CTPartners Executive Search has signed a binding letter of intent to acquire Austrian-based Neumann, a leading executive search and leadership consulting firm.
The transaction includes offices in Germany, Austria and Switzerland as well as across Eastern Europe.
Neumann focuses on several key industries that complement CTPartners’ targeted practice areas including: Industrial, Consumer, Life Sciences, Technology, Professional Services and Financial Services. Neumann’s consultants will increase CTPartners’ presence in key German-speaking markets, including Europe’s largest and fastest growing economy, Germany.
“This transaction is consistent with our growth strategy to expand the CTP global footprint. Acquiring one of Europe’s leading executive search brands significantly benefits CTPartners’ global clients. Neumann has been established in Europe for over 40 years as a premier provider of senior-level executive search and leadership,” says Brian Sullivan, CEO of CTPartners.
Hans Jorda, Chairman of Neumann, says: “Joining forces with CTPartners, the biggest success story in executive search in the last decade, will be valuable to our clients who have needs around the world. We see this as a win-win for all involved, and look forward to playing a critical role within CTPartners.”
Peter Malanik, CEO of Neumann, says: “Our clients are global, and joining CTPartners gives us the opportunity to collaborate with them wherever they need us to be.”
The transaction is expected to close on or about 1 December, 2014. For the first six months of 2014, Neumann generated approximately USD5 million in sales of which 85% was from the executive search consultants in Germany, Austria and Switzerland.
