US Deloitte Financial Advisory Services LLP, a unit of accounting firm Deloitte LLP, on Monday announced it had taken over New York-based operational and financial restructuring services provider CRG Partners.
The company has acquired all of CRG’s assets so that it may improve its financial restructuring, turnaround management and bankruptcy reorganisation capabilities, it said, without disclosing the value of the transaction.
According to Deloitte Financial’s chief executive officer, David Williams, there are still firms that experience significant operational and financial issues even though the economy is improving.
The reorganisation services group of Deloitte will now immediately tie up with CRG and begin operating under the name Deloitte Corporate Restructuring Group, or Deloitte CRG. The practice will be co-led by William Snyder and Sheila Smith. The buyer also said that 18 professionals from CRG have become Deloitte principals or directors.
The acquisition unveils a significant growth opportunity for Deloitte, Smith commented. In turn, Snyder said that the combination of the two entities will allow them to establish a world-class restructuring practice.