4 Lawsuits 5 Awards 6 References 7 External links Founding AlixPartners was founded in 1981 in Southfield, Michigan by Jay Alix, a Detroit-area Certified Public Accountant (CPA). The company was founded as Jay Alix & Associates PC. According to BusinessWeek, the “firm pioneered consulting to companies in or near bankruptcy.” It first found public recognition in 1984, when working with the bankrupt automotive company DeLorean Motor Co, finding an additional $100 million for the company's creditors. Business structure AlixPartners' work includes enterprise improvement consulting, financial advisory services, information management services, and executing turnarounds of distressed and healthy companies. AlixPartners has been involved in several high-profile turnaround and bankruptcy assignments including GM's Saab division,[9] Kodak,[10] Barney's New York,[11] and JC Penney.[12] The firm's managing directors are frequently cited as topic experts in business publications such as Bloomberg, the Financial Times, CNBC, and Fox Business. In December 2014 the firm purchased Evidence Exchange, a litigation support company.[13] In February 2015, AlixPartners purchased Zolfo Cooper's UK & European operations for $100 million.[14] In November 2018, the firm completed the acquisition of independent financial advisory and interim management firm Zolfo Cooper, thereby increasing the turnaround and restructuring group to nearly 350 employees worldwide.[15] In 2006, private equity firm Hellman & Friedman invested in AlixPartners. In 2012, CVC Capital Partners acquired AlixPartners from Hellman & Friedman.[16] In 2015, AlixPartners UK managing director and former Zolfo Cooper Europe CEO Simon Freakley was named as CEO Fred Crawford's successor in August 2015, taking the job on January 1, 2016.[17] After 4 years, CVC Capital Partners agreed to sell its stake in AlixPartners to company founder Jay Alix as well as Caisse de dépôt et placement du Québec, Public Sector Pension Investment Board, and Investcorp.[18] Consulting and M&A work The company has built a mergers and acquisitions practice, in addition to other forms of business consulting. Specifically, they work within large merger integration situations. In March 2014 AlixPartners was brought on board to advise on the merger between JoS. A. Bank Clothiers and Men's Warehouse, two male clothing retailers.[19] AlixPartners has consulted for companies including Airbus, Crocs, and William Morris Endeavor. Once hired by William Morris, AlixPartners was responsible for finding $120 million in cost-cutting measures for IMG before the two agencies merged.[20] Industries in which AlixPartners consults includes maritime and transportation,[21] private equity,[22] automotive,[23] energy and process or oil and gas industries,[24] and aerospace. In September 2014, AlixPartners began the restructuring of the Puerto Rico Electric Power Authority (PREPA). The deal allowed PREPA to access a $280 million construction fund for infrastructure improvements for the country.[25] In 2003, AlixPartners began working heavily in the automotive industry. Jay Alix himself worked with the Government of Japan in order to establish a business turnaround industry in Japan and business turnaround association.[26] Companies have also brought on AlixPartners during healthy financial periods in an attempt to boost company performance as well.[27] In 2015, the company started its Leadership & Organizational Effectiveness practice, which provides “leadership assessment and selection [and] propositions aimed at transforming cultures, implementing talent management strategies, organizational design, M&A culture integration and change management.”[28] Lawsuits In 2014, AlixPartners accused several executives exiting the firm to join the Restructuring and Transformation Service (RTS) at McKinsey & Company of stealing trade secrets.[29] In 2018, AlixPartners founder Jay Alix brought a lawsuit against McKinsey & Company, accusing the management consulting firm of misleading the bankruptcy courts about conflicts of interest.[30] Awards The firm has received many awards and recognition for their work in the consulting space, including four of its consultants being selected as winners by the Turnaround Management Association (TMA) for its prestigious “Turnaround and Transaction of the Year” awards.[31] AlixPartners ranked #1 in the category “Transformation & Restructuring” in the renowned German management consulting ranking by Dr. Dietmar Fink, Top Management Consultancies 2018 and ranked #1 in the category “Turnaround & Restructuring” in the Swiss "Management Consulting 2019" of Gesellschaft für Management und Beratung (WGMB). AlixPartners has also been recognized as a “Best Firm to Work For” by Consulting magazine,[32] and one of the Best Management Consulting Firms in 2018 by Forbes.[33] In addition to those awards, AlixPartners earned a score of 100% in the 2018 Corporate Equality Index by the Human Rights Campaign Foundation, ranking AlixPartners among HRC's “Best Places to Work for LGBTQ Equality."[34] References