AlixPartners has added a presence in the Caribbean with the affiliation of Zolfo Cooper Caribbean. The addition adds around 25 staff as well as a footprint on the Cayman Islands and the British Virgin Islands.
AlixPartners, a management consulting firm with a footprint of 1,600 professionals operating from 25 offices on four continents, has further strengthened its position on the global stage with a presence in the Caribbean.
The affiliation of Zolfo Cooper's Caribbean practice, which focuses mainly on turnaround, restructuring and other financial advisory offerings such as litigation and forensics, adds five managing partners and twenty staff to AlixPartners’ regional arm. The local firm has offices on both the Cayman Islands and the British Virgin Islands.
Eleanor Fisher, Managing Director and Head of the newly added Caribbean team, says that the firm is “delighted” to become part of AlixPartners' global footprint. The move follows 1,5 years after the European arm of Zolfo Cooper (around 200 advisors) left its international network to join the global consulting firm.
The affiliation will enable the Caribbean practice to both broaden and deepen its portfolio, remarks Fisher. "Operating alongside our new colleagues with such a well-regarded and internationally recognised brand in the restructuring arena will provide a platform for growth as we combine our skills, relationships and experiences. Having access to AlixPartners’ broad range of services, deep industry sector expertise and global network will enhance our ability to help our clients both in the Caribbean and beyond.”
Alastair Beveridge, head of Turnaround and Restructuring for AlixPartners in the UK, points at the key role Caribbean jurisdictions play in the financial arena, highlighting the value added of the incoming expertise to its global propositions. "These particular Caribbean jurisdictions are key for any internationally-focused turnaround and restructuring practice."
The expansion is in line with AlixPartners' broader growth strategy – last month the firm's CEO, Simon Freakley (formerly CEO at Zolfo Cooper), unveiled an ambitious growth plan for the coming years as part of a new ownership structure.
Commenting on the integration, which has already kicked-off, Beveridge says: "Many of us at AlixPartners have worked with our new colleagues before and we have been impressed by their local market knowledge, technical ability, team ethic and pragmatic approach. Above all else, they are held in extremely high regard by their clients and we know they will be a terrific addition to our global team of professionals.”
At Zolfo Cooper's end, the move marks a considerable blow for its rebuild strategy. The US-based restructuring and financial advisory specialist was left behind with three arms after the AlixPartners deal last year (US, Caribbean and Hong Kong), and since has been in the process of rebuilding its network. The firm recently added UK-based Talbot Hughes McKillop (THM), Germany-based Andersch and Australian firm Ferrier Hodgson to its network, growing its base back to around 350 restructuring experts around the world.