ICF Consulting Acquired by Management-Led Team

Joined by CM Equity Partners, L.P., Firm Charts Growth Strategy in Energy, Environment, and Information Technology Sectors



Fairfax, Virginia, 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.



About ICF International

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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