Oliver Wyman to acquire turnaround firm CR3 Partners

Oliver Wyman, a New York-headquartered management consulting firm, has agreed to acquire CR3 Partners, a Dallas-based turnaround and performance improvement consultancy.

Founded in 2016, CR3 works with companies, boards, lenders, and other stakeholders on turnaround and restructuring engagements. The firm has industry expertise across retail, healthcare, energy, financial services, and industrials.

CR3 has more than 60 employees across offices in Atlanta, Boston, Charlotte, Chicago, Dallas, Houston, Los Angeles, New York, and Richmond.

Oliver Wyman’s acquisition of CR3 will deepen its capabilities in restructuring, liquidity management, operational improvement, and crisis response.

“I am excited to welcome CR3 Partners to our firm. Their expertise in turnaround and restructuring builds naturally on Oliver Wyman’s strong performance transformation capabilities and expands what we can deliver for clients around the world,” said Michael Zeltkevic, managing partner and global head of capabilities, Oliver Wyman.

Financial terms of the transaction, which is slated to close this quarter, were not disclosed.

“CR3 Partners’ hands-on turnaround expertise complements our strategic capabilities and expands our ability to help organizations stabilize performance and build long-term resilience,” said Tim Hoyland, partner and head of Americas restructuring at Oliver Wyman.

William Snyder, senior managing director and partner, CR3 Partners, added, “We look forward to bringing our combined capabilities to a broader set of clients, at greater scale, and backed by Oliver Wyman’s geographic footprint, deep industry expertise, and strong performance transformation capabilities.”

Oliver Wyman has approximately 7,000 global employees delivering consulting in strategy, operations, sales and marketing, and digital, among other areas.

The consultancy recently appointed Ted Moynihan as president and CEO.