UPDATE 1-Huron buys Wellspring Partners for $65 mln
Jan 4 (Reuters) - Huron Consulting Group Inc. (HURN.O) said it acquired management consulting firm Wellspring Partners Ltd. for about $65 million and also agreed to buy restructuring firm Glass & Associates Inc. for about $30 million in cash.
The financial and operational consulting services company said it expects both the acquisitions to add to 2007 earnings.
Additional purchase consideration will be payable in cash to shareholders of Wellspring and Glass & Associates if specific performance targets are met, Huron said in separate statements.
The acquisition of Glass would help the company to expand its position in the consulting and restructuring marketplace, while the acquisition of Wellspring would help it expand in the healthcare provider space, Huron said.
John DiDonato, president of Glass & Associates, will lead Huron's Corporate Advisory Services practice and will be based in New York, the company said.
In connection with these acquisitions, Huron said it has amended its credit agreement so that the maximum amount of principal that may be borrowed under the unsecured revolving credit facility is increased to $130 million from $75 million.
Huron said Wellspring and Glass & Associates had 2006 revenue of about $55 million and $24 million respectively. (Reporting by Dilipp S. Nag in Bangalore)