Alvarez & Marsal

Alvarez & Marsal (A&M) is a privately held global professional services firm founded in New York in 1983 by Tony Alvarez and Bryan Marsal. It began with a focus on corporate restructuring and turnaround management, areas in which its practitioners are often engaged when a company is facing financial distress, operational disruption, a bankruptcy process, or a major transformation. Unlike a traditional audit-led accounting network, A&M developed around hands-on advisory and interim-management work, including situations in which its professionals take temporary executive or operating roles inside client organizations. The firm’s work has expanded substantially beyond restructuring. Its principal capabilities include corporate transformation, performance improvement, transaction advisory, disputes and investigations, tax, valuation, private-equity services, and sector-specific operational consulting. A&M commonly advises boards, lenders, investors, private-equity sponsors, management teams, creditors, and government or public-sector organizations. Engagements can involve assessing liquidity, designing a turnaround plan, improving cash generation, separating or integrating businesses, preparing for a sale or financing, managing post-merger integration, or supporting litigation and regulatory investigations. A&M is particularly associated with complex and high-stakes assignments where clients need rapid implementation rather than solely a strategic report. Its restructuring practice has participated in major insolvency and restructuring matters in the United States and internationally, while its performance-improvement teams work on cost reduction, supply-chain effectiveness, pricing, procurement, organization design, and revenue growth. The firm also serves private-equity investors throughout the investment life cycle, from due diligence and value-creation planning through exit preparation. The company operates through a broad international network of offices and professionals across North America, Latin America, Europe, the Middle East, and Asia-Pacific. It has remained privately held and is not listed on a public stock exchange. A&M’s business model and market identity are built around specialist advice, senior practitioner involvement, independence from audit services, and the ability to provide interim leadership in situations requiring immediate operational control. Its clients span industries including financial services, consumer products, industrials, energy, healthcare, technology, telecommunications, transportation, and public-sector organizations. The brand is best understood as a specialist alternative to large multidisciplinary consulting and accounting firms. Its historical reputation rests on restructuring and turnaround expertise, while its current service portfolio positions it as a wider transformation, transactions, disputes, and tax adviser. Exact global revenue, employee totals, and office counts are not stated here because they vary by reporting period and require a dated source.

Alvarez & Marsal was established in New York in 1983 by Tony Alvarez and Bryan Marsal. The founders built the firm around corporate restructuring and turnaround management, serving companies, creditors, investors, and other stakeholders dealing with financial distress or major business disruption. This founding orientation distinguished A&M from professional services firms whose practices were traditionally anchored in audit, tax compliance, or broad strategy consulting. During its early development, the firm became associated with situations requiring direct intervention. Rather than limiting its role to analytical advice, A&M professionals could work alongside management or assume interim operating responsibilities while a company stabilized its finances and operations. This model made the firm relevant to bankruptcy-related assignments, distressed transactions, liquidity crises, and broader corporate turnarounds. Over time, A&M broadened its capabilities. Restructuring remained a core practice, but the firm added performance improvement, transaction advisory, disputes and investigations, valuation, tax, technology, and sector-focused consulting. The expansion enabled A&M to advise clients before, during, and after a crisis: identifying operational or financial weaknesses, executing a transformation, supporting a transaction, and helping owners or boards build longer-term value. The firm also developed a substantial private-equity practice. Its professionals support investors with commercial and operational due diligence, portfolio-company performance programs, carve-outs, integration, exit preparation, and other value-creation initiatives. This work complements the company’s restructuring heritage because both areas require detailed analysis of cash flow, operating performance, organizational effectiveness, and enterprise value. A&M subsequently expanded its international presence through offices and practices across the Americas, Europe, the Middle East, and Asia-Pacific. International growth allowed the firm to support cross-border restructurings, multinational transformations, global investigations, and transactions involving companies in multiple jurisdictions. Local legal, regulatory, tax, and industry expertise became an important part of its service model. The company has remained privately held. Its market identity continues to rely on independence from audit networks, senior practitioner involvement, and implementation-oriented advice. Today, Alvarez & Marsal presents itself as a global professional services organization serving corporations, private-equity firms, creditors, investors, law firms, governments, and other institutions. Its historical center of gravity is still restructuring and turnaround work, but its broader portfolio covers transformation, performance improvement, transactions, disputes, investigations, tax, valuation, and technology-enabled change. A detailed chronology of individual engagements is not included where public materials do not provide sufficiently reliable, dated information.

1. 1983Firm founded in New York

   Tony Alvarez and Bryan Marsal established Alvarez & Marsal as a professional services firm focused on corporate restructuring and turnaround management.

   Source

A senior-led, independent professional services firm known for hands-on restructuring, turnaround execution, performance improvement, and complex transformation work.

• Restructuring and TurnaroundCorporate advisory

  A&M advises companies, creditors, investors, and other stakeholders in financial distress, insolvency, bankruptcy, and complex restructuring situations. Work can include liquidity and cash-flow analysis, restructuring-plan development, stakeholder negotiation, operational stabilization, bankruptcy support, and interim management. The practice is central to the firm’s historical identity and often combines financial analysis with direct implementation and executive-level intervention.

• Performance Improvement and TransformationManagement consulting

  These services help organizations improve profitability, cash generation, operating effectiveness, and resilience. Typical work covers cost reduction, procurement, supply chain, pricing, commercial effectiveness, organization design, shared services, digital enablement, and enterprise transformation. The emphasis is generally on measurable execution and operational results rather than strategy development alone.

• Private Equity and Transaction AdvisoryTransactions and investment advisory

  A&M supports private-equity sponsors and corporate buyers with operational and commercial due diligence, value-creation planning, carve-outs, post-merger integration, portfolio-company improvement, exit preparation, and transaction execution. The offering connects deal analysis with practical plans for improving a target’s performance and enterprise value after acquisition.

• Disputes and InvestigationsForensic and dispute advisory

  The firm provides forensic accounting, expert analysis, damages assessment, investigations, compliance support, and related services for litigation, arbitration, regulatory matters, and internal reviews. Engagements may involve financial modeling, tracing of funds or transactions, valuation, reconstruction of records, and testimony or support for legal teams.

• TaxTax advisory

  A&M’s tax professionals advise businesses, investors, and transaction participants on issues such as transaction structuring, international tax, state and local tax, indirect tax, tax controversy, and tax-related transformation. The practice supports both ongoing business needs and major events including acquisitions, divestitures, restructurings, and reorganizations.

• Valuation and ModelingFinancial advisory

  This offering covers business and asset valuation, financial modeling, fairness and solvency analysis, restructuring-related valuation, purchase-price allocation, and transaction support. It is used in disputes, investment decisions, financial reporting, restructuring negotiations, and mergers and acquisitions.

1. Alvarez & Marsal official website
2. Alvarez & Marsal: About Us
3. Alvarez & Marsal: Services