Two European turnaround boutiques have formed a new alliance to offer turnaround and restructuring services for cross-border European turnarounds.
Bryan Mansell & Tilley and Germany’s CIC Consultingpartner (CIC) have created the European Restructuring Solutions (ERS) brand to further operational and financial restructuring services in cross-border cases.
Bryan Mansell & Tilley, led by Alan Tilley and David Bryan, evolved out of US-based Glass & Associates’ European operation. It will operate solely from London and will close its Frankfurt office.
Alan Tilley, partner at Bryan Mansell & Tilley, said: “In over 20 years working across Europe in restructuring US and UK-owned businesses, German subsidiaries are usually at the forefront of restructuring issues.
“Recent changes in law and process have made it imperative that we have a flexible and capable local resource to call upon. CIC exactly meet that need.”
Bryan Mansell & Tilley partner David Bryan said: “European turnaround process has evolved beyond the days when we could jet out of Heathrow and bring order to a distressed business in a jurisdiction with little turnaround and crisis management expertise.
“We can now work better by combining our international and cross-border skills with in-depth local operational and legal knowledge.”
CIC is led by Norbert Strecker and Michael Schmitt, and operates from Berlin, Frankfurt and Stuttgart.
Strecker was previously partner of Roland Berger and managing director in the RölfsPartner Group before establishing CIC.
Strecker, partner at CIC, said: “Bryan Mansell & Tilley’s breadth and depth of European turnaround experience in operational and financial restructuring will greatly assist our clients.”
Discussions are also advanced with European boutiques in other jurisdictions to join with ERS.