BrazilA&M launches Restructuring service in Norway and Switzerland
Against a backdrop of growing demand for steering distressed companies through the choppy waters of today's crisis economy, one of the globe’s top restructuring consultancies has expanded its turnaround and insolvency offerings into Norway and Switzerland.
Alvarez & Marsal has been active in the restructuring business since 1983, but the firm rose to global fame on the back of its role on the Lehman Brothers bankruptcy – the largest of its kind in the history of the US. The New York-headquartered consultancy assumed management of Lehman’s estate and its assets in 2008, and over 500 asset restructurings and 300 deals down the line, the firm managed to generate over $20 billion in receipts.
Since then, Alvarez & Marsal has grown its footprint in the restructuring landscape, in North America, as well as in Europe and other parts of the world. “Restructuring is the heritage and core competency of Alvarez & Marsal,” said Richard Fleming, Head of the firm’s European Restructuring practice.
In response to growing client demand, the global consulting firm has now launched its Restructuring practice in Oslo and Zurich. Commenting on the foray into Norway, Fleming said: “The opening of our office in Norway aligns with our clients’ needs and our strategic growth plan.” The office is the firm’s second in the Nordics, following the opening of a Stockholm office three years ago.
At the reins of the Oslo office stands Ole Sivertsen, appointed a Senior Director. He has been with the firm for a number of years, and previously held several chief executive officer and chief financial officer roles at large companies and mid-sized businesses. “Norway is home to diverse companies that will benefit from our expertise,” said Sivertsen.
Meanwhile, in Zurich, Alvarez & Marsal has added a Restructuring service line to its existing portfolio – the consultancy opened its Zurich office at the start of this year. Alessandro Farsaci, appointed a Managing Director, has joined the firm from KPMG to build and lead the new Swiss practice. In the past decade, Farsaci has worked on more than 40 restructuring mandates, spanning financial restructuring, turnaround management and sell-side distressed M&A projects.
“I am very excited to be given the opportunity to build Alvarez & Marsal’s Restructuring practice in Switzerland,” said Farsaci.
Earlier this month, Alvarez & Marsal added Edward Middleton to its Restructuring practice in Hong Kong.
Globally, Alvarez & Marsal has over 4,500 employees, of which around 1,000 are based in Europe.
