BOSTON, Mass., April 8, 2002 — Charles River Associates Inc. has announced that it has bid $7 million, plus management incentives, in a Bankruptcy Court-supervised auction for the Chemical & Energy practice of Arthur D. Little, Inc. (ADL).
If the auction results are approved by the Court and the sale is consummated, CRA will acquire the North American and U.K. operations of ADL’s Chemical & Energy practice, including staff and all projects currently underway. The recent revenue run rate of the practice has been in the range of $20 million per year. CRA anticipates that this acquisition will close within 30 days.
“The acquisition of Arthur D. Little’s Chemical & Energy practice would allow us to expand greatly our global position in practice areas that historically have been among CRA’s strongest,” said James C. Burrows, CRA’s president and CEO. “The addition of ADL’s highly regarded consulting professionals meets our objective of becoming the premier provider of management consulting services to both the Chemicals and Petroleum industries.
During 2001, our existing Chemicals and Petroleum practice experienced robust growth. In furthering our strategy of international growth, the addition of the ADL staff based in London will more than double the size of CRA’s U.K. office. This acquisition will materially expand our services portfolio and allow us to provide a more comprehensive offering spanning shareholder value, strategy, organizational design, mergers and acquisitions and performance improvement. With an expanded global presence and the addition of ADL’s existing strong client base and services, we will be positioned to add more value to our clients across business consulting.”
Charles River Associates, an economics, finance, and business consulting firm, works with businesses, law firms, accounting firms, and governments in providing a wide range of services. CRA combines economic and financial analysis with expertise in litigation and regulation support, business strategy and planning, market and demand forecasting, policy analysis, and engineering and technology management.
CRA is distinguished by a corporate philosophy of providing responsive, top-quality consulting; an interdisciplinary team approach; unsurpassed economic, financial, and other analytic skills; and pragmatic business insights. In addition to its corporate headquarters in Boston and international offices in London, Melbourne, Mexico City, Toronto, and Wellington, CRA also has U.S. offices in Berkeley/Oakland, College Station, Los Angeles, Palo Alto, Salt Lake City, and Washington, D.C. More information about the Company can be found on its Web site at www.crai.com.