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Member, Beacon International Group, Ltd.
After several years of ownership, MMC puts Kroll back in the hands of its ex-CEO
JULY 2004: Marsh & McLennan Cos. Inc. acquires Kroll Inc. for approximately $1.9 billion cash.
OCTOBER 2004: Kroll CEO Michael G. Cherkasky replaces Jeffrey W. Greenberg as MMC CEO.
JANUARY 2008: Brian Duperreault replaces Mr. Cherkasky as MMC president and CEO and lists Kroll among underperforming MMC operations he hopes to fix.
MAY 2008: MMC rebuffs Kroll buyout inquiry from London-based B.C. Partners Ltd. Mr. Duperreault announces plans to divest Kroll Government Services Inc. and Kroll Factual Data Corp. and moves Kroll's corporate advisory and restructuring business into a separate unit. MMC takes $540 million in impairment charges in connection with the realignment.
NOVEMBER 2008: Simon V. Freakley, CEO of the realigned corporate advisory and restructuring business, leads a management buyout of the unit's European business in conjunction with a management buyout of the unit's U.S. operations known as Kroll Zolfo Cooper. The companies begin operating as separate partnerships under the name Zolfo Cooper. Also that month, MMC sells U.K.-based restructuring unit Kroll Talbot Hughes to management. The business is renamed Talbot Hughes McKillop L.L.P.
JUNE 2009: MMC sells Kroll Government Services to New York-based private equity firm Veritas Capital for an undisclosed sum. The unit is renamed KeyPoint Government Solutions Inc. MMC takes a $315 million impairment charge in connection with the sale.
FEBRUARY 2010: MMC agrees to sell Kroll Laboratory Specialists to Inverness Medical Innovations Inc. for $110 million in cash.
MARCH 2010: MMC is reported to be accepting bids for the remainder of Kroll's operations, seeking $1.3 billion.
JUNE 2010: MMC announces agreement to sell Kroll to Altegrity Inc.—headed by Mr. Cherkasky—for $1.13 billion.