Heidrick & Struggles International Inc. (HSII), a provider of Executive Search and Leadership Consulting services, Wednesday announced the acquisition of Senn-Delaney Leadership Consulting Group LLC.
The transaction is expected to be accretive to Heidrick & Struggles' earnings per share in 2013.
Under the terms, Heidrick & Struggles paid $53.5 million at closing for 100 percent of the equity of Senn Delaney. The company could pay up to $15.0 million of additional cash consideration based on the realization of specific earnings milestones achieved in the first three years.
Also, there is a $6.5 million retention escrow that will generally vest and be paid to certain key executives if they remain for three years subsequent to the acquisition.
Senn Delaney has a proven track record of growth and profitability with 2012 projected revenue of approximately $29 million and adjusted EBITDA margin of approximately 30 percent. It will operate as a subsidiary of Heidrick & Struggles from its Huntington Beach, California headquarters.
Senn Delaney's President and Chief Executive Officer, Jim Hart, will join Heidrick & Struggles' Operating Committee and will report to Eric Olson, Global Managing Partner of Leadership Consulting. Larry Senn, Founder and the current Chairman, along with the key executives of the firm are expected to remain with the company for a minimum of three years, ensuring senior leadership continuity.
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