NEW YORK, April 30, 2012 /PRNewswire/ -- Deloitte today announced that it has acquired substantially all of the assets of CRG Partners to grow its financial restructuring, turnaround management and bankruptcy reorganization capabilities. Terms of the deal were not disclosed.
"Despite an improving economy, there are still companies facing significant operational and financial challenges," said David Williams, chief executive officer, Deloitte Financial Advisory Services LLP. "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 (Deloitte CRG). William Snyder will co-lead the Deloitte CRG practice with incumbent practice leader, Sheila Smith. Eighteen professionals from CRG Partners have been admitted to Deloitte as principals or directors.
"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 Sheila Smith, national co-leader of Deloitte CRG.
Prior to the acquisition, CRG Partners was a New York-based, leading 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.
"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 William Snyder, national co-leader of Deloitte CRG.
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.
As used in this document, "Deloitte" means Deloitte Financial Advisory Services LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.