Turnaround adviser AlixPartners has been put up for sale in a deal that may value the firm at over $1 billion, Reuters reported Thursday, citing four people familiar with the matter.

Private equity firm Hellman & Friedman, which owns and is exploring a sale of AlixPartners, has narrowed down the list of potential buyers to a small number of private equity funds, reported the Financial Times, citing a person knowledgeable about the matter.

AlixPartners, founded by accountant Jay Alix in 1981 and headquartered in Southfield, Mich., is a pioneer in the corporate turnaround and restructuring industry.

It has participated in some of the most notable U.S. corporate restructuring cases in the last three decades, including DeLorean Motor, Wang Laboratories, Enron, General Growth Properties and General Motors.

Today, it employs more than 900 people on three continents.

In 2006, Hellman & Friedman acquired a majority equity stake in the firm as part of a recapitalization deal, which valued it at $872 million, according to Reuters. Since the recapitalization, AlixPartners' revenues have grown at a compound annual growth rate of about 10 percent, according to FT.