FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today announced that it has acquired substantially all of the assets of CXO, L.L.C. ("CXO"), a premier interim and turnaround management services firm. Terms of the transaction were not disclosed.
Based in Dallas, Texas and led by principals Michael Katzenstein, Brian Kushner and Stephen Dube, CXO specializes in bankruptcy debtor advisory, interim management, crisis management, turnaround consulting, operational due diligence, creditor advisory, and financial/operational restructuring. CXO provides a complete range of consulting, management, and advisory services to companies in crisis or seeking to improve performance in specific financial or operational areas. The firm has extensive experience serving clients in service, manufacturing and technology businesses, with a particular focus on the Telecom, Cable and Media sectors. CXO will bring 12 senior level personnel, all of whom have served in interim management executive positions, and will join the Communications & Media practice within the Corporate Finance/Restructuring segment of FTI.
Jack Dunn, President and CEO of FTI, commented: "We are very pleased to welcome the outstanding professionals of CXO into our Company. The professionals of CXO are the right fit at the right time for FTI. They are market leaders that are well known for the turn-around and interim management services they provide to challenged companies. They will bring additional senior expertise to our restructuring practice, which has once again been ranked as the clear leader in the industry at a time when demand for our services continues to rise. They enhance our capabilities in interim management and build on our domain expertise in the Communications & Media sector, which is currently facing structural and cyclical challenges in today's economic environment. Most importantly, we have worked extensively in the past with their well-respected professionals, so we expect a seamless transition into our Company."
"FTI now has the largest specialized team of professionals focused on the Communications & Media industries among any of the restructuring or turnaround firms," said Carlyn Taylor, FTI's Communications & Media leader, "and we are extremely pleased to have CXO join us and enhance our team to over 45 people."
Michael Katzenstein of CXO, said: "We are delighted to be joining FTI, a global leader in the marketplace. As part of FTI, we will be able to leverage our senior professionals through FTI's scale, global network and resources, providing us with additional opportunities for growth that we would not have had otherwise."
As part of the transaction CXO's key principals, Mike Katzenstein, Brian Kushner and Stephen Dube have joined FTI as Senior Managing Directors. In addition, Chad Coben, Seth Davis, Bob Gary, John Debus, and Glenn Tobias have joined the Company as Managing Directors.
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 3,000 employees located in most major business centers in the world, we work closely with clients every day to anticipate, illuminate, and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. More information can be found at www.fticonsulting.com.
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