ICF International Makes Offer to Acquire GHK Holdings Limited; Increases Guidance

ICF International

announced today that it is making a cash offer to acquire all of the shares of GHK Holdings Limited. With its headquarters in London, GHK is a multi-disciplinary consultancy serving government and commercial clients on environment, employment, health, education and training, transportation, social policy, business and economic development, and international development issues. The transaction is expected to close by the end of the first quarter, 2012. Founded in 1973, GHK's 150 employees provide high-end consulting services in research and evaluation, financial and impact assessment, and program management from four offices in Asia and five offices in Europe. For 2011, GHK is expected to report revenues of approximately US$30 million. The transaction is expected to be earnings neutral to ICF in 2012. Taking into account both the planned acquisition of GHK and the recent acquisition of Ironworks Consulting, ICF is increasing its preliminary guidance for 2012 revenues to the range of $1.0 billion to $1.04 billion from the prior $910 million to $940 million range and is increasing its expected EBITDA margin range to 9.5 percent to 10.5 percent from the prior 9 percent to 10 percent range. ICF will provide 2012 earnings per share guidance when it releases its fourth quarter and full year 2011 results after the close of market on Wednesday, February 29, 2012.