Deloitte, CRG Partners Execute Asset Purchase Agreement
As a major expansion of its financial restructuring, turnaround management and bankruptcy reorganization capabilities, Deloitte announced it has reached an agreement to purchase substantially all of the assets of CRG Partners, a turnaround and restructuring firm. Terms of the deal were not disclosed. The closing is anticipated shortly once certain closing conditions are met.
“Investing in our restructuring and financial advisory capabilities is one of our top priorities,” said David Williams, chief executive officer, Deloitte Financial Advisory Services LLP. “Combining our collective resources and talent significantly enhances Deloitte’s competitive profile in terms of size, scale and scope, giving us a leading edge in the marketplace.”
Based in New York, CRG Partners is a provider of operational and financial restructuring services, specializing in creating value for the stakeholders of underperforming companies. In 2010, CRG Partners was the recipient of 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.
“Deloitte shares CRG Partners’ passion for tackling complex business problems and maximizing value,” said Stephen Gray, managing partner of CRG Partners. “Deloitte’s breadth of services, depth of industry experience and international reach provides CRG with the platform and vision to continue to grow a world-class restructuring practice.”
“This strategic acquisition is a springboard for our practice in broadening its footprint and advancing our position as a leading provider of restructuring and reorganization services,” said Sheila Smith, national Reorganization Services Group leader at Deloitte. “With the addition of our new team members, we look forward to continuing to exceed the expectations of our clients.”
Collectively, the member firms of Deloitte Touche Tohmatsu Limited have more than 1,000 professionals providing restructuring services and are repeatedly ranked as one of the top global non-investment bank bankruptcy advisors by The Deal.