CrawfordSpalding Launches

CrawfordSpalding Group has launched as a professional advisory and management services firm focused on underperforming or distressed companies. Its founders are three former senior executives from Caremark: Mac Crawford, Bill Spalding and Drew Crawford.




Three former senior executives of Caremark — Mac Crawford, Bill Spalding and Drew Crawford — today announced that they have formed CrawfordSpalding Group, a professional advisory and management services firm.


As Chairman and Chief Executive Officer of Caremark, Mac Crawford oversaw the Company's transformation from a nearly bankrupt entity in 1998 into a leader in pharmacy benefits management, generating revenues of $37 billion annually. Working closely with Bill Spalding and Drew Crawford, Mac Crawford led Caremark through the merger with drug chain CVS in 2007 that valued Caremark at $26.5 billion and formed CVSCaremark Corp. (NYSE: CVS), a Fortune 20 Company where all three executives served before launching CrawfordSpalding. (Biographies follow below).

CrawfordSpalding will apply the extensive operational, financial and transactional expertise of its principals to help companies optimize underperforming or distressed assets, maximize transformational business opportunities, and capitalize on changing market dynamics to deliver greater value to stakeholders.


CrawfordSpalding will assist companies and sponsors as advisors, interim management, and strategic investors, and will apply situation specific, innovative solutions encompassing financial and crisis management; mergers, acquisitions, and divestitures; operational effectiveness; strategic planning; and business development and marketing.


“Bill, Drew and I are excited to come together again to form CrawfordSpalding. We believe our new firm addresses a need in today's challenging economy for strategic advice and management expertise that can help investors and stakeholders in a range of industries realize full value from their businesses and assets,” said Mac Crawford.


“We have designed CrawfordSpalding to promote close working relationships with clients,” said Bill Spalding. “Recognizing that each situation is unique, we will pursue a flexible approach that allows us to tailor our services to meet individual client's needs.”

Drew Crawford said, “Together we share a common commitment to client service and building value. We are excited about the challenges ahead and believe there will be significant opportunities for us.”


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Edwin “Mac” Crawford

Co-Founder and Principal

Throughout his nearly 40-year career, Mac Crawford has led turnarounds at struggling companies by identifying and capitalizing on the best growth platforms, driving margin improvements, eliminating unnecessary costs, and pursuing strategic transactions. His experience includes serving as a hands-on operator, CEO of publicly traded companies, and as a catalyst for financial restructurings and strategy shifts for businesses in transition.

Most recently, Mr. Crawford served as Chairman of CVSCaremark, Inc., a Fortune 20 company formed by the 2007 merger of CVS and Caremark. In 1998, he joined the country's then largest physician practice management company, Med Partners (later renamed Caremark), which was struggling amid operating losses, debt obligations of $1.8 billion and major changes in the healthcare industry. He made the strategic decision to sell assets and focus on the small but growing pharmacy benefits management (“PBM”) business. Mr. Crawford oversaw dramatic growth of the PBM business, increasing revenues to $9 billion by 2003, while significantly lowering Caremark's debt. In 2004, he orchestrated the acquisition of AdvancePCS, which made Caremark the second-largest PBM, generating over $23 billion in annual revenue. By 2007, Caremark had grown to be a $37 billion PBM managing over 600 million prescriptions when Mr. Crawford led the company through the strategic merger with drug chain CVS amid a hostile proxy solicitation and rival offer from Express Scripts. Mr. Crawford was named Institutional Investor's Best CEO in Healthcare Technology and Distribution for 2005, 2006 and 2007.


Previously, Mr. Crawford was Chairman and CEO of Magellan Health Services. After joining the company's predecessor, Charter Medical Corporation, as EVP Hospital Operations in 1990, he led the company through a financial restructuring and Chapter 11 bankruptcy from which it successfully emerged in 1992. He was appointed President and COO in 1992, and Chairman and CEO in 1993. Under his leadership, Charter sold its psychiatric and acute-care hospitals and transformed itself into a managed-care behavioral healthcare company through an acquisition of Green Spring Health Services. Magellan continued to grow this business and eventually became the nation's largest managed-care behavioral healthcare firm.


Before Magellan, Mr. Crawford was CFO of several private firms and President of Mulberry Street Investment Company, where he managed real estate, venture capital and oil and gas investments. He began his career as a CPA with Arthur Young & Company.

Mr. Crawford graduated from Auburn University with a degree in Accounting.


William R. “Bill” Spalding

Co-Founder and Principal

As both an operator and advisor, Bill Spalding has successfully implemented growth strategies, orchestrated value-enhancing transactions and overseen financial and corporate turnarounds. He has experience in management, corporate governance, strategy development, M&A, private equity representation, crisis management, internal investigations, corporate administration and public affairs.


Mr. Spalding previously was EVP Strategy and Managed Care for CVSCaremark Inc., a Fortune 20 company. An Executive Management Committee member, he was responsible for strategy, Medicare Part D business unit, Caremark's Pharmaceutical Services Unit, CVS's Managed Care Operations and M&A. Prior to the CVS merger, he was Caremark's EVP, Strategic Initiatives, responsible for expanding business lines and developing new opportunities. He also oversaw strategic planning, M&A, Governmental Affairs and the Pharmaceutical Services business. He led the strategic review that concluded a merger with a large pharmacy chain was Caremark's most compelling long-term alternative and subsequently led the team that negotiated the CVS merger while defending against an unsolicited offer and proxy solicitation.


Before 2005, Mr. Spalding was a Senior Partner in the Atlanta office of King & Spalding LLP, served on the Management Committee and led the Private Equity & Investment Funds Practice. He represented clients in PE transactions ranging from non-control investments in technology and biotech companies to control investments and sales of established operating companies.


He also worked on a variety of public and private transactions involving sports franchises, timber operations, manufacturing, savings and loans, investment banking, healthcare and software companies. His clients included Caremark, UPS, Georgia Pacific, SunTrust, The McLane Group, L.P. and SAIC. He also represented public company boards regarding governance and SEC compliance and reporting matters.


From 1995 to 1997, Mr. Spalding was General Counsel and Chief Administrative Officer and EVP, Strategic Planning of Per-Se Technologies (previously Medaphis Corp.) responsible for legal affairs, corporate administration (procurement, HR, information technology, tax/treasury and corporate/IR), strategic planning and acquisitions/divestitures.


Mr. Spalding graduated with honors from Dartmouth College, earned his Juris Doctorate summa cum laude from Washington and Lee University and then clerked for the Honorable Ellsworth A. Van Graafeiland (2nd Circuit, U.S. Court of Appeals). He serves on the Board of Counselors of the Carter Presidential Center in Atlanta.


Andrew D. “Drew” Crawford

Co-Founder and Principal

Drew Crawford has extensive executive and general management experience leading companies as they define and execute strategies to improve performance and enhance financial returns and investor value. His experience extends across mergers, acquisitions and divestitures; crisis management; public and investor relations; new company formation; capital raising; underwriting; and financial operations.


Mr. Crawford previously served as SVP of Underwriting and Analytics for CVSCaremark, Inc., a Fortune 20 company. He was responsible for all underwriting and the analytic and outcomes operations of the company's pharmacy benefits management (“PBM”), specialty and disease management businesses. He also led development efforts to bring new products to the marketplace by combining the strengths of Caremark and CVS.


Prior to the merger with CVS, Mr. Crawford spent eight years at Caremark in executive positions and served on various steering committees as Caremark sharpened its operating focus, reduced debt and significantly expanded its PBM business. As SVP, Underwriting and Industry Analysis, he led the company's underwriting activities and financial analysis for negotiations with pharmaceutical manufacturers, retail chains and drug wholesalers.


He also served as SVP, Office of the President, VP of Corporate Development, VP of Finance, Assistant Treasurer, Director of Corporate Strategy, and head of Communications. In addition, he was responsible for some of Caremark's largest client relationships.

Mr. Crawford played key roles in Caremark's acquisition of AdvancePCS and the merger with CVS. During the CVS merger, Mr. Crawford was a core member of the transaction team and led the company's public and investor relations efforts amid a rival offer and hostile proxy solicitation by Express Scripts.


From 2000 to 2001, Mr. Crawford was CFO of Emageon, Inc., a now publicly held, Birmingham, AL-based information technology company. As the company's first CFO, he helped build its client relationships and secure $13 million of venture capital. Mr. Crawford began his career with Arthur Andersen in Atlanta, where he was engaged in audits, M&A and corporate reporting for Fortune 500 and other large and mid-sized clients.


Mr. Crawford earned his Bachelor of Science degree with Special Attainments in Commerce from Washington and Lee University. He serves on the Board of Advisors of the Williams School of Commerce at Washington and Lee.