Heidrick & Struggles to Go Private in Advent- and Corvex-Led All Cash Deal

October 6, 2025 – Executive search, leadership consulting and culture shaping services provider Heidrick & Struggles International / (NASDAQ:HSII) has 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.

“Heidrick’s stock is up 20 percent this morning on the news,” said Scott A. Scanlon, CEO of Hunt Scanlon Ventures, a global M&A advisor that has completed 25 human capital M&A transactions over the last 60 months. “Clearly, Wall Street is taking note.”

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 CEO Tom Monahan, president Tom Murray, and the company’s current leadership team following the conclusion of the transaction.

A New Chapter

“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.”

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“This transaction is the culmination of a comprehensive and strategic process led by the Heidrick board of directors, including engagement with multiple parties,” said chairman of the board, Adam Warby. “We are pleased to have reached this agreement with the consortium, which provides significant and immediate cash value to our stockholders while positioning the company to attract, retain, and develop exceptional talent to deliver unrivaled client impact.”

“Heidrick & Struggles has long been trusted by boards and C-suites because of its history of strong leadership advisory and management services, as well as its ability to attract and engage the best talent,” said John DiCola, managing director at Advent. “Along with the company’s partners and Corvex, we see significant opportunities to help strengthen the firm’s market position by growing its product offerings and expanding further globally.”

Related: Hunt Scanlon Reports ‘M&A Whiplash’ As Policy Uncertainty Sets In

“We are excited to partner with Advent, management, and the entire Heidrick team, to return the company to private ownership and build on Heidrick’s exceptional foundation to accelerate growth and continue driving superior value for clients,” said Joe Costa, managing partner of Corvex Private Equity.

“Heidrick & Struggles has a strong brand and reputation for acting as a trusted advisor to high performing organizations as they make their most important leadership and talent decisions,” said Carmine Di Sibio, former chairman and CEO of EY and Advent operating partner who advised the consortium on the transaction. “As a private company the team will continue to build on that legacy, expand the firm’s capabilities, and deliver for their clients worldwide.”

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: Why Talent Is The Primary Success Lever in M&A Deal Making

Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media