Navigant Consulting Announces Agreement to Divest Certain Corporate Finance Assets
CHICAGO--(BUSINESS WIRE)--Jan. 5, 2005--Navigant Consulting, Inc. (NYSE: NCI), a specialized independent consulting firm providing litigation, financial, healthcare, energy and operational consulting services to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change, today announced it has agreed to sell certain of its Corporate Finance assets to six senior practice professionals in the Company's Baltimore and Richmond, Va. offices.
"This is a positive transaction for all parties involved," stated Jon Berger, Managing Director of Navigant Consulting's Corporate Finance practice. "As Navigant Consulting has continued to expand, we have redirected our core Corporate Finance assets, and both parties believe this team of professionals will be better positioned to assist clients outside of the Navigant Consulting platform. This mutually beneficial agreement provides for ongoing opportunities for us to partner on future client engagements."
As part of the agreement, Navigant Consulting is selling certain fixed assets and client receivables, in addition to transferring to the purchasing group the client engagements on which the group members were serving as project directors.
"We are excited about the opportunities this transaction creates to further our specialized restructuring, tax and trustee-related services," stated Charles Goldstein, Managing Director of the newly-formed company. "Navigant Consulting has provided strong growth and development opportunities, but given the change in direction of the Corporate Finance practice, we felt the best opportunities for our team would be working alongside Navigant Consulting professionals, instead of formally as part of the Company. We look forward to ongoing and future opportunities to work with NCI professionals."
Further details of the transaction were not released. About Navigant Consulting
Navigant Consulting, Inc. (NYSE: NCI) is a specialized independent consulting firm providing litigation, financial, healthcare, energy and operational consulting services to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change. The Company focuses on industries undergoing substantial regulatory or structural change and on the issues driving these transformations. "Navigant" is a service mark of Navigant International, Inc. Navigant Consulting, Inc. (NCI) is not affiliated, associated, or in any way connected with Navigant International, Inc. and NCI's use of "Navigant" is made under license from Navigant International, Inc. More information about Navigant Consulting can be found at www.navigantconsulting.com.
CONTACT: Navigant Consulting, Inc.
Ben W. Perks, 312-573-5630
Andrew J. Bosman, 312-573-5631
SOURCE: Navigant Consulting, Inc.