The firm’s construction claims business snapped up by huge European investor which owns Pret a Manger
Consultant Hill International has agreed to sell its construction claims business to the European investment giant that also owns Pret a Manger.
Bridgepoint has agreed to buy the 960-strong division for $147m (£119m), in an all-cash deal that is expected to close in around 60 days.
For the financial year to September this year, Hill’s construction claims business raked in $163.1m (£131.9m) of consulting fees and hit an operating profit of $11.1m (£9m).
Hill said the net proceeds from the sale would be used to pay off and retire its outstanding senior debt, which currently totals $145.8m (£117.9m), but which is expected to be lower by the time the transaction closes.
Hill chief executive David Richter said: “Our construction claims group was the original business that began Hill more than four decades ago.
“We will miss our friends and colleagues in that business but we know that each of us will be in a better position to grow our two distinct businesses as independent and separate companies.”
Bridgepoint is a pan-European investor with total assets of £11.4bn, including high-street coffee chain Pret a Manger and foreign exchange service Moneycorp.