- Acquisition Extends Capabilities of World's Leading Restructuring and
Turnaround Practice -
- Enhances Senior-level Expertise in Telecom, Cable and Media -
WEST PALM BEACH, Fla., Jan. 6 /PRNewswire-FirstCall/ -- FTI Consulting,
Inc. (NYSE: FCN), the global business advisory firm dedicated to helping
organizations protect and enhance their enterprise value, today announced that
it has acquired substantially all of the assets of CXO, L.L.C. ("CXO"), a
premier interim and turnaround management services firm. Terms of the
transaction were not disclosed.
Based in Dallas, Texas and led by principals Michael Katzenstein, Brian
Kushner and Stephen Dube, CXO specializes in bankruptcy debtor advisory,
interim management, crisis management, turnaround consulting, operational due
diligence, creditor advisory, and financial/operational restructuring. CXO
provides a complete range of consulting, management, and advisory services to
companies in crisis or seeking to improve performance in specific financial or
operational areas. The firm has extensive experience serving clients in
service, manufacturing and technology businesses, with a particular focus on
the Telecom, Cable and Media sectors. CXO will bring 12 senior level
personnel, all of whom have served in interim management executive positions,
and will join the Communications & Media practice within the Corporate
Finance/Restructuring segment of FTI.
Jack Dunn, President and CEO of FTI, commented: "We are very pleased to
welcome the outstanding professionals of CXO into our Company. The
professionals of CXO are the right fit at the right time for FTI. They are
market leaders that are well known for the turn-around and interim management
services they provide to challenged companies. They will bring additional
senior expertise to our restructuring practice, which has once again been
ranked as the clear leader in the industry at a time when demand for our
services continues to rise. They enhance our capabilities in interim
management and build on our domain expertise in the Communications & Media
sector, which is currently facing structural and cyclical challenges in
today's economic environment. Most importantly, we have worked extensively in
the past with their well-respected professionals, so we expect a seamless
transition into our Company."
"FTI now has the largest specialized team of professionals focused on the
Communications & Media industries among any of the restructuring or turnaround
firms," said Carlyn Taylor, FTI's Communications & Media leader, "and we are
extremely pleased to have CXO join us and enhance our team to over 45 people."
Michael Katzenstein of CXO, said: "We are delighted to be joining FTI, a
global leader in the marketplace. As part of FTI, we will be able to leverage
our senior professionals through FTI's scale, global network and resources,
providing us with additional opportunities for growth that we would not have
had otherwise."
As part of the transaction CXO's key principals, Mike Katzenstein, Brian
Kushner and Stephen Dube have joined FTI as Senior Managing Directors. In
addition, Chad Coben, Seth Davis, Bob Gary, John Debus, and Glenn Tobias have
joined the Company as Managing Directors.
About FTI Consulting
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 may include "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934 that involve
uncertainties and risks. Forward-looking statements include statements
concerning our plans, objectives, goals, strategies, future events, future
revenues, future results and performance, expectations, plans or intentions
relating to acquisitions and other matters, business trends and other
information that is not historical, including statements regarding estimates
of our future financial results. When used in this press release, words such
as "estimates," "expects," "anticipates," "projects," "plans," "intends,"
"believes," "forecasts" and variations of such words or similar expressions
are intended to identify forward-looking statements. All forward-looking
statements, including, without limitation, estimates of our future financial
results, are based upon our expectations at the time we make them and various
assumptions. Our expectations, beliefs and projections are expressed in good
faith, and we believe there is a reasonable basis for them. However, there can
be no assurance that management's expectations, beliefs and projections will
result or be achieved or that actual results will not differ from
expectations. The Company has experienced fluctuating revenue, operating
income and cash flow in some prior periods and expects this will occur from
time to time in the future. 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.
CONTACT: Jack Dunn, President & CEO, FTI Consulting, +1-410-951-4800,
Investors: Gordon McCoun, or Media: Andy Maas, both of FD, +1-212-850-5600
