A boom in bankruptcies is coming, and private equity firms are preparing for it by either acquiring firms that specialize in restructurings or hiring staff experienced in handling them. Actually, the restructuring business is pretty slow now, says Financial News, which may make it a good opportunity for p.e. firms to rev up their practices for the market turnaround. “Private equity firms are improving their ability to withstand the damage of a restructuring-oriented business,” one buyout partner told FN, and they’re doing it by creating in-house departments. Or just buying one: Hellman & Friedman spent $800 million recently to acquire a major stake in AlixPartners, a turnaround advisory. Texas Pacific Group, according to FN, is an example of a firm that is expanding its staff in this area, and p.e. firms CVC Capital Partners, Permira and Providence Equity Partners are engaged in fundraising specifically to achieve more exposure to distressed companies. Another such deal is Amvescap’s acquisition of WL Ross for $300 million, a move that reflects a trend of p.e. firms entering into joint ventures or foster market consolidation, FN reports. Less muss and less fuss, or so they say.