| WASHINGTON,
DC, September 9, 2003 - ICF Consulting has negotiated a
new $40 million bank credit facility which will be used to provide
additional working capital and to fund acquisitions. The lending
facility, with Citizens Bank of Pennsylvania serving as agent,
is comprised of a syndicate of banks including Citizens Bank,
Riggs Bank, and Chevy Chase Bank. Citizens' parent is the Royal
Bank of Scotland, one of the largest banks in the world.
Originally founded in 1969, ICF Consulting was acquired
in 1999 by its management and CM Equity Partners, L.P. (CMEP),
an equity investment firm based in New York City, from ICF
Kaiser International, Inc. In 2002, ICF Consulting completed
its first acquisition
of two divisions of Arthur D. Little, Inc.
Sudhakar Kesavan,
ICF Consulting Chairman and CEO, stated: "ICF Consulting
has continued to grow and diversify since we took it private
in 1999. Our goal is to continue organic growth in our core
markets and make strategic acquisitions to expand our portfolio,
consistent with our traditions of quality and client focus."
Alan Stewart, ICF
Consulting CFO, stated: "Our new relationship with Citizens,
Chevy Chase, and Riggs puts us in a stronger position to address
our capital requirements for continued growth and expansion
as a national and global firm."
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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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