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FAIRFAX, VA, May 24, 1999 - ICF Kaiser International,
Inc., (NYSE: ICF) today announced that it has signed a definitive
purchase agreement to sell 90 percent of its Consulting Group
for an amount in excess of $70 million to the Group's management
and CM Equity Partners, LLC (CMEP). ICF Kaiser will retain
the balance of ownership in the new and independent consulting
company. The sale has been approved by the ICF Kaiser Board
of Directors and is expected to close in June.
"Completing the sale of the Consulting Group will allow
the Company to focus solely on being an engineering and construction
services company," said James J. Maiwurm, President and
Chief Executive Officer of ICF Kaiser. "We continue to
win new work in the United States and abroad and to build
on the global reputation for engineering and construction
excellence that we have earned during our 85-year history."
The Consulting Group provides energy, information technology,
environmental, economic, and community development consulting
services to governmental and commercial clients. In addition
to its Fairfax, Virginia headquarters, the Consulting Group
has eight other offices across the United States, as well
as international offices in Toronto, Melbourne, and Moscow.
The Group had gross revenue in 1998 of $105.4 million.
CM Equity Partners, L.P. is a private equity investment fund,
affiliated with Carl Marks & Co., Inc., focusing on the
acquisition of middle-market manufacturing, distribution,
and service companies. CMEP's investors are primarily large
U.S. institutions from the insurance, banking, and commercial
finance sectors. CMEP and its principals have completed numerous
investments in a broad range of industries, with successful
transactions for independent professional services companies
serving the U.S. Federal services market including AverStar,
Inc. and Resource Consultants, Inc.
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ICF International (Nasdaq: ICFI) partners with government and commercial clients to deliver consulting services and technology solutions in the energy, environment, transportation, social programs, defense, and homeland security markets. The firm combines passion for its work with industry expertise and innovative analytics to produce compelling results throughout the entire program life cycle, from analysis and design through implementation and improvement. Since 1969, ICF has been serving government at all levels, major corporations, and multilateral institutions. More than 1,800 employees serve these clients worldwide. ICF’s Web site is http://www.icfi.com.
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For Immediate Release
Contact: Douglas Beck
1.703.934.3820
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