Deloitte finalized its acquisition of CRG Partners on Monday, to enhance the firm’s financial restructuring, turnaround management and bankruptcy reorganization services.
Financial terms of the deal were not disclosed. Deloitte Financial Advisory Services announced its intention to acquire CRG earlier this month (see Deloitte to Acquire CRG Partners). CRG Partners is a New York-based provider of operational and financial restructuring services, specializing in creating value for the stakeholders of underperforming companies.
“Despite an improving economy, there are still companies facing significant operational and financial challenges,” said Deloitte Financial Advisory Services LLP CEO David Williams in a statement. “Expanding our platform in the turnaround space means we can deliver even more services to our clients while growing our business at the same time.”
Effective immediately, Deloitte's Reorganization Services Group and the transferring CRG professionals will operate under the name Deloitte Corporate Restructuring Group.
William Snyder will co-lead the Deloitte CRG practice with the current practice leader, Sheila Smith.
“This transaction provides us with a significant growth opportunity and we welcome our new team members as we work together to drive Deloitte’s expansion in the restructuring marketplace,” said Smith.
Eighteen professionals from CRG Partners have been admitted to Deloitte as principals or directors.
In 2010, CRG Partners received the Turnaround Management Association's Mega Company Turnaround of the Year Award for its work with Pilgrim’s Pride Corporation. CRG Partners is also credited with successfully managing Major League Baseball’s Texas Rangers through its bankruptcy and sale.
“Combining our talent and hands-on turnaround and restructuring experience with Deloitte’s extensive offerings and global reach will enable us to create a world-class restructuring practice,” said Snyder.
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