Ankura Consulting Group acquires US c3/consulting, adds 120 consultants

05 April 2018 4 min. read
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c3/consulting, Nashville’s leading management consulting firm, has completed its sale to Washington D.C. headquartered Ankura. The transaction, which is anticipated to close by the end of the month, will see Ankura push its headcount across the 500 milestone, while enabling c/3 to expand its profile across the United States.

Founded in 2014 by incumbent CEO Roger D. Carlile, Ankura Consulting provides management consulting and expert services to businesses. The Washington D.C. headquartered firm’s offerings include bankruptcy and corporate restructuring, corporate investigation, dispute and litigation support, among other services. The company also provides this support to its clients from additional US offices in New York, Los Angeles, Atlanta, and Dallas, as well as San Juan, Puerto Rico.

Ankura has been working for some time to rapidly enlarge its profile in high-value sectors, and just two years after its founding, Roger D. Carlile said the company had grown to $50 million in annual revenue. In 2016, Ankura targeted the continuation of this expansion, as the firm received a $100 million strategic growth commitment from Madison Dearborn Partners. Ankura quickly put the funds to use, growing its headcount to around 150 employees with the acquisition of advisory firm ARPC. The integration of the two firms saw Ankura up-scale its Texan base, relocating its 90 Dallas-based employees to a new office in the city’s downtown district.

Ankura Consulting Group + c/3 consulting

Two years later, and now employing over 450 professionals across North America, Ankura has sought to continue to supplement its growth trajectory via inorganic means, acquiring another Southern-States management consulting firm, in the shape of c3/consulting, for an undisclosed fee. Ankura’s leaders will hope the move enhances the firm’s strategy and operational consulting capabilities, while c3 perceives it as an opportunity to expand its reach across the country. c3’s 118 professionals will integrate into Ankura, creating a firm with over 575 professionals and 14 offices located throughout the US and Puerto Rico.

c3/consulting was founded in 2005, in the humble beginnings of the living room of Beth R. Chase, according to the firm’s CEO. Since then, the consulting firm has become Nashville’s largest management consultancy, and one of the 10 largest women-owned businesses in Middle Tennessee. The firm’s clients include a number of Fortune 500 and private equity-backed growth companies across multiple industries, and public and private sectors. Chase herself has also been recognised for her influence by Inc. 5000, EY, and the Nashville Business Journal.

c3’s founder and CEO, Beth R. Chase, who also joins Ankura, said, “I stand amazed by the collaborative contribution of our entire team in building this firm, from our special culture to the extraordinary service we provide to clients across the country. Joining Ankura will allow us to provide even greater opportunities for our team and increased value to our clients as part of a broader national platform, while we continue to be actively involved in the Nashville community.”

Ankura’s CEO, Roger D. Carlile, meanwhile remarked, “Important to us and our clients is the cultural fit – both firms share a collaborative, client-focused, and people-centric culture. The combination of c3 and Ankura is another important step in our journey to build a unique business advisory firm defined by how we solve challenges that enable, optimise, protect and sustain value for our clients.”

Deal advisory

Merger and acquisitions specialist firm Equiteq advised the sell-side of the deal. The transaction was the latest in a succession of M&A activities completed with the help of the global consultancy, including the acquisitions of Ducker Worldwide and Axentel Technologies in February.

Nicodemo Esposito, Managing Director of Equiteq’s North America practice, also highlighted the cultural fit between the two firms, commenting, “Beth Chase and the c3 team have built an extraordinary business with an impressive roster of blue chip clients, best-in-class capabilities, and a great culture.  We thoroughly enjoyed working with management and congratulate the entire c3 team on this exciting milestone.”

Regarding Equiteq’s role in the transaction, Beth Chase added, “As a management consulting firm, we understand the benefit of working with people who have expertise and proven methodologies that deliver results. It is also incredibly important to us that we partner with people we like and trust. Equiteq delivered on both fronts and were essential in helping us navigate this important inflection point for our organisation.”