Elkridge, MD. August 15, 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 the entire share capital of TK Holdings Ltd and its subsidiary Beneast Training Ltd, an independent training provider located in the United Kingdom. Beneast generated revenue of $8 million for the year ending July 2011 and GP Strategies anticipates that the acquired business will be accretive to earnings-per-share in 2011.
Established in 1983, with a staff of 120 full and part time employees, Beneast 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 Blackpool, Lancashire, with other training centers in Fleetwood and Preston, Beneast provides apprenticeship and foundation learning programs to over 2,000 learners at any one time in the following occupational areas: business administration & technology, customer service, retail & commercial enterprise, management & professional, health & social care and early years childcare. Beneast 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, “This acquisition further expands our capabilities in the North of England helping people and businesses to access the skills training they need to succeed. The acquisition of Beneast now provides an additional revenue stream for GP through Foundation Learning, increasing GP’s 2011/12 maximum contract value to $27 million per year and strengthening GP’s position as a major provider of Skills Training in the UK.”
To learn more about Beneast Training, visit http://www.beneast.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