Elkridge, MD. April 14, 2011 – GP Strategies Corporation (NYSE: GPX), the corporate parent of global performance improvement solutions provider General Physics Corporation (GP), announced that GP’s wholly-owned subsidiary, General Physics (UK) Ltd, has acquired Ultra Training Ltd, an independent skills training provider located in the United Kingdom. Ultra generated annualized revenue of $4.5 million for the year ending July 2010, and GP anticipates that the acquired business will be accretive to earnings-per-share in 2011. GP utilized cash-on-hand to fund the acquisition.
Established in 1986, with a staff of 65 full- and part-time employees, Ultra is a Grade 2 “Good” provider of training as determined by the Office for Standards in Education (Ofsted), the UK regulator of government-funded training providers. Based in Bodmin, Cornwall with other training centres in Penzance, Bideford, Exeter and Bristol, Ultra provides apprenticeship and private training to over 1,000 learners at any one time in the following occupational areas: administration, management and professional; retailing, customer service, hospitality, hairdressing and beauty therapy; health and social care and childcare. Ultra is contracted to provide training through the Skills Funding Agency, a government agency of the Department for Business, Innovation and Skills, which funds and regulates adult further education and skills training in England.
Scott Greenberg, Chief Executive Officer of GP Strategies, stated, “Ultra prides itself on the quality of training it provides to learners and the high success rates that its learners achieve. This acquisition further expands our capabilities in the South West region of England, helping people and businesses to access the skills training they need to succeed. The acquisition of Ultra increases GP’s 2011-2012 maximum contract value to $15 million per year and places GP in a much stronger strategic position relative to the introduction of minimum contract levels during 2011.”
To learn more about Ultra Training, visit http://www.ultraonline.co.uk/.
About GP
GP is the principal operating subsidiary of GP Strategies Corporation (NYSE: GPX). GP is a global performance improvement solutions provider of sales and technical training, e-Learning solutions, management consulting and engineering services. GP’s solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers. Additional information may be found at http://www.gpworldwide.com.
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Scott N. Greenberg
Chief Executive Officer
(410) 379-3640
Sharon Esposito-Mayer
Chief Financial Officer
(410) 379-3636
Jamie Coffey
Director, Communications
(443) 255-3400