Wilbur L. Ross Jr., an investor who has specialized in overhauling troubled companies, is joining with Edwin “Mac” Crawford to look for opportunities in the health care sector.

Ross is chief executive of WL Ross & Company L.L.C., New York, a firm that has sponsored about $10 billion in private equity deals since 2000.

Crawford oversaw the turnaround of Caremark Rx Inc., Birmingham, Ala., and the 2007 merger of Caremark with CVS Pharmacy Inc., Woonsocket, R.I.

WL Ross is prepared to invest more than $1 billion in a new Ross-Crawford joint venture, Ross says.