GP Strategies Completes $10M BlessingWhite Acquisition; Sees the Deal Adding to its EPS
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.
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