Navigant Consulting, Inc. Acquires A.W. Hutchison & Associates, LLC
CHICAGO--(BUSINESS WIRE)--July 18, 2005--Navigant Consulting, Inc. (NYSE:NCI), a specialized consulting firm providing dispute, financial, regulatory and operational advisory services to companies in regulated industries, government agencies and legal counsel, announced today that it has acquired A.W. Hutchison & Associates, LLC.
"The acquisition of A.W. Hutchison further positions Navigant Consulting as the premier provider of construction litigation consulting services in the United States," stated David R. Tortorello, Managing Director and head of Navigant Consulting's Construction Practice. "This investment enhances our resources and capabilities, particularly in expanding our presence in the Southeast U.S. market and in Southern California. Collectively, our clients will realize significant benefits from the combination of the skills and expertise of our professionals."
Recognized internationally as a leader in the field of construction management analysis and dispute resolution, A.W. Hutchison & Associates, LLC (AWH) has provided professional construction services to more than 1,000 projects worldwide. Celebrating their 25th anniversary this year, AWH has assisted owners, contractors, designers, and counsel with distressed projects, projects in litigation, and any aspect of a major construction project requiring expert evaluation, analysis, interpretation, testimony, accounting, or review. A.W. Hutchison professionals will integrate with the other teams in Navigant Consulting's Construction Practice, which has more than 200 professionals worldwide.
"A.W. Hutchison brings a team of seasoned construction professionals and expanded service offerings, including risk management, to enhance those of Navigant Consulting," stated A.W. "Chip" Hutchison III, Chairman and Founder of A.W. Hutchison & Associates, LLC. "Our clients will benefit from the synergies of experience and added geographic reach, particularly in the Northeast and Midwest. Joining forces with another top-notch consultancy, and the opportunities for expansion, were key factors in our decision."
The acquisition includes a team of 57 billable consultants based primarily in Atlanta and Los Angeles. The purchase price was approximately $23 million. Revenues and pro forma operating income for the last 12 months approximated $18.6 million and $4.3 million, respectively. The acquisition will be accretive in 2005. Additional transaction details were not disclosed.
About Navigant Consulting
Navigant Consulting, Inc. (NYSE:NCI) is a specialized independent consulting firm providing dispute, financial, regulatory and operational advisory 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 including healthcare, energy and financial and insurance services, 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.
Except as set forth below, statements included in this press release, which are not historical in nature, are intended to be, and are hereby identified as, "forward-looking statements" as defined within the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipate," "believe," "intends," "estimates," "expect" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation, those relating to the Company's future business prospects, revenues, working capital, liquidity, income and margins, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to several important factors, including those identified from time to time in the Company's reports filed with the SEC. Such risk factors include, but are not limited to: acquisitions and acquisitions under consideration, follow-on offerings, revenues and financial estimates, significant client assignments, recruiting, attrition and new business solicitation efforts, judicial proceedings, regulatory changes and general economic conditions.
CONTACT: Navigant Consulting, Inc.
Ben W. Perks, 312-573-5630
Andrew J. Bosman, 312-573-5631
SOURCE: Navigant Consulting, Inc.