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FAIRFAX, VA, March 8, 1999 - ICF Kaiser International,
Inc. (NYSE: ICF) today announced that it has signed a letter
of intent with CM Equity Partners, L.P., (CMEP) an equity
investment firm based in New York City, to sell the ICF Kaiser
Consulting Group for $75 million to CMEP and the group's management.
Pending due diligence and the execution of a definitive purchase
agreement, CMEP and Consulting Group management will convert
the group into a new, independent company, which will remain
headquartered in Fairfax, Virginia. The transaction is expected
to be completed by mid-year 1999.
"The Consulting Group management is pleased to join
with CMEP in this agreement," said Sudhakar Kesavan,
President of the ICF Kaiser Consulting Group. "During
and after the formation of the new company, we will continue
to serve clients at the same high level of excellence that
has made us consulting-industry leaders in our core areas
of consulting expertise: energy and utility industries, information
management, environment, and economic and community development.
This agreement will also provide us with the resources to
further strengthen our already significant presence with commercial
clients."
CMEP Managing Partner Peter Schulte said that they "are
very pleased to be backing ICF Consulting's management team
in this acquisition."
The Consulting Group, one of ICF Kaiser's three operating
groups, provides management consulting and software and database
products to industry and government clients. 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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