Private Equity Wire reported today that Hellman & Friedman, a major private equity shop, took a majority stake in Alix Partners, a turnaround consulting firm (which was valued at $800 million).
Could this be the start of a trend of PE firms partnering with best-of-breed turnaround expertise? Makes sense to me ... meld the strategic, financial engineering minds with a very specific type of operational excellence. Can't deliver those exceptional returns for investors and partners no matter how good the strategy if you can't execute on it. Common sense.
Given there aren't that many pure turnaround firms around, I'd suspect to see some more deal making in the near future.
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