How We Started

Alvarez & Marsal was founded in 1983 when Tony Alvarez II and Bryan P. Marsal recognized and seized the opportunity to provide radically different corporate advice and hands-on support geared toward organizations facing mission-critical operational and financial hurdles – situations demanding leadership, action, clarity, objectivity and results.

Combining their skills and experience in public accounting and banking within workout environments, Alvarez & Marsal's (A&M) founders helped pave the way for what would soon become a specialty area in professional services: turnaround management, corporate restructuring and operational performance improvement for companies and stakeholders. The first turnaround client of the firm – hailed as an unqualified success – was Timex Corporation, followed by a series of high profile situations in which boards, investors, legal advisors and management increasingly looked to A&M for advisory and crisis management services in troubled and underperforming situations.

Committed to core values and tenets of leadership, problem solving and value creation, A&M grew slowly and by design through the 1980s and 1990s, attracting a small team of deeply experienced restructuring talent based in New York and, by 1994, a satellite office in Los Angeles. By 1999, as the firm stood on the threshold of a new millennium, its founders convened a momentous offsite meeting to proactively determine the path forward. While on Daufuskie Island (off the South Carolina coast), more than 50 professionals of A&M agreed to chart a bold new course toward building a global brand and a legacy firm, based on a superior owner-operated platform, free from audit conflicts and constraints. Together they established a vision and created a blueprint that would guide the firm’s growth strategically and opportunistically in the years ahead.

The timing was good. By 2002, the winds of change and globalization were blowing and a diverse base of clients around the world was beckoning. As Bryan Marsal oversaw the orderly wind-down of Arthur Andersen in the post-Enron era of Sarbanes-Oxley, A&M began its strategic march from boutique restructuring player to global professional services firm. Today, the recognized standard for independent business advisory and turnaround management services, A&M also tackles wide-ranging issues and processes impacting corporate performance. 

Drawing on the firm’s customary bias towards action and sense of urgency to preserve and maximize enterprise value, A&M provides world-class performance improvement, turnaround management and corporate restructuring services in the private and public sectors, as well as multi-disciplinary industry expertise. Private equity and distressed debt investors are increasingly leveraging A&M’s range of capabilities across the investment lifecycle from due diligence and performance improvement through to asset sales.

Whether advising management and boards or serving in interim management roles, when necessary, A&M’s growing team across North America, Europe, the Middle East, Asia and Latin America continues to pioneer and deliver positive change and results for clients.