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(Sharecast News) - Permira is working with Alan Middleton, the former chief executive of PA Consulting Group, as it prepared a potential bid for Interpath Advisory, the UK restructuring firm formerly owned by KPMG, it emerged on Wednesday.
According to Sky News, citing people familiar with the process, indicative offers for Interpath were submitted this week, with several private equity groups understood to be competing for the business, including Blackstone, Bridgepoint, Onex and PAI Partners.
Banking sources said the auction could value Interpath at up to 900m, with HIG Europe, the company's majority shareholder, advised on the sale by Moelis.
Interpath was carved out of KPMG UK in 2021 amid heightened regulatory pressure on the separation of audit and consulting activities following high-profile corporate failures such as BHS and Carillion.
Since its acquisition by HIG Europe, the firm is said to have doubled EBITDA and was on track to deliver a 20% rise in annual revenues in the current financial year.
The advisory firm had played a central role in several high-profile restructuring and cost-cutting assignments, including acting as administrator to the UK and Ireland operations of Claire's and overseeing a restructuring of casual dining chain TGI Fridays.
Interpath also recently attracted attention for its role in a controversial cost-reduction programme at Manchester United Football Club.
A transaction was expected to be agreed in the first quarter of 2026.
Permira and HIG Europe had not publicly commented on the reports by Wednesday afternoon.
Reporting by Josh White for Sharecast.com.
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