Alix Partners to acquire Zolfo Cooper's UK & European operatons
Mooted takeover of Zolfo Cooper's UK business expected to result significant payouts for its partners
US ADVISERS Alix Partners is close to snapping up the UK and European arm of restructuring specialist Zolfo Cooper in deal worth around $100m (£65m), it emerged at the weekend.
According to insiders, the New York-based advisory firm had scheduled a board meeting on Sunday to approve the deal, which could be completed today, Sky News reported.
The takeover of Zolfo’s UK business is expected to result significant payouts for its partners, who are likely to remain with the combined group.
Zolfo Cooper’s European division operates as a separate entity to its US affiliate but uses the same name under licence from the US business.
The firm’s London-based operation recently worked on a company voluntary arrangement at Walkabout pubs owner Intertain after a deal was struck with creditors. The company, which owns and operates 32 bars trading principally under the Walkabout brand, was acquired by John Moulton’s private equity fund Better Capital last year.
Zolfo Cooper and AlixPartners were unavailable for comment.