30 Apr 2022

PAI Partners (“PAI”), a pre-eminent private equity firm, today announces that it has agreed to acquire HKA (the “Company”), a leading global consultancy in risk mitigation and dispute resolution, from Bridgepoint.

Headquartered in the United Kingdom, HKA provides a comprehensive set of specialist offerings, including Expert, Claims and Advisory services for the capital projects and infrastructure sector. The Company has over 130 partners and more than 1,000 experts, consultants and advisors across 40+ offices in 18 countries.

HKA works with law firms, contractors, owners, operators, and other professional service providers across the breadth of the risk mitigation and dispute resolution market. The Company’s global portfolio includes some of the world’s largest and most prestigious commissions across a wide range of industries including industrial & manufacturing, power & utilities, resources and energy transition, transportation infrastructure, buildings, technology, financial services and government contracts.

Under Bridgepoint’s ownership, HKA has seen significant growth in its Claims, Dispute Resolution and Litigation Support business and successfully developed new service lines, including its offerings in Forensic Technical Services and Forensic Accounting and Commercial Damages. The Company significantly expanded its US operations through the transformational acquisition of The Kenrich Group in 2019, creating the region’s largest construction claims consultancy as well as significantly strengthening HKA’s global capabilities in forensics, commercial damages and government contract services. In 2020, the Company bolstered its Forensic Technical Services offering by acquiring Probyn Miers, the UK’s leading firm of Expert Architects in the field of Construction Dispute Avoidance and Resolution.

PAI will support HKA’s management team in delivering their future growth plans, including accelerating HKA’s growth through development into adjacent services and through selective and targeted M&A opportunities.

“HKA has been a successful investment for Bridgepoint. Working closely with management, together we built significant value by establishing a strong partnership culture, focusing on strategic geographic markets and undertaking selective M&A as well as a comprehensive operational improvement programme.
These initiatives mean that the business is now well positioned for further growth under new ownership,” said Jeannele M’bembath, Director at Bridgepoint Development Capital.

Renny Borhan, CEO of HKA, commented: “I am extremely proud of the successes the team at HKA has achieved to date, and I am very thankful for Bridgepoint’s support and expertise over the last five years. We are very excited to be partnering with PAI Partners in the next phase of our growth.”

Neil McIlroy, Partner at PAI Partners, added: “HKA is uniquely positioned in the large and fragmented risk mitigation and dispute resolution market, with attractive long-term growth prospects. We look forward to supporting Renny and his talented team
as they pursue organic and inorganic initiatives to deliver their ambitious business strategy.”

PAI Partners was advised by Rothschild & Co. and DC Advisory (M&A); Weil, Gotshal & Manges LLP (Legal); Alvarez & Marsal (Financial); and Bain & Company (Commercial). Bridgepoint was advised by J.P. Morgan (M&A); Travers Smith (Legal); BDO (Financial); and OC&C (Commercial).

The transaction is subject to customary closing conditions.