The firm鈥檚 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 (拢119m), in an all-cash deal that is expected to close in around 60 days.
For the financial year to September this year, Hill鈥檚 construction claims business raked in $163.1m (拢131.9m) of consulting fees and hit an operating profit of $11.1m (拢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 (拢117.9m), but which is expected to be lower by the time the transaction closes.
Hill chief executive David Richter said: 鈥淥ur construction claims group was the original business that began Hill more than four decades ago.
鈥淲e 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.鈥�
Bridgepoint is a pan-European investor with total assets of 拢11.4bn, including high-street coffee chain Pret a Manger and foreign exchange service Moneycorp.
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