Ex-Deloitte Partner Said to Open New Firm With Chrysalis Crew

2017-02-06 14:35:27.56 GMT

By Jodi Xu Klein (Bloomberg) — William Snyder, who stepped down as head of corporate restructuring at Deloitte Financial Advisory Services last year, has started a turnaround firm with people from Chrysalis Management, Winter Harbor, BDO and his old employer, according to a person with knowledge of the matter. Snyder’s CR3 Partners will employ more than 40 professionals in Boston, Charlotte, North Carolina, Chicago, Dallas, Houston, Irvine, California, and New York, the person said. It has already engaged clients such as Murphy Energy Corp., Channel Technologies Group and Stone Panels Inc., according to the person, who requested anonymity because the new business hasn’t been formally announced. The firm includes the entire team from Chrysalis with its founder, Cynthia Romano, according to the person. In addition to Snyder, who has 30 years’ experience in the business, it will have 16 founding partners, the person said. Deloitte advises companies and their creditors on restructuring and conducts auditing work. Such a range of services can create inherent conflicts, so Snyder has said his new firm will serve clients that Deloitte can’t. Blackstone Group LP recently spun off businesses including mergers and acquisitions and restructuring to reduce conflicts among its various units. A spokeswoman for CR3 declined to comment for this story.

To contact the reporter on this story: Jodi Xu Klein in New York at jxu205@bloomberg.net

To contact the editors responsible for this story: Christopher DeReza at cdereza1@bloomberg.net

Andrew Dunn, Faris Khan