Heidrick & Struggles International, Inc. (ticker: HSII, exchange: NASDAQ) News Release - 1-Dec-2000
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Heidrick & Struggles Signs Letter of Intent to Acquire Hagberg Consulting Group
CHICAGO, Dec. 1 /PRNewswire/ -- Heidrick & Struggles International, Inc. (Nasdaq: HSII), the world's largest and premier executive search firm, today announced that it has signed a letter of intent to acquire Hagberg Consulting Group (HCG). Based in Foster City, Calif., HCG is a market leader in leadership development, assessment and cultural alignment.
The partnership combines the advantages of Heidrick & Struggles' global search expertise -- as well as unparalleled access and influence to senior-level decision makers around the world -- with the specialist expertise of HCG in the alignment of organizational strategy with culture and leadership.
"The Hagberg Consulting Group brings to us a suite of top-notch leadership consulting services and the experience of evaluating thousands of executives. This experience will enhance our ability to provide leadership solutions for our clients around the world," said Thomas J. Friel, President of Heidrick & Struggles Ventures. "This acquisition fits very well with our strategy to leverage the Heidrick & Struggles brand name across other areas that complement our core executive search business."
Richard Hagberg, founder and Chairman of HCG, added: "We feel that the combination of our 'thought leadership' in the areas of executive performance and organizational culture combined with Heidrick & Struggles' worldwide access and influence at the CEO and Board level will allow us to offer unprecedented value to the executives of the world's leading companies. We are delighted to be joining with Heidrick & Struggles to help create the premier leadership services company in the world."
The closing of the acquisition is expected to take place in the first quarter of 2001. The acquisition will be accounted for using the purchase method. During this integration period, both companies will carefully manage their existing client relationships to maintain the highest levels of confidentiality and professional integrity.
About Hagberg Consulting Group
Hagberg Consulting Group specializes in the assessment and development of executive leadership and organizational effectiveness. Founded in 1984, the firm is a leader in using sophisticated proprietary assessment tools and long-term personalized coaching to develop successful leaders and organizations. Our consulting is backed by over 15 years of research based on our understanding the personalities and business performance of over 4,500 executives. Our professional staff brings both depth and breadth to our clients by combining expertise in the behavioral sciences with practical business and executive management experience. Hagberg Consulting Group has earned a reputation for successful results through our work with over 300 corporate clients. For more information about Hagberg Consulting Group, visit our web site at www.hcgnet.com .
About Heidrick & Struggles International, Inc. (HSI Group)
Heidrick & Struggles International, Inc. (HSI Group) is the world's largest and premier provider of executive-level search and consulting services. More than 1,000 Heidrick & Struggles professionals operate from offices in over 75 locations throughout North and South America, Europe, the Middle East, Africa and Asia Pacific. Our core business -- Heidrick & Struggles Executive Search -- has been an industry leader for nearly 50 years, specializing in chief executive, board member and senior level management assignments for a broad spectrum of clients: multi-national corporations, mid-cap and start-up companies, not-for-profit entities, educational institutions, foundations, associations and governmental units. We are expanding our range of complementary services to offer solutions to senior management teams for their human capital needs. LeadersOnline, our Internet-based recruiting business, serves clients who seek the next generation of corporate leaders. We are capitalizing on our access to the highest level of our clients' organizations through Heidrick & Struggles Ventures, our unit responsible for new businesses, alliances and investments. For more information about HSI Group, visit our web site at www.heidrick.com. SOURCE Heidrick & Struggles International, Inc.
CONTACT: Media, Eric Sodorff, 312-496-1613, email, esodorff@heidrick.com, or Analysts, Barry Hollingsworth, 312-496-1723, email, bhollingsworth@heidrick.com, both of Heidrick & Struggles International/