|
RESOURCES
CONNECTION, INC. COMPLETES ACQUISITION OF THE
PROCUREMENT CENTRE, LLC
Costa
Mesa, CA, October 16, 2002 - Resources Connection,
Inc. (NASDAQ: RECN), today announced the acquisition
of The Procurement Centre LLC, (TPC) a Houston-based
provider of supply chain management services to
companies on a project basis. The purchase price
for the acquisition was approximately $9.0 million,
of which $7 million was paid in cash and the balance
was paid in Resources Connection, Inc. common
stock. Additionally, the purchase price may increase
by up to $2.7 million in cash if TPC achieves
certain operating goals over the next 12 months.
"TPC
is a top-notch provider of supply-chain management
services. Its focus on client service and on improving
the overall quality of companies' procurement
practices are a natural extension of Resources
Connection's existing suite of professional services.
Our clients will benefit from TPC's services by
gaining access to supply chain talent under a
similar value proposition as other Resources Connection
services," said Don Murray, Chairman and
CEO of Resources Connection, Inc. "TPC will
initially continue to concentrate its business
in Texas and then expand into other markets we
serve. "
TPC
will operate as a separate subsidiary of Resources
Connection and will be led by its current CEO,
Tracy Stephens, who said, "We are excited
to be joining Resources Connection and look forward
to growing our business in Texas over the next
year and then across the Resources network of
offices." TPC is projected to generate approximately
$10 million of revenue in the coming year. Recently,
TPC was included in the Inc. 500 Fastest Growing
Private Companies list for 2002.
ABOUT RESOURCES CONNECTION
Resources Connection, Inc. is an international
professional services firm that provides accounting
and finance, human resources, information technology,
and internal audit on a project basis. Headquartered
in Costa Mesa, California, the Company operates
from 45 domestic offices and five international
offices. More information about the Company is
available at www.resourcesconnection.com.
Resources
Connection was founded in June 1996 by a team
from Deloitte & Touche, and became independent
in April 1999, following a management buyout.
In December 2000, the Company completed its initial
public offering and listed on NASDAQ. The U.S.
client portfolio boasts more than 30 of the Fortune
50 companies. The company was recently named to
Forbes Best 200 Small Companies list.
|