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Monitor Reaches Agreement to Join Forces with Deloitte
Creates a new worldwide player in strategy consulting
By: PR Newswire
Nov. 7, 2012 09:44 PM
CAMBRIDGE, Mass., Nov. 7, 2012 /PRNewswire/ -- Monitor Company Group Limited Partnership, one of the world's most prestigious strategy consulting firms, today announced that it has agreed to join forces with Deloitte, one of the world's largest professional services providers. The transaction is subject to certain conditions and Monitor expects it to close as soon as practicable following their satisfactory completion.
Under the asset purchase agreement with Monitor, Deloitte Consulting LLP will acquire Monitor's U.S. practice, and practices outside the U.S. will be acquired by certain other member firms of Deloitte Touche Tohmatsu Limited. Upon closing of the transaction, Monitor's and Deloitte's Strategy consulting practices will combine to forge a new and preeminent global presence in the industry, bolstered by Deloitte's leadership and reputation globally. The complementary strengths of the two organizations will be manifest from the outset, creating:
Bansi Nagji, President of Monitor, states: "Monitor has built a unique brand in the field of strategy consulting over 30 years, renowned for highly customized client solutions and world class intellectual property and thought leadership. Our talent base – from partners to employees – is of the highest quality, working collaboratively across borders to serve our outstanding network of global clients. The opportunity to marry these qualities with the extraordinary strengths of Deloitte, and to invest together to serve our clients' rapidly evolving needs, is hugely motivating."
Michael Canning, national managing director of Deloitte Consulting LLP's Strategy & Operations practice, adds, "We have long admired Monitor for its excellence in strategy consulting and we are excited about the fit and compatibility of our practices. Deloitte and Monitor leadership will work closely together to capture the best of both organizations and enhance our capabilities as world-class global strategy practices that provide clients with exceptional value. The combination of practices with Monitor's will further accelerate Deloitte's growth in the strategy space and what we develop together will reshape our industry. I look forward to working closely with my new colleagues from Monitor as we bring that vision to life."
This transaction combines Monitor's well-regarded brand, strong thought leadership and top-notch talent with Deloitte's extraordinary reach, access, and resources. Monitor complements Deloitte with global expertise in customer and market strategy, corporate and business unit strategy and innovation, and a particular focus on life sciences and consumer products.
Increasing demand for tighter integration between strategy and implementation makes Monitor and Deloitte a natural fit. As a pure-play strategy consultant, Monitor was facing increasing financial pressure as a stand-alone business. The recent economic downturn drove Monitor to evaluate its strategic options and determine that Deloitte was not only the right strategic match, but also provided the opportunity for substantial short-term and long-term growth as well as opportunities for its employees and clients.
To help facilitate this proposed transaction and preserve the firm's considerable value as a going concern, the assets will be sold by means of a court-approved sale under Section 363 of the U.S. Bankruptcy Code. The transaction with Deloitte would be completed following approval of the U.S. Bankruptcy Court in Wilmington, Delaware and is subject to, among other things, higher or otherwise better offers, as well as regulatory approvals.
Monitor intends to continue serving its clients in the ordinary course and has filed a number of customary motions seeking court authorization to continue to support its business operations.
Founded in 1983, Monitor Company Group LP (www.monitor.com) is a global consulting firm headquartered in Cambridge, Massachusetts. The firm advises for-profit, sovereign, and non-profit clients in growing their businesses and economies and furthering their charitable purposes. Monitor creates and sustains leading, world-class capabilities in the management disciplines essential to growth – including strategy, marketing, organizational design and innovation – and brings those capabilities to bear in a pragmatic and customized way for clients. Monitor authors have published more than 80 articles in leading business journals and have published some of the most influential business strategy books of the last 25 years.
Contact: Eamonn Kelly
SOURCE Monitor Group
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