AlixPartners LLP and an investor group have agreed to buy the ownership stake in the advisory business from CVC Capital Partners, valuing the firm at more than $2.5 billion.

AlixPartners, headquartered in New York, provides business advisory services to corporate boards, law firms, investment banks and investors. The firm’s services include: financial and operational restructuring, digital strategy advice, arbitration and litigation, and leadership performance analysis. The firm’s CEO Jay Alix is a current shareholder leading the investor group, which also includes new investors: Caisse de dépôt et placement du Québec (CDPQ), a Canadian institutional fund manager; Public Sector Pension Investment Board, a pension investment manager based in Canada with more than $190 billion in net assets; and Investcorp Group, a Bahrain-based manager of alternative investment products. As part of the deal, the firm’s managing directors will continue to hold a significant ownership stake in the company.

In 2014, AlixPartners purchased Evidence Exchange to expand its litigation support services. The firm has been in business for more than 35 years and is known for its work on the Bernard Madoff Ponzi scheme case. Before CVC’s reign, Hellman & Friedman LLC previously owned a majority stake in business advisory company since 2006.

CVC, a London private equity and investment firm, invested in AlixPartners in April 2012. The PE firm has raised more than $65 billion in commitments since the firm inception in 1981. The firm has completed over 300 investments and currently invests in companies such as BJ’s Wholesale Club and Petco. In 2016, CVC agreed to buy bottle packaging company Anchor Glass Container Corp. for more than $1 billion; in February the firm raised a $1 billion middle market investment fund to invest in tech companies; and then CVC-backed Avast Software made a $1.3 billion deal to acquire AVG Technologies NV (NYSE: AVG) for its security software services.

Recent advisory deals include: Aon Risk Solutions’ risk management arm Aon Plc (NYSE: AON) buying Stroz Friedberg Inc.; Nationwide’s agreement to buy Jefferson National, an insurance and registered investment advisory shop; and RLJ Companies’ launching a new investment bank called RLJ Capital Markets, founded by Robert L. Johnson.