Advent, Corvex Line Up $550M in Leveraged Loans for $1.3B Take-Private of Heidrick & Struggles

Reporting: Maryna Irkliyenko, Michael Haley Advent and Corvex are financing their $1.3 billion take-private of executive recruitment firm Heidrick & Struggles with a $550 million leveraged loan package, according to sources. Heidrick & Struggles’ buyout is structured off of $155 million in EBITDA, including cash on its balance sheet but excluding bonuses, leveraging the business at around 3.5x, according to sources. The Deutsche Bank-led loan offering is expected to launch before the end of the year, sources added. UBS and Sanander are bookrunners. The take-private by an investor consortium led by Advent and Corvex, alongside family offices, was announced today, Monday, Oct. 6, via a press release. Heidrick stockholders will receive $59 per share in cash, representing a premium of approximately 26% to its 90-day volume-weighted average price per share, according to the release. The transaction, which was unanimously approved by the Heidrick board of directors, is expected to close by the first quarter of 2026, subject to the approval of stockholders and the satisfaction of required regulatory approvals and other customary closing conditions. BofA Securities is serving as exclusive financial advisor to Heidrick, and Paul Hastings LLP is serving as legal counsel to Heidrick. William Blair & Co. LLC,[...]