jay alix headquarters new york city united states area served global key people simon freakley ceo 1 number of employees 1600 website alixpartners.com alixpartners is a consulting firm best known for its work in the turnaround space . 2 the firm was founded by jay alix in 1981 in order to handle the turnaround of electrical specialties co. and has since moved into a more traditional consulting space grown to a staff of over 1 600 and added office locations throughout north america south america europe the middle east and asia . 3 in 2012 alixpartners was valued at 1 billion . 4 contents 1 founding 2 consulting and m & a work 3 restructuring work 4 other work 5 business structure 6 law suits 7 awards 8 references 9 external links founding edit alixpartners was founded in 1981 in southfield michigan by jay alix a detroit area certified public accountant cpa clarification needed . the company was founded as jay alix & associates pc . 5 according to businessweek the firm pioneered consulting to companies in or near bankruptcy while most management consultants focus on long term strategy alixpartners mission is more immediate . it jumps into crisis ridden companies and looks for ways to maximize value for investors and creditors . often that means shedding assets or restructuring operations . but sometimes it means preparing the company for sale . it first found public notoriety in 1984 when working with the bankrupt automotive company delorean motor co finding an additional 100 million for the company s creditors . 6 consulting and m & a work edit the company has built a mergers and acquisitions practice in addition to other forms of business consulting . specifically they work within large merger integration situations . in march 2014 alixpartners was brought on board to advise on the merger between jos. a. bank clothiers and men s warehouse two male clothing retailers . 7 alixpartners has consulted for companies including airbus crocs 8 and william morris endeavor . once hired by william morris alixpartners was responsible for finding 120 million in cost cutting measures for img before the two agencies merged . 9 industries in which alixpartners consults includes but is not exclusive to maritime and port based industries 10 private equity 11 automotive industry 12 natural resources 13 and aerospace . in september 2014 alixpartners began the restructuring of the puerto rico electric power authority prepa . the deal allowed prepa to access a 280 million construction fund for infrastructure improvements for the country . 14 in december 2014 the company purchased evidence exchange a litigation support company . 15 in 2015 the company started its leadership & organizational effectiveness department which provides leadership assessment and selection and propositions aimed at transforming cultures implementing talent management strategies organizational design m & a culture integration and change management . 16 in february 2015 alixpartners purchased zolfo cooper s uk & european operations for 100 million . 17 restructuring work edit in 1986 alixpartners worked with delaware based phoenix steel corporation which was the oldest steel company in the united states . jay alix took the position of cfo at phoenix where he restructured phoenix s debt before leading it out of bankruptcy and selling the company to china in 1988 . in 1987 alixpartners restructured the detroit chocolate company fred sanders inc. in 1993 alixpartners began restructurings national car rental and in 1999 the company restructured fruit of the loom . 18 19 20 during the late 1980s and 1990s the company also restructured hmo oxford health plans wang laboratories unisys zenith and maidenform worldwide . 21 as exhibited by alix s work with phoenix steel alixpartners has developed a system where executives from the firm enter the company as a chief executive cfo or other c level executive in order to deal with the problem at hand . the alixpartner executive then develops a team of people from the distressed company to diagnose weaknesses and prescribe a strategy to preserve cash and restructure the business . 6 in 1990 jay alix was the court appointed bankruptcy trustee for cardinal industries which at the time had 1.8 billion in real estate holdings . 22 in 1992 alix became the court appointed examiner in the bankruptcy of and fraud case against phar mor pharmacies . alix unearthed a 1 billion fraud perpetrated by phar mor executives resulting in 129 counts of fraud against six of the company s employees . at the time the phar mor scandal was called the largest financial fraud in the modern era . 23 24 25 in 1994 alix was named as one of president bill clinton s three appointees to the federal bankruptcy review commission which oversaw changes to the federal bankruptcy regime . 26 alixpartners worked with enron and worldcom during their bankruptcies fixing the problems developed during their public scandals and collapses and recouping money for the company s investors . during this period they also worked with kmart during its early 2000s restructuring . at both kmart and worldcom alixpartners employees served as temporary executives during the restructuring periods . enron worldcom and kmart were three of the five largest bankruptcies in united states history during this time period . 27 jay alix remained owner and vice chairman until december 2001 when he was no longer directly involved in actual company restructurings and was replaced as chairman by al koch . 6 21 during the 2008 crash of the automobile industry alixpartners was involved in the restructuring and return to financial health of general motors . al koch a partner with alixpartners was named one of the chief restructuring officers of the various company sections during the bankruptcy process . jay alix having had previous experience turning around automotive companies returned from an eight year hiatus from leading the company to lead the overall restructuring operations and according forbes magazine hatched a radical plan that ultimately set the foundation for the salvation of the company . 28 other work edit starting in 2003 alixpartners began working heavily in the automotive industry . jay alix himself worked with the government of japan in order to establish a business turnaround industry in japan and business turnaround association . 21 companies have also brought on alixpartners during healthy financial periods in an attempt to boost company performance as well . 6 the company has also produced studies on international economic and trade trends 29 in addition to other social issues . 30 many of the company s studies focus on the automotive industry which have been reported on by news outlets including the wall street journal 31 time magazine 32 usa today 33 forbes magazine 34 and the financial times . 35 business structure edit alixpartners work includes enterprise improvement consulting financial advisory services information management services leadership and organizational effectiveness consulting and executing turnarounds of distressed and healthy companies . alixpartners has been involved in several high profile turnaround and bankruptcy assignments including gm s saab division 36 kodak 37 barney s new york 38 and jc penney . 39 the firm s managing directors are frequently cited as topic experts in business publications such as bloomberg the financial times cnbc and fox business . in 2006 private equity firm hellman & friedman invested in alixpartners . 40 in 2012 cvc capital partners acquired alixpartners from hellman & friedman . 41 in 2015 simon freakley joined alixpartners after its acquisition of zolfo cooper europe and was named as alixpartners next ceo in august 2015 taking the job on january 1 2016 . 42 law suits edit in 2014 alixpartners accused several executives exiting the firm to join the restructuring and transformation service rts at mckinsey & company of stealing trade secrets . 43 awards edit the company has received awards from organizations including the career education corporation . 44 references edit http www.consultancy.uk news 2431 simon freakley new chief executive of alixpartners merx katie . thinking big thoughts . crain s detroit business 19.36 2003 18 . regional business news . web . 29 may 2013 . henderson tom . alixpartners deal gives equity to firm s managers . crain s detroit business 22.32 2006 1 . regional business news . web . 29 may 2013 . turnaround advisor alixpartners for sale at 1b plus . international business times . 12 april 2012 . turnabout for a turnaround artist . automotive news . a b c d when the going gets tough turnaround specialist jay alix gets busy . businessweek.com . men s wearhouse engages alixpartners to support jos. a. bank merger . chainstoreage.com . edgell communications . crocs ceo showrooming affects e commerce sales . edgl.com . shasha dai 17 march 2014 . william morris endeavor hires adviser to cut costs at img . wsj . bigger landside investment to support bigger ships needed in us . joc.com . italy s government under pressure to soften reform of cooperative banks . globalpost . u.s. auto sales lose steam in february 4th update . nasdaq.com . 3 march 2015 . bradley olson . why 100 oil won t be coming back for a long time . bloomberg.com . aaron kuriloff 4 september 2014 . alixpartners will lead puerto rico power authority s restructuring . wsj . alixpartners buys new york based evidence exchange . consultancy.uk . alixpartners expands human capital advisory offering . consultancy.uk . http www.accountancyage.com aa news 2395437 alix partners to acquire zolfo coopers uk european operatons fruit of the loom burdened by debt files for bankruptcy . . highbeam.com . gm to sell national car rental system ; investor group led by former chrysler executive to buy subsidiary . highbeam.com . china bankrolls rebirth of old phoenix steel plant . highbeam.com . a b c crain s detroit business subscription center . crainsdetroit.com . cardinal tries to combine debt . highbeam.com . phar mor fraud is 1 billion loss is double previous estimate bankruptcy examiner finds . highbeam.com . phar mor s glowing reputation hid web of deceit investigator says . originated from akron beacon journal ohio . highbeam.com . phar mor awarded financing . . highbeam.com . clinton names three to review commission . bankruptcy review commission brief article . highbeam.com . waterbury conn. area native heads national business turnaround firm . . highbeam.com . dan bigman 30 october 2013 . how general motors was really saved the untold true story of the most important bankruptcy in u.s. history . forbes . protean supply chains . google.ca . shapes of things global gaming business magazine . ggbmagazine.com . joseph b. white 1 july 2014 . forecasters say u.s. auto sales rebound ripe for swoon wsj . wsj . the military aerospace market sky s no longer the limit . time.com . bruce horovitz usa today 5 march 2014 . consumers plan to spend less eating out . usa today . neil winton 21 october 2013 . if chinese automaker saves peugeot citroen who s next in line to falter in europe . forbes . shipping companies risk financial distress says report . financial times . new york times g.m. hires alixpartners to wind down saab jan. 8 2009 http dealbook.nytimes.com 2010 01 08 gm hires alixpartners to wind down saab new york times kodak replaces its restructuring chief jan 23 2012 http dealbook.nytimes.com 2012 01 23 kodak replaces its restructuring chief new york times barneys debt laden is weighing restructuring feb 8 2012 http dealbook.nytimes.com 2012 02 08 barneys debt laden is weighing restructuring penney works with alixpartners on cost savings wall street journal april 23 2013 turnaround firm alixpartners is sold private equity deals . fortune . http www.wsj.com articles alixpartners names simon freakley as next ceo 1438584074 ashjones . alixpartners accuses directors heading to mckinsey of trade secret theft . wsj . alixpartners career education honored by m & a network . abfjournal.com . external links edit homepage retrieved from https en.wikipedia.org w index.php title alixpartners & oldid 743301006