AlixPartners entered into an agreement to acquire independent financial advisory and interim management firm Zolfo Cooper.

The proposed transaction follows AlixPartners’ successful acquisition of Zolfo Cooper’s European franchise in February 2015 and will further bolster the firm’s turnaround and restructuring credentials.

All of Zolfo Cooper’s managing directors and staff, based in New York and Los Angeles, will join AlixPartners, with the majority in its Turnaround and Restructuring (TRS) practice. Upon completion of the transaction, it is AlixPartners’ intent that the Zolfo Cooper brand will be retired from the international restructuring marketplace. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the fourth quarter.

Upon completion, Joff Mitchell, managing partner of Zolfo Cooper, will join Lisa Donahue as joint head of the AlixPartners Global TRS practice. Axel Schulte will remain in his current global role, while Jim Mesterharm and Simon Appell will continue to serve as co-leaders of the TRS Americas and TRS EMEA practices, respectively.

“Having known many of the Zolfo Cooper leaders for over 20 years, I have had the opportunity to observe the exceptional quality of their work. Their skills and culture are an excellent fit with AlixPartners and this transaction reflects our strategy of identifying high-impact, tuck-in acquisitions which deliver our clients immediate value while adding to our top quality talent base,” said Simon Freakley, CEO, AlixPartners.

Willkie Farr & Gallagher acted as legal counsel to AlixPartners and Wollmuth Maher & Deutsch as legal counsel to Zolfo Cooper.