Elkridge, MD. December 14, 2010 – 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 Academy of Training Ltd, an independent training provider located in the United Kingdom. Academy of Training generated revenue of $3.7 million for the year ending July 2010, and GP Strategies anticipates that the acquired business will have increased revenue and be accretive to earnings-per-share in 2011. GP utilized cash-on-hand to fund the acquisition.
Established in 1983, Academy of Training 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 Plymouth and operating across the South West of England, Academy of Training delivers apprenticeship training in the following sectors: Business Administration including Information Communication Technology, Customer Service and Business Management; Healthcare and Service Enterprise including Retail, Hairdressing and Hospitality. Academy of Training is contracted to provide training through the Skills Funding Agency, a Government agency that funds apprenticeships and skills training in England. Beginning in 2011, the Skills Funding Agency intends to reduce the number of learning providers with whom it contracts by introducing a minimum contract value award policy under which it will no longer issue direct contracts to organizations for less than the minimum contract level.
Scott Greenberg, Chief Executive Officer of GP Strategies, stated, “The acquisition of Academy of Training increases GP’s Skills Funding Agency maximum contract value to $11 million per year and places GP in a stronger strategic position relative to the introduction of minimum contract values. This acquisition also further expands our capabilities in the South West region and increases GP’s proportion of funding in the 16 to 18 year old age group, where funds have been subject to a payment guarantee by the Government.”
To learn more about Academy of Training, visit http://www.academyoftraining.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