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Joined by CM Equity Partners, L.P., Firm Charts Growth
Strategy in Energy, Environment, and Information Technology
Sectors
FAIRFAX, VA, June 30, 1999 - ICF Consulting, a management,
policy, and information technology consulting firm, today
announced that it has been acquired by its management and
CM Equity Partners, L.P. (CMEP), an equity investment firm
based in New York City. ICF Consulting had been a unit of
ICF Kaiser International, Inc. (NYSE: ICF).
ICF Consulting provides management consulting, analytical
services, and information products to help industry and municipal,
state, and federal government clients address energy, information
management, environmental, and economic development problems.
"We are pleased and proud to announce the independence
of ICF Consulting," said Sudhakar Kesavan, the firm's
President and CEO. "Although we've had a distinguished and
successful business for 30 years, today's step gives us the
freedom to make the most of the compelling opportunities we
see across our core consulting markets."
"We focus on providing strategic advantage for our clients
and we have a history of delivering compelling results," said
Kesavan. "Today, we have four key elements of success in place:
independent management with strong growth incentives, solid
financial resources, more than 700 employees representing
the best and the brightest in their fields, and a client reputation
and performance record second to none."
CMEP is a private equity investment fund, focusing on acquisitions
with management of primarily middle-market service companies.
CMEP's investors are primarily large U.S. institutions from
the insurance, banking, and commercial finance sectors.
"We believe ICF Consulting is the best in its class," said
CMEP Managing Partner Peter Schulte. "We are proud to partner
with its management to provide the firm with the resources
to continue its well-respected and high-quality services to
clients worldwide."
The management structure of ICF Consulting will not change,
but a number of senior managers will become shareholders in
the new, privately held entity. ICF Consulting was acquired
from ICF Kaiser International, Inc. for $70.6 million in cash
and an interest-bearing note. ICF Kaiser, which is expected
to remove the reference to "ICF" in its name and ticker symbol
in the near future, will retain a 10 percent equity interest
in ICF Consulting.
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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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