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The client was the $160MM equity holding company for the Texas Rangers Baseball Partners (TRBP). Owner Tom Hicks filed a pre-packaged bankruptcy to sell the team, but the banks denied it due to the price, so the team’s parent company’s bank mandated an involuntary bankruptcy. CR3 Partners professionals served as CRO and financial advisors. As CRO, $75MM+ was negotiated out prior to the auction and assisted in getting Mark Cuban qualified to bid in the auction. The final price in the auction ultimately yielded nearly $100MM more in proceeds to the bank group, incremental to the original prior pursued offer.
Roll-up mergers can create significant value through scale and cost savings, but not all roll-ups perform as expected. Speed of integration may be the most challenging factor when acquiring and consolidating multiple assets.
Sometimes an unconventional approach validates an uncommon way of thinking. When an organization seeks interim management, it is typically distressed. A new CEO is named, and restructuring commences with the goal of continued operations or an exit.
How do a management team and Board of Directors know when to engage an interim manager, and how do different situations determine the type of interim manager they should hire?
CR3 Partners was recently named to Consulting Magazine's list of Best Consulting Firms to Work For. It is an honor to be part of this distinguished list of companies.
CR3 Partners is proud to announce that Michael Sicari has joined the firm as a Senior Associate in the New York office. Dallas-based Partner, Mike Juniper will appear as a panelist in "Out-of-Home Entertainment: Ready for TakeOff, or Ready to Disappoint?" on May 6 at ABI's Virtual VALCON experience.
CR3 has appointed new Partner Suzanne Roski to expand and lead this practice in our new Richmond office. Suzanne's background includes over 35 years of professional experience with troubled companies, litigation, forensic investigation, and valuation consulting.
CR3 Partners is delighted to announce that Tim Skillman has joined as a Partner of the firm and will be heading the new CR3 Partners Los Angeles office.
The media industry has gone through many changes since banner advertising first appeared on the Internet. Legacy constraints on traditional media outlets have hampered their ability to respond. Startups have sought to capitalize on these constraints; not all of them have survived.
CR3 Partners is pleased to announce that Tim Shanahan has joined the CR3 Partners team and will be based in its Chicago office.