DETROIT -- AlixPartners LLC, a global corporate turnaround firm with a variety of automotive clients, announced a reorganization last week. The private-equity firm Hellman & Friedman LLC, of San Francisco, made an investment in AlixPartners that allows the Alix firm to transfer significant ownership shares to its managing directors and employees.
Jay Alix, who founded the firm in 1981 and had controlled all voting stock, said he sold a substantial portion of his ownership but will remain with the firm as co-chairman. The other co-chairman will be Phil Hammarskjold of Hellman & Friedman. Michael Grindfors will remain CEO of the suburban Detroit firm.
Terms weren't disclosed, but the deal placed the value of AlixPartners at more than $800 million. Hellman & Friedman's stake wasn't released, but the firm, its 78 managing directors and more than 400 employees combined will own a majority share.