The private equity firm Permira has brought in a seasoned industry figure as it prepares a major bid for Interpath Advisory, the former restructuring arm of KPMG UK. Sky News has learned that Permira is working with Alan Middleton, who led PA Consulting Group for 15 years, to bolster its offer for the business.
High-Stakes Auction for a Restructuring Powerhouse
Indicative offers for Interpath were submitted this week, setting the stage for a competitive auction. Permira is not alone in its interest, with rival buyout firms including Blackstone, Bridgepoint, Onex, and PAI Partners also understood to be in the running. Banking sources suggest the transaction could command a price tag of up to £900 million.
The current majority shareholder, HIG Europe, which bought the business four-and-a-half years ago, is being advised by Moelis on the sale process. A deal is anticipated to be finalised during the first quarter of 2026.
Interpath's Growth and High-Profile Mandates
Since its spin-out from KPMG UK in 2021—a move driven by regulatory pressures following corporate collapses like BHS and Carillion—Interpath has significantly grown its operations. The firm has doubled its EBITDA (earnings before interest, tax, depreciation, and amortisation) under HIG's ownership and is on track to report a 20% increase in annual revenues for the current financial year.
Interpath has advised on a string of prominent assignments, cementing its reputation in the market. It recently acted as administrator for the UK and Ireland subsidiaries of the collapsed accessories retailer Claire's. It is currently advising on a restructuring of the casual dining chain TGI Fridays and was also drafted in to oversee a major costs review at Manchester United Football Club.
Industry Veteran Lends Weight to Permira's Bid
The involvement of Alan Middleton signals the strategic importance Permira places on the potential acquisition. His extensive experience leading a major consulting firm for a decade and a half is seen as a significant asset in evaluating and integrating the business. Both Permira and HIG Europe declined to comment on the ongoing auction process.
The sale of Interpath represents a pivotal moment in the evolution of the UK's professional services landscape, highlighting the continued separation of audit and advisory functions and the sustained private equity appetite for high-growth specialist firms.
