Heidrick & Struggles Reports Strong Q3 Results, Moves Forward with $1.3 Billion Go-Private Deal
November 3, 2025 – Executive search, leadership consulting and culture shaping services provider Heidrick & Struggles International / (NASDAQ:HSII) has posted third quarter revenues of $322.8 million, a 15.9 percent increase from the same period a year ago. The revenue increase was driven by year-over-year growth in each of the company’s lines of business — Executive Search, On-Demand Talent, and Heidrick Consulting.
The Chicago-headquartered recruiter — the fifth largest global firm as ranked by Hunt Scanlon Media — reported third quarter net income of $17.6 million and diluted earnings per share were $0.83 compared to net income of $14.8 million and diluted earnings per share of $0.71 in the 2024 third quarter.
“We continued our strong 2025 momentum highlighted by our third quarter results that exceeded the high end of our outlook,” said Tom Monahan, CEO of Heidrick & Struggles. “Our teams remained laser focused on partnering with clients through the full suite of our global leadership advisory solutions to meet and solve their needs while developing differentiated, deep, and durable global client relationships. With a focus on being a trusted partner to senior leaders and ensuring Heidrick is a company where the best people do their best work, we aim to drive sustainable growth and profitability which in turn allows us to reinvest into growing top talent while developing client solutions for the future.”
Executive Search net revenue was $239.1 million in the 2025 third quarter compared to net revenue of $204.4 million in the 2024 third quarter, an increase of $34.7 million, or 17 percent (up $32.3 million, or 15.8 percent on a constant currency basis). The higher revenue versus the year-ago period was driven by increases of 20.8 percent in the Americas (up 20.7 percent on a constant currency basis), 18 percent in Europe (up 12.1 percent on a constant currency basis), partially offset by a decrease in Asia Pacific of 3.9 percent (down 3.1 percent on a constant currency basis) when compared to the 2024 third quarter.
On-Demand Talent net revenue increased $4.7 million, or 10.1 percent, to $50.9 million in the 2025 third quarter compared to net revenue of $46.2 million in the 2024 third quarter (up $3.0 million, or 6.6 percent on a constant currency basis).
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Heidrick Consulting net revenue increased $4.9 million, or 17.6 percent, to $32.8 million in the 2025 third quarter compared to net revenue of $27.9 million in the 2024 second quarter (up $4.3 million, or 15.4 percent on a constant currency basis).
Going Private
Heidrick recently entered into a definitive agreement whereby a consortium of investors led by Advent International and Corvex Private Equity, and including several leading family offices, will acquire all of the firm’s outstanding public shares. This new investor consortium will include significant investment from many Heidrick leaders. The all-cash transaction values Heidrick’s equity at approximately $1.3 billion and will enable the firm to return to private ownership, with significantly more equity participation by current and future partners and leaders, enabling faster growth and greater client impact.
Under the terms of the agreement, Heidrick stockholders will receive $59.00 per share in cash, representing a premium of approximately 26 percent to Heidrick’s 90-day volume-weighted average price per share.
Upon completion, Heidrick will become a private company and focus on rapidly advancing its global leadership positions in executive search, interim talent solutions, leadership assessment and development, as well as purpose, culture, and performance consulting. As Heidrick’s partners, the consortium will enable the firm to invest in the people, technologies, and innovative solutions needed to create unrivaled value for current and future clients. As an immediate example, the firm will implement a new equity plan for current and future partners and leaders. Heidrick will continue to be led by Mr. Monahan, president Tom Murray, and the company’s current leadership team following the conclusion of the transaction.
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“This pivotal moment represents an exciting new chapter in Heidrick’s growth story, and a tremendous opportunity for us to join forces with an investment consortium led by two highly regarded and successful partners,” said Mr. Monahan. “Advent and Corvex know Heidrick well and bring a unique set of financial and strategic resources that will allow us to create even more value for clients and colleagues. We know the collective expertise and resources of the consortium will further accelerate our ability to develop differentiated, deep and durable global client relationships by ensuring Heidrick is the company where the best people do their best work.”
Transaction Details
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 the company’s stockholders and the satisfaction of required regulatory approvals and other customary closing conditions.
Upon closing of the transaction, Heidrick will be a private company, and its common stock will no longer be listed nor traded on the Nasdaq stock market or any public exchange. Following the close of the transaction, the company will continue to maintain its headquarters in Chicago, IL, and will continue to operate under the Heidrick & Struggles name and brand.
Advent and Corvex have secured committed debt financing for the transaction from Deutsche Bank, UBS Investment Bank, and Santander. In addition to Advent and Corvex, the consortium of investors acquiring Heidrick will include a significant investment from many Heidrick leaders and several prominent family offices.
BofA Securities is serving as exclusive financial advisor to Heidrick, and Paul Hastings LLP is serving as legal counsel to Heidrick. William Blair & Company, L.L.C., Deutsche Bank, and UBS Investment Bank are serving as financial advisor and Weil, Gotshal & Manges LLP as legal counsel to the investor consortium. Ropes & Gray LLP is additionally serving as legal counsel to Advent.
Related: Executive Search 2025: Balancing AI Innovation with a Human Touch
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
