FTI Consulting, Inc. Announces Acquisition of London-Based Forensic Accounting LLP
- Leading UK Independent Provider of Forensic Accounting Services - - Acquisition Further Extends FTI's Ability to Serve Clients in the U.K. and Europe -
BALTIMORE and LONDON, March 28 /PRNewswire-FirstCall/ -- FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today announced the acquisition of Forensic Accounting LLP, a London-based consultancy which significantly enhances its U.K. presence and breadth of service offerings. Terms of the transaction were not disclosed. The transaction is expected to close early next week.
Forensic Accounting LLP ("FA") is the UK's leading independent forensic accounting practice, providing accountancy based expert witness and investigation services in disputes, regulatory inquiries and due diligence reviews. Its clients are a diverse mix of public and private sector organizations, including several UK regulators and magic circle law firms. FA will be integrated into the Company's Forensic and Litigation Consulting ("FLC") Segment, and will serve as the U.K.-based hub for FLC's Investigations and Forensic Accounting practice in the Europe, Middle East and Africa region.
Andrew Mainz, Raj Bairoliya, Julia Wallace-Walker and Dominic Wreford, co- founders of FA, and Ian Trumper, a Partner at the firm, have joined FTI as Senior Managing Directors. Additionally, 31 FA employees will be joining FTI.
"One of our key strategic objectives has been to replicate globally the broad service platform that we have established in the major business and financial centers in the U.S.," commented Jack Dunn, President and CEO of FTI. "The acquisition of Forensic Accounting is a strategic step that provides the foundation on which to build our forensic accounting offering in London to meet the escalating demand in the market. Equally important, the acquisition of FA, along with the purchases of Brewer Consulting and Sante and the launch of our restructuring practice within the past year, has made London FTI's largest office in the world, with over 400 professionals advising clients in the U.K. and Europe. We are now able to offer an integrated range of forensic accounting, investigations, corporate finance/restructuring and communications consulting services in one of the world's most important centers of global commerce and finance."
Mr. Dunn added, "We know FA well from the joint assignments we have worked on with its excellent consultants. It perfectly complements FLC's current presence in the United States, South America and Asia and, with its extensive regulatory work, gives us immediate credibility and relationships with the U.K. regulatory authorities that further enhance our reputation for independence and diligence in this critical market. As FLC's hub in Europe, FA will better enable us to service Global 1000 clients and the law firms and financial services institutions that support them both at home and abroad."
"We are delighted to become part of the FTI team," said Andrew Mainz, Chairman of Forensic Accounting LLP. "FA will be able to maintain the independent nature of our work and our focus on high standards of successful client service. This approach has made us the UK's leading independent forensic accounting practice, from a standing start in 2000. Going forward, we shall be able to use FTI's global resources to improve the level of service we offer our international clients. With FTI's additional capabilities and relationships, we look forward to substantially increasing the scope of our business."
About Forensic Accounting LLP
Forensic Accounting LLP is an independent specialist forensic accounting practice based in London, with international capability. The Company has the resources needed to complete large assignments and offer a genuine alternative to the Big 4 accounting firms. The Company's Partners, Directors and staff have experience, accumulated over many years, in the specialised areas of damages assessment, financial modeling, valuation, fraud investigation, reconstruction of accounts and asset tracing. Forensic Accounting LLP is committed to making a genuine contribution towards the successful resolution of disputes. More information can be found at www.forensicaccounting.co.uk.
About FTI Consulting, Inc.
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 3,000 employees located in most major business centers in the world, we work closely with clients every day to anticipate, illuminate, and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. More information can be found at www.fticonsulting.com.
Safe Harbor Statement This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 that involve uncertainties and risks including statements related our future financial results. There can be no assurance that actual results will not differ from the company's expectations. The Company has experienced fluctuating revenues, operating income and cash flow in some prior periods and expects this will occur from time to time in the future. As a result of these possible fluctuations, the Company's actual results may differ from our projections. Further, preliminary results are subject to normal year-end adjustments. Other factors that could cause such differences include the pace and timing of the consummation and integration of past and future acquisitions, the company's ability to realize cost savings and efficiencies, competitive and general economic conditions, retention of staff and clients and other risks described under the heading "Item 1A. Risk Factors" in the Company's most recent Form 10-K and in the Company's other filings with the Securities and Exchange Commission. We are under no duty to update any of the forward-looking statements to conform such statements to actual results or events and do not intend to do so.
SOURCE FTI Consulting, Inc. -0- 03/28/2008 /CONTACT: Jack Dunn, President & CEO of FTI Consulting, Inc., +1-410-951-4800; Investors, Gordon McCoun; Media, Amy Rosenberg, or Louisa Hollins, +1-212-850-5600, or +44 (0)20 7269 7108, all of FD/ /Web site: http://www.fticonsulting.com http://www.forensicaccounting.co.uk / (FCN) CO: FTI Consulting, Inc.; Forensic Accounting LLP ST: England, Maryland IN: FIN SU: TNM WM-CL -- NYF014 -- 5008 03/28/2008 03:35 EDT http://www.prnewswire.com