ELKRIDGE, Md., Oct. 2, 2012 /PRNewswire/ -- Global performance improvement solutions provider GP Strategies Corporation(NYSE: GPX) completed its previously announced acquisition of BlessingWhite, a provider of leadership development and employee engagement solutions that translate business strategies into results for its customers by developing more effective leaders and more engaged workforces.
The purchase price at closing, net of cash acquired, was approximately $10 million, which was paid by GP Strategies using cash on hand and borrowings under its revolving credit facility. There is no earnout associated with the acquisition. GP Strategies anticipates that the acquired business will be accretive to earnings per share.
BlessingWhite will operate as a part of GP Strategies' Learning Solutions group and continue under the leadership of Christopher Rice, who has become a Vice President of GP Strategies. The key leaders and employees of BlessingWhite have also joined GP Strategies.
"There is a strong demand for leadership development and employee engagement services within our client base and the market as a whole. Our initial announcement regarding the combination of BlessingWhite's offerings and capabilities with GP Strategies' enterprise wide learning solutions has been well received," said Douglas Sharp, President, GP Strategies.Additional information may be found at www.blessingwhite.com. About GP StrategiesGP Strategies Corporation (NYSE: GPX) is a global performance improvement solutions provider of sales and technical training, eLearning solutions, management consulting and engineering services. GP Strategies' solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers. Additional information may be found at www.gpstrategies.com. Forward Looking Statement: We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as "expect," "intend," "believe," "may," "should," "could," "anticipates," and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. © 2012 GP Strategies Corporation. All rights reserved. GP Strategies and the GP Strategies logo design are trademarks of GP Strategies Corporation.
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