Interpath seeks U.S. acquisition to expand restructuring and advisory business

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Interpath seeks U.S. acquisition

Highlights

Interpath seeks to acquire a midsized U.S. firm with about 50 employees, targeting expansion in restructuring, deals advice, forensic investigation and value creation.
Bridgepoint acquired Interpath in January for £800 million, emphasizing international growth with the U.S. as a primary strategic focus.
Recent expansion under previous and current ownership included buying KPMG practices in France and Spain and acquiring Kerkhoff in January 2025, while also entering Germany, Ireland, and offshore markets.

U.S. expansion plan takes shape

As first reported by Financial Times, Interpath is working with investment bankers to buy a midsized U.S. firm with about 50 employees that can serve as its entry point for a broader buildout in the country.

Chief executive Mark Raddan said the firm already handles some U.S. work through partnerships but lacks an on-the-ground base, which limits its ability to compete for certain international assignments. He said some mandates cannot be won without a U.S. presence, citing crypto restructuring as an area where the firm has strong experience.

Interpath is seeking a target with expertise in at least two of four areas, restructuring, deals advice, forensic investigation and value creation. Raddan said the firm does not want to enter the U.S. with a business that sits outside the rest of Interpath's operating model simply to establish offices in cities such as New York or Chicago.

Bridgepoint backs growth strategy

Interpath's U.S. push follows a change in ownership and a wider international expansion strategy. KPMG spun out the restructuring business in 2021 amid conflict-of-interest concerns tied to audit clients, and U.S. private equity firm HIG Capital bought it for £400 million before UK buyout group Bridgepoint acquired it in January for £800 million.

Bridgepoint partner Charles Welham said international growth is a central part of the investment case, describing the U.S. as the largest and most important market for the sector. He said a sizeable U.S. acquisition could materially change Interpath's profile and support stronger long-term growth, while buying an established business is faster than building a local operation through hiring alone.

Under HIG, Interpath expanded in Europe through recruitment and acquisitions, including KPMG's continental practices in France and Spain, and it bought consultancy Kerkhoff in January 2025. The firm also has operations in Germany, Ireland, the British Virgin Islands and other offshore jurisdictions, and Bridgepoint said Interpath is also exploring Italy, although the main strategic focus remains the U.S.

Beyond restructuring, Interpath has broadened into corporate finance and deals advice. Its mandates have included cost-cutting work for Manchester United under Sir Jim Ratcliffe and insolvency-related assignments such as the administration of troubled retailers including Claire's Accessories, while a U.S. court in January approved the firm to oversee the restructuring of Cambodia's Prince Group.

Our earlier article on the Clarity Act explained why the crypto industry’s push for a comprehensive U.S. regulatory framework is facing growing uncertainty as the bill heads toward a key September procedural vote with major issues still unresolved. We also noted that, even if legislation stalls, SEC and CFTC rulemaking could offer partial clarity, but ongoing policy volatility may keep deterring long-term capital allocation into the U.S. digital-asset sector.

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