March 29, 2018
WASHINGTON D.C. – MARCH 29, 2018 – Ankura, a leading Washington, DC-based business advisory and expert services firm focused on both governance, risk, and compliance services and strategy and operational improvement services, today announced that it has signed a definitive agreement to acquire c3/consulting, Nashville’s leading management consulting firm. The acquisition augments Ankura’s strategy and operational consulting capabilities and enables c3 to expand its reach across the country. With the acquisition of c3, Ankura has over 575 professionals and 14 offices located throughout the U.S. and Puerto Rico.
Led by Founder and Chief Executive Officer Beth R. Chase, c3 has become a leading management consulting firm and one of the 10 largest women-owned businesses in Middle Tennessee since its founding in 2005. c3 has worked with Fortune 500 and private equity-backed growth companies across industries and geographies to help deliver and accelerate transformational change. Today, the company’s professionals advise leadership teams in industries including healthcare, financial services, banking, insurance, technology, and corporate services. Along the way, c3 and its employees received prestigious accolades for excellence in workplace culture, volunteerism, entrepreneurship, and more.
“We are excited to have Beth, her leadership team and entire c3 family join Ankura’s expanding roster of world-class professionals,” Ankura’s Chief Executive Officer Roger Carlile said. “Bringing this group of experienced change catalysts together with our experts expands Ankura’s ability to deliver impactful, innovative and customized solutions to our collective client base. Equally 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 complex challenges that enable, optimize, protect, and sustain value for our clients.”
Ms. Chase added, “we started c3 over 12 years ago with the simple idea of creating a consulting firm dedicated to the people who make change happen. To think that the idea originally brought to life in my living room, is today becoming part of a national consulting platform is humbling. 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.”
Ms. Chase and her partners – Brian Bowman, Vicki Estrin, Helen Lane, Katherine McElroy and Janet McDonald – will join Ankura as senior managing directors. c3’s nearly 120-member consulting team will integrate into Ankura and strengthen the firm’s strategy and operations expertise.
The transaction is expected to close by the end of the month, subject to customary closing conditions. Terms of the acquisition were not disclosed. Davis Polk & Wardwell LLP served as legal advisor to Ankura. Equiteq Securities LLC and Baker, Donelson, Bearman, Caldwell & Berkowitz, PC acted as financial advisor and legal advisor to c3, respectively.