FTI Consulting Announces Agreement to Acquire KordaMentha (Qld)
Extends Corporate Finance/Restructuring Offering to Australia
Enhances Industry Expertise in Construction, Mining, Healthcare and Real Estate
HONG KONG, Sept. 27, 2012 /PRNewswire/ -- FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm dedicated to helping organisations protect and enhance their enterprise value, today announced that an agreement has been signed to acquire the assets of KordaMentha (Qld) (KMQ), a corporate finance advisory and restructuring firm headquartered in Brisbane, Australia, and the Gold Coast, to establish the company's Corporate Finance/Restructuring practice in Australia. Terms of the deal were not disclosed.
Founded in 1992, the Brisbane-based firm has operated under a licence agreement with the KordaMentha brand since 2003 and specialises in turnaround and restructuring, corporate advisory and corporate recovery. KMQ has worked on several high-level Australian corporate recovery projects, has facilitated complex insolvency engagements in Australia and boasts a number of long-held blue chip clients.
The acquisition will significantly expand the presence and service offerings of FTI Consulting in Australia, adding nearly 70 professionals in Brisbane and the Gold Coast. The acquisition is subject to completion of definitive documentation and customary closing conditions and is expected to be finalised on 2 October 2012. The KMQ business will operate as FTI Consulting following completion of the transaction.
Commenting on the acquisition, Rod Sutton, Chairman of FTI Consulting in Asia Pacific, said, "The acquisition of KMQ is a major step for the company's expansion in Australia. We have identified a quality business with great people and deep client relationships. KMQ has built an important presence in growth industries, including construction, mining, healthcare and real estate. We couldn't be more pleased with our agreement and look forward to working with our new colleagues to develop our capacity and enhance the FTI Consulting brand in Australia, a strategic market for the Asia Pacific region."
John Park of KMQ said, "We are delighted to be joining FTI Consulting. KMQ will be blending into an organisation that is in every primary business centre around the world. As part of FTI Consulting, KMQ can offer our clients a diverse set of services that will meet their needs at all points of the economic cycle. We look forward to being part of the robust and resilient network at FTI Consulting as we continue to grow in our market."
Following completion of the acquisition, the two business units of KMQ, KMQ Insolvency and 22 Capital, will join the Corporate Finance/Restructuring practice of FTI Consulting.
Over the last two years, the Asia Pacific footprint of FTI Consulting has grown to represent each of the company's five core business practices: Corporate Finance/Restructuring, Forensic and Litigation Consulting, Economic Consulting, Technology and Strategic Communications. FTI Consulting has Asia Pacific offices in Australia, China, Hong Kong, India, Indonesia, Japan, the Philippines and Singapore.
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organisations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 3,800 employees located in 24 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management, strategic communications and restructuring. The company generated $1.56 billion in revenues during fiscal year 2011. More information can be found at www.fticonsulting.com.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that involve uncertainties and risks, including statements related to our expectations regarding the completion of this acquisition. There can be no assurance that the expected acquisition will be completed or that the terms will not differ from the company's expectations. Factors that could cause company expectations to differ include the terms of definitive acquisition agreements, the pace and timing of the consummation and integration of the acquisition, the company's ability to realize cost savings and efficiencies, competitive and general economic conditions, the retention of staff and clients, and other risks described under the heading "Item 1A. Risk Factors" in the company's most recent Form 10-K and in the company's other filings with the Securities and Exchange Commission, including, without limitation, risks related to operating in foreign jurisdictions. We are under no duty to update any of the forward-looking statements to conform such statements to actual results or events and do not intend to do so.
SOURCE FTI Consulting, Inc.