AlixPartners
| Company type | Private |
|---|---|
| Industry | Consulting, Financial advisory |
| Predecessor | Jay Alix & Associates PC |
| Founded | January 1, 1981 Southfield, Michigan, United States |
| Founder | Jay Alix |
| Headquarters | New York City , United States |
Area served | Worldwide |
Key people | Simon Freakley (CEO) |
| Products | Enterprise performance improvement, financial advisory, information management, turnaround consulting, mergers and acquisitions advisory |
Number of employees | 1000+ |
| Parent | None (owned by Jay Alix with backing from Caisse de dépôt et placement du Québec, Public Sector Pension Investment Board, and Investcorp) |
| Website | www |
AlixPartners is a global consulting and financial advisory firm established by Jay Alix in 1981. The company has been instrumental in significant Chapter 11 restructurings, including those of General Motors Co., Kmart, and Enron Corp. Over time, it broadened its scope to encompass conventional consulting services and now employs more than 1,000 professionals. With its headquarters in New York City, AlixPartners maintains a presence in over 20 offices worldwide. The firm also played a crucial role in the Bernie Madoff investigation by helping prosecutors identify approximately 13,000 impacted investors.
In 2006, private equity firm Hellman & Friedman made an investment in AlixPartners. Later, in 2012, ownership transferred to CVC Capital Partners after acquiring the company from Hellman & Friedman. By 2016, AlixPartners was valued at around $2.5 billion.
Founding
Founded in 1981 as Jay Alix & Associates PC in Southfield, Michigan, the firm was created by Jay Alix, a Detroit-based Certified Public Accountant (CPA). It gained early prominence for its innovative approach to advising companies facing bankruptcy, notably securing an additional $100 million for creditors during the DeLorean Motor Co bankruptcy case in 1984.
Business structure
AlixPartners focuses on enterprise performance improvement, financial advisory, information management, and executing turnarounds for both distressed and stable organizations. Its notable engagements include work with GM's Saab division, Kodak, Barney's New York, and JC Penney.
The firm's ownership history includes an investment by private equity firm Hellman & Friedman in 2006 and a subsequent acquisition by CVC Capital Partners in 2012.
Growth through acquisitions has been a key strategy: Evidence Exchange (litigation support) was acquired in 2014; the UK and European operations of Zolfo Cooper were purchased for $100 million in 2015; and the full global acquisition of Zolfo Cooper was completed in 2018, expanding its restructuring team to nearly 350 worldwide.
Simon Freakley, who previously served as CEO of Zolfo Cooper Europe, was appointed CEO of AlixPartners in January 2016. That same year, founder Jay Alix repurchased the company from CVC Capital Partners with backing from Caisse de dépôt et placement du Québec, Public Sector Pension Investment Board, and Investcorp.
In 2020, AlixPartners enhanced its investigative and compliance services through acquisitions of Matrix Economics and Freeh Group, led by former FBI director Louis Freeh. By November 2021, the firm had formed a partnership with Palantir, enabling client access to Palantir's Foundry analytics platform. In February 2023, AlixPartners further expanded by acquiring London-based advisory firm THM Partners.
Consulting and M&A work
AlixPartners has developed a specialized mergers and acquisitions division concentrating on large-scale merger integrations across sectors such as maritime and transportation, private equity, automotive, energy including oil and gas, and aerospace. Among its notable projects was advising on the 2014 merger between men's apparel retailers JoS. A. Bank Clothiers and Men's Warehouse. The firm's clientele also includes Airbus, Crocs, and William Morris Endeavor; for IMG prior to their merger, AlixPartners identified cost savings amounting to $120 million.
Since 2003, the company has significantly deepened its automotive industry expertise. Founder Jay Alix collaborated with Japanese government officials to create a business turnaround sector. In 2014, AlixPartners led the restructuring efforts for the Puerto Rico Electric Power Authority (PREPA), which facilitated access to $280 million earmarked for infrastructure improvements.
The launch of the Leadership & Organizational Effectiveness practice in 2015 marked an expansion into human capital advisory services. In 2016, the firm played a pivotal role in recovering assets exceeding $5 billion for Ukrainian bank PrivatBank; this engagement later resulted in litigation initiated by former co-founder Ihor Kolomoyskyi in 2017. Additionally, AlixPartners provided forensic expertise during investigations related to Julius Baer involving anti-money laundering concerns and violations of U.S. sanctions.
Throughout the COVID-19 pandemic period, AlixPartners supported companies such as Arabtec Holding, Cineworld, and JCPenney with debt restructuring and financial management strategies aimed at overcoming economic difficulties.
Lawsuits
In 1990, Jack Sanders, the great-grandson of Fred Sanders, along with former co-owner Filipp Kreissel, initiated a $6 million legal claim against AlixPartners and a financing party. However, this case was dismissed on the opening day of oral arguments due to insufficient grounds.
In 2014, AlixPartners brought allegations against several executives who were leaving to join McKinsey & Company, accusing them of misappropriating trade secrets.
In 2018, Jay Alix, the founder, filed a lawsuit against McKinsey & Company, accusing the firm of deceiving bankruptcy courts regarding conflicts of interest. By August 2023, McKinsey's attempt to have the racketeering lawsuit dismissed, which was filed by Jay Alix, was unsuccessful.
Awards
AlixPartners has received numerous industry honors, including four consultants being awarded the Turnaround Management Association's esteemed "Turnaround and Transaction of the Year" distinctions. The firm achieved the top position in "Transformation & Restructuring" according to Germany's Dietmar Fink Top Management Consultancies in 2018 and led the "Turnaround & Restructuring" category in Switzerland's 2019 WGMB rankings.
The company has been recognized as a "Best Firm to Work For" by Consulting magazine and featured among Forbes' Best Management Consulting Firms in 2018. Additionally, since 2018, AlixPartners has consistently attained a perfect score on the Human Rights Campaign Foundation's Corporate Equality Index, underscoring its commitment as a premier employer promoting LGBTQ equality.
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