ELKRIDGE, Md., Sept. 14, 2012 /PRNewswire/ — Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) announced that it has signed an agreement to acquire BlessingWhite, a provider of leadership development and employee engagement solutions that translate business strategies into results for its customers by developing more effective leaders and more engaged workforces.
BlessingWhite highlights:
- Founded in 1973 and headquartered in Princeton, New Jersey.
- 2011 revenue of more than $13 million.
- Has deployed proprietary leadership training content, employee engagement tools and services in over 33 countries.
- Ranked in the Top 25 consulting firms for “Top Leadership Development Programs” by Leadership Excellence and has maintained that ranking since 2007.
- Recognized by TrainingIndustry.com in their 2011 list of “Top 20 Leadership Training Companies.”
This acquisition will strengthen GP Strategies’ ability to deliver comprehensive global leadership and professional development services across its diverse customer base in over 65 countries. The transaction is expected to close within the next 30 days. Under the terms of the agreement, the purchase price is approximately $10 million. Completion of the acquisition is subject to customary conditions, including obtaining certain consents and agreements. GP Strategies expects to pay for the acquisition using cash on hand, and, if necessary, borrowing under its $50 million revolving credit facility. GP Strategies anticipates that the acquired business will be accretive to earnings per share in 2013.
Christopher Rice, BlessingWhite’s Chief Executive Officer, stated, “BlessingWhite’s innovative programs, assessments and consulting are delivered to leading companies around the world. We are very excited at the opportunity to bring our expertise and our research-based solutions to a much broader audience as part of GP Strategies.” Chris Rice has been ranked in the “Top 100 Thought Leaders” as recognized by Leadership Excellence.
Scott Greenberg, GP Strategies’ Chief Executive Officer, stated, “BlessingWhite’s understanding of leadership development and employee engagement will be a significant asset to GP Strategies’ customers. By combining BlessingWhite’s offerings with GP Strategies’ capabilities and market presence, we will reach new customers and expand our service offerings to meet our customers’ needs globally.”
Additional information may be found at www.blessingwhite.com.
About GP Strategies
GP Strategies Corporation (NYSE: GPX) is a global performance improvement solutions provider of sales and technical training, eLearning solutions, management consulting and engineering services. GP Strategies’ 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 www.gpstrategies.com.
Forward Looking Statement:
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.
© 2012 GP Strategies Corporation. All rights reserved. GP Strategies and the GP Strategies logo design are trademarks of GP Strategies Corporation.
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SOURCE GP Strategies Corporation