US trio land roles on private equity's latest professional services play

A trio of US firms are advising on British private equity firm Bridgepoint's move to acquire a majority stake in the financial advisory business Interpath, which previously spun out of KPMG UK.  

Latham, Simpson Thacher and Milbank are all involved in a deal understood to value the firm at more than £800 million. Interpath has doubled its earnings since current owner - fellow PE firm HIG Europe - acquired the business in 2021, according to Sky News.

Bridgepoint has entered into exclusive negotiations on the deal, having reportedly seen off competition from rival buyout firms including Blackstone, Onex, PAI Partners and Permira.

Interpath is chaired by Tamara Box, the well-known City finance lawyer and former managing partner for Europe and the Middle East at Reed Smith.

Growth story

Since the carve-out, the firm has grown to more than 1,000 employees across 12 countries and expanded beyond restructuring into broader deals and advisory work, hinging its strategy on offering "independent, conflict free advice" unconstrained by traditional audit relationships.

Interpath built visibility by advising on headline restructuring and turnaround mandates, including acting as administrator to retail businesses such as Claire’s and being lined up as the administrator of the UK arm of casual dining chain TGI Fridays, as reported by Sky News.

PE snaps up advisers

The Bridgepoint acquisition underlines a broader trend of private equity backing professional services firms that combine technical expertise with recurring client work and global growth potential.

In the past 18 months, Cinven took a majority stake in accounting firm Grant Thornton in a deal guided by Freshfields and DLA Piper, while Apax acquired Evelyn Partners’ accounting arm with A&O Shearman and Macfarlanes advising.

Private equity firm Vitruvian Partners invested in the corporate services arm of offshore firm Walkers last month, following the high-profile take-private of Jersey fund administration company JTC by Permira. Latham also previously acted on investor Warburg Pincus’s minority stake in Jersey’s Aztec group, an international fund and corporate services provider.

Bridgepoint’s portfolio already includes other services and consultancy platforms and it considers professional services to be a core niche of its investment strategy. This deal is expected to complete by the third quarter of 2026.

Advising

Latham is acting for the buyer, Bridgepoint. Latham also acted for Bridgepoint on its majority stake in UK dental group mydentist last year.

On the sell-side, Simpson Thacher is advising Interpath. Milbank is acting for the company's management.