Advent International and Corvex Private Equity have completed the $1.3bn take-private of Heidrick & Struggles, marking one of the most significant ownership shifts in the leadership advisory firm’s 70-year history. 

The deal is backed by a global group of strategic investors, including Salem Capital Management, Mousse Partners, TF Cornerstone, HighSage Ventures, and Barcliff Partners.

The move gives the private equity consortium full control of the business as it prepares to execute a multi-year growth plan. Heidrick & Struggles will continue to operate under its existing brand. Carmine Di Sibio, Advent operating partner and former global chair and CEO of EY, will become chairman of the board. CEO Tom Monahan will also join the board alongside representatives from Advent, Corvex, and several independent directors.

“Today marks a pivotal milestone for Heidrick & Struggles,” Monahan said. “With the support of Advent International, Corvex Private Equity, a distinguished network of long-term investors, and substantial investment from Heidrick & Struggles partners and leaders, we will be positioned to create even more value for our clients and our colleagues.”

Advent managing director John DiCola said the firm sees significant potential to enhance Heidrick & Struggles’ position as a global leader in talent and advisory services. Partners and senior leaders at Heidrick & Struggles have committed to substantial co-investments, supported by a new equity plan designed to align ownership more closely with the company’s long-term strategy.

With the take-private process now concluded, Heidrick & Struggles’ common stock has been delisted from the Nasdaq Global Select Market, marking a new chapter for the firm under private equity ownership.

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