Heidrick & Struggles Completes $1.3 Billion Take-Private Transaction with Advent and Corvex
In a significant milestone for Heidrick & Struggles International, Inc. ("Heidrick & Struggles"), the company has completed its transaction to become a privately-held entity. This strategic move, valued at around $1.3 billion, is backed by a consortium of investors, primarily Advent International and Corvex Private Equity, alongside a network of notable strategic investors including Salem Capital Management, Mousse Partners, and HighSage Ventures.
Founded in 1953, Heidrick & Struggles has been a leader in executive leadership advisory services for over seven decades. The transition to private ownership is seen as a foundational step towards executing an ambitious multi-year growth strategy. The leadership team, particularly CEO Tom Monahan, has expressed optimism that this change will enhance the firm’s ability to cultivate extensive and durable global client relationships, allowing them to maintain their commitment to building high-performing leadership teams within organizations.
Following the acquisition, a new governance structure will be established with the appointment of Carmine Di Sibio, a notable former Global Chair and CEO of Ernst & Young (EY), as the new Chairman of the Board of Managers. Additionally, various representatives from Advent, Corvex, and independent directors with significant expertise in sectors like technology and global talent markets are expected to form this board.
Monahan remarked, "This marks a pivotal milestone for Heidrick & Struggles. With the esteemed support from Advent International, Corvex Private Equity, and significant investments from our own partners, we're poised to create greater value for our clients. Our dedication to our daily operations remains unchanged, and we will continue to focus on our world-class search business to meet our clients' advisory and talent needs."
Advent International, recognized as a leading global private equity investor, has expressed its enthusiasm about this partnership. John DiCola, Managing Director at Advent, stated, "We are excited to embark on this next phase of Heidrick & Struggles' evolution. Our investment will support the company’s growth strategy, reinforcing its status as a global leader in talent and advisory services."
Moreover, Corvex Private Equity, known for making concentrated investments in high-quality businesses, also expressed confidence in Heidrick & Struggles’ growth opportunities. Joe Costa, Managing Partner of Corvex, highlighted the importance of this transaction as a chance to invest in new technologies and capabilities that will enhance the value delivered to clients by Heidrick & Struggles’ talented teams.
With this acquisition successfully completed, Heidrick & Struggles will no longer trade its common stock on the Nasdaq Global Select Market, marking a new chapter in its storied history. The company remains committed to its core mission: to drive superior client performance through premier human capital advisory services.
As Heidrick & Struggles transitions to a privately-owned structure, the firm aims to reinforce its market presence and deliver exceptional value amid a rapidly changing global landscape. The potential of this strategic partnership positions them to leverage their extensive expertise and client relationships better than ever before. For more information, visit www.heidrick.com, where clients and stakeholders can stay updated on the progress and initiatives of the firm under its new ownership structure.
Founded in 1953, Heidrick & Struggles has been a leader in executive leadership advisory services for over seven decades. The transition to private ownership is seen as a foundational step towards executing an ambitious multi-year growth strategy. The leadership team, particularly CEO Tom Monahan, has expressed optimism that this change will enhance the firm’s ability to cultivate extensive and durable global client relationships, allowing them to maintain their commitment to building high-performing leadership teams within organizations.
Following the acquisition, a new governance structure will be established with the appointment of Carmine Di Sibio, a notable former Global Chair and CEO of Ernst & Young (EY), as the new Chairman of the Board of Managers. Additionally, various representatives from Advent, Corvex, and independent directors with significant expertise in sectors like technology and global talent markets are expected to form this board.
Monahan remarked, "This marks a pivotal milestone for Heidrick & Struggles. With the esteemed support from Advent International, Corvex Private Equity, and significant investments from our own partners, we're poised to create greater value for our clients. Our dedication to our daily operations remains unchanged, and we will continue to focus on our world-class search business to meet our clients' advisory and talent needs."
Advent International, recognized as a leading global private equity investor, has expressed its enthusiasm about this partnership. John DiCola, Managing Director at Advent, stated, "We are excited to embark on this next phase of Heidrick & Struggles' evolution. Our investment will support the company’s growth strategy, reinforcing its status as a global leader in talent and advisory services."
Moreover, Corvex Private Equity, known for making concentrated investments in high-quality businesses, also expressed confidence in Heidrick & Struggles’ growth opportunities. Joe Costa, Managing Partner of Corvex, highlighted the importance of this transaction as a chance to invest in new technologies and capabilities that will enhance the value delivered to clients by Heidrick & Struggles’ talented teams.
With this acquisition successfully completed, Heidrick & Struggles will no longer trade its common stock on the Nasdaq Global Select Market, marking a new chapter in its storied history. The company remains committed to its core mission: to drive superior client performance through premier human capital advisory services.
As Heidrick & Struggles transitions to a privately-owned structure, the firm aims to reinforce its market presence and deliver exceptional value amid a rapidly changing global landscape. The potential of this strategic partnership positions them to leverage their extensive expertise and client relationships better than ever before. For more information, visit www.heidrick.com, where clients and stakeholders can stay updated on the progress and initiatives of the firm under its new ownership structure.
Topics Business Technology）
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