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Heidrick & Struggles Acquires Senn Delaney, The Leading Corporate Culture-Shaping Consulting Firm

CHICAGO, Jan. 2, 2013 (GLOBE NEWSWIRE) -- Heidrick & Struggles International, Inc. (Nasdaq:HSII), the premier provider of Executive Search and Leadership Consulting services worldwide, today announced the acquisition of Senn-Delaney Leadership Consulting Group, LLC ("Senn Delaney"), the undisputed global leader of corporate culture shaping. The transaction, which closed on December 31, 2012, is expected to be accretive to Heidrick & Struggles' earnings per share in 2013.

For 34 years, Senn Delaney has been chosen by leaders of Global 1000 and Fortune 500 companies and other major non-profit organizations, institutions and government entities as their trusted partner to help create and maintain thriving organizational cultures, a key driver of business performance.

"This acquisition is a significant milestone in our strategy to build the premier professional services firm focused on serving the leadership needs of the world's top organizations," said L. Kevin Kelly, Chief Executive Officer of Heidrick & Struggles. "This is a marriage of two premium brands that both pioneered their industries and both serve the top executives of leading organizations. Culture shaping is a service that appeals directly to our target market—C-suite and Board-level executives—making it a highly complementary offering to our premium Executive Search and Leadership Consulting services.  At the same time, Senn Delaney gains access to the resources and global reach of the Heidrick & Struggles' platform which we believe will accelerate its growth." 

Senn Delaney has a proven track record of growth and profitability with 2012 projected revenue of approximately $29 million and adjusted EBITDA margin of approximately 30 percent. It will operate as a subsidiary of Heidrick & Struggles from its Huntington Beach, Calif. headquarters. Senn Delaney's President and Chief Executive Officer, Jim Hart, will join Heidrick & Struggles' Operating Committee and will report to Eric Olson, Global Managing Partner of Leadership Consulting. Dr. Larry Senn, Founder and the current Chairman, along with the key executives of the firm are expected to remain with the company for a minimum of three years, ensuring senior leadership continuity.

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