The private equity firm Permira is working with a professional services veteran as it plots a takeover of the firm drafted in to oversee a controversial costs purge at Manchester United Football Club.
Sky News has learnt that Permira has enlisted help from Alan Middleton, the former chief executive of PA Consulting Group, as part of its pursuit of Interpath Advisory.
City sources said on Wednesday that indicative offers for the business – which used to be the restructuring division of KPMG UK – had been submitted this week.
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Blackstone, Bridgepoint Onex and PAI Partners are among the other buyout firms understood to have expressed interest in acquiring Interpath.
Banking sources expect the deal to command a price tag of up to £900m.
HIG Europe, the majority shareholder in Interpath, is being advised by bankers at Moelis on the auction.
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Interpath was spun out of KPMG UK in 2021 in a deal triggered by the changing regulatory climate in the audit profession.
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Growing concerns over conflicts of interest between accountancy giants’ audit and consulting arms had been exacerbated by the collapse of companies such as BHS and Carillion, prompting a number of disposals by ‘big four’ firms.
Interpath has advised on a string of prominent restructuring and cost-saving mandates for clients, including acting as administrator to the UK and Ireland subsidiaries of Claire’s, the accessories retailer which collapsed during the summer.
It is now advising on a restructuring of the casual dining business TGI Fridays.
Sources said that Interpath had doubled its earnings before interest, tax, depreciation and amortisation since HIG Europe acquired the business four-and-a-half years ago.
It is also said to be on track to record a 20% increase in annual revenues in the current financial year.
A sale of Interpath is expected to be agreed during the first quarter of 2026.
Permira and HIG declined to comment.
