Jan 4 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
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)