Heidrick & Struggles Concludes Transition to Private Ownership

In a significant shift for the executive search industry, Heidrick & Struggles has finalized its departure from public markets. The move follows the completion of a billion-dollar acquisition, with the firm now operating as a private entity. Its first major industry report since the ownership change, focusing on compensation within wealth management, was released yesterday.

A New Chapter Begins

The acquisition, which valued the company at approximately $1.3 billion, was formally closed on December 10, 2025. Shareholders received a cash payment of $59.00 per share. The buying consortium was led by the private equity firms Advent International and Corvex Private Equity. This transaction concludes the company’s more than 25-year tenure on the Nasdaq, where it had been listed since 1999.

Management, including CEO Tom Monahan and President Tom Murray, will remain in place at the Chicago headquarters. Company leadership has indicated that operating away from the scrutiny of public markets will afford greater strategic flexibility. A key initiative under the new ownership structure is to expand equity participation for internal partners.

Operational Performance and Strategic Focus

Prior to delisting, Heidrick & Struggles reported robust operational results. Its final quarterly report as a public company (Q3 2025) showed a 15.9% increase in net revenue, reaching $322.8 million. This growth was primarily driven by its core executive search business and its on-demand talent segment.

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The firm’s strategic direction remains centered on expanding its consulting services for global leadership markets. This focus is a direct response to evolving economic conditions within the human capital sector.

Industry Report Highlights Professionalization Trend

Marking its re-emergence with new market data, Heidrick & Struggles published its Family Office Compensation Survey on February 5. The study examines how intense competition for top talent is reshaping pay structures in family offices.

The findings reveal a clear convergence with compensation levels at private equity firms. The median annual salary for a Chief Investment Officer (CIO) in a family office is now $650,000, while Chief Executive Officers (CEOs) earn approximately $600,000. This trend underscores the ongoing professionalization in managing substantial family wealth, where complex areas like risk management and succession planning are gaining prominence.