FOR
IMMEDIATE RELEASE
May 10,
2005
Huron
Consulting Group Acquires Speltz & Weis LLC
CHICAGO -May 10,
2005 - Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of
financial and operational consulting services, today announced the acquisition
of Speltz & Weis LLC, a specialized consulting firm providing interim
management services to the healthcare provider sector.
Under the terms of
the agreement, Huron has acquired Speltz & Weis for a purchase price of $17
million, $14 million of which is payable in cash at closing and $3 million is
payable in promissory notes. Additional purchase consideration is payable if
specific performance targets are met. Speltz & Weis had unaudited 2004
calendar year revenues of approximately $20 million. Huron expects that the
acquisition will be accretive to 2005 earnings and will provide guidance updates
when it releases results for the second quarter of 2005.
“We are delighted
that the professionals of Speltz & Weis will be joining forces with Huron,”
said Gary E. Holdren, chairman and chief executive officer, Huron Consulting
Group. “The healthcare industry is one of Huron’s focused client channels, and
Speltz & Weis is recognized as a leader in the fast-growing provider
space.”
David Speltz,
principal and founder, Speltz & Weis LLC said, “The fit between Speltz &
Weis and Huron is excellent. Both firms are relatively new, but staffed and led
by senior professionals. Huron’s executive team and the leaders of the company’s
healthcare practice share the same philosophies and values as we do.”
Speltz & Weis,
led by David Speltz and Timothy Weis, provides interim management and other
crisis management services in the healthcare industry. The firm is well known in
the consulting industry for its work helping hospitals and other healthcare
facilities improve their financial, operational and market performance through
organizational renewal.
(MORE)
With the
acquisition of Speltz & Weis, Huron will become a full service consulting
firm in the healthcare provider space. Huron will now have the capabilities to
provide interim management and related services to distressed hospitals in
addition to the traditional consulting and corporate advisory services to the
broader healthcare provider sector. In joining Huron,
Speltz & Weis will bring a team of approximately 30 consultants.
About Huron
Consulting Group Inc.
Huron Consulting
Group Inc. is the parent company of Huron Consulting Services LLC, an
independent provider of financial and operational consulting services. Huron’s
experienced and credentialed professionals apply their expertise in accounting,
finance, economics, and operations to a wide variety of financially sound and
distressed organizations, including Fortune 500 companies, medium-sized
businesses, leading academic institutions, healthcare organizations, and the law
firms that represent these various organizations.
Statements in
this press release, which are not historical in nature and concern Huron
Consulting Group’s current expectations about the company’s future results are
"forward-looking" statements as defined in Section 21 of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are identified by words such as “may,” “should,”
“expects,” “plans,” “anticipates,” “believes,” “estimates,” or “continue.” These
forward-looking statements reflect our current expectation about our future
results, levels of activity, performance or achievements, including without
limitation, that our business continues to grow as currently contemplated; that
we are able to expand our service offerings through our existing consultants and
new hires; and that existing market conditions do not change from current
expectations. These statements involve known and unknown risks, uncertainties
and other factors that may cause actual results, levels of activity, performance
or achievements to be materially different from any future results, levels of
activity, performance or achievements expressed or implied by these
forward-looking statements. Please see “Risk Factors” in our 2004 annual report
on Form 10-K for a complete description of the material risks we
face.
Media
Contact:
Jennifer Frost
Hennagir
312-880-3260
jfrost-hennagir@huronconsultinggroup.com
Investor
Contact:
Gary L. Burge,
Chief Financial Officer
312-583-8722
garyburge@huronconsultinggroup.com
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