FTI Consulting Completes Acquisition of The Rhodes Group
FTI Consulting (NYSE: FCN) has successfully completed its acquisition of The Rhodes Group, a prominent construction consulting firm. This strategic move adds approximately 40 professionals, including senior directors, to FTI's Construction & Environmental Solutions team. The Rhodes Group, founded in 1999, specializes in construction advisory and forensic accounting services, enhancing FTI's capabilities in dispute resolution across various sectors. This acquisition aims to expand FTI Consulting's service offerings and provide existing clients with enhanced resources.
- Acquisition of The Rhodes Group enhances FTI's advisory and dispute resolution capabilities.
- Inclusion of 40 experienced professionals, strengthening the Construction & Environmental Solutions segment.
- Potential for revenue growth by accessing The Rhodes Group's client base with FTI's global platform.
- Integration challenges may arise from merging two distinct organizational cultures.
- Uncertainty regarding the retention of staff and clients during the transition period.
WASHINGTON, May 03, 2021 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced that it has completed its acquisition of The Rhodes Group, a leading construction consulting firm with offices in Pittsburgh and Houston.
With the completion of the acquisition, approximately 40 billable professionals from The Rhodes Group, including one Senior Managing Director and three Managing Directors, join the Construction & Environmental Solutions practice within the Forensic and Litigation Consulting segment at FTI Consulting. Andrew Rhodes, the Founder and President of The Rhodes Group, joins FTI Consulting as a Senior Managing Director.
Founded in 1999, The Rhodes Group provides construction advisory, forensic accounting and expert testimony services to clients throughout the entire project lifecycle, from preconstruction through formal dispute resolution, with a focus on the power, oil and gas, industrial, infrastructure and commercial building sectors. The acquisition further enhances FTI Consulting’s leading advisory, dispute resolution and expert testimony capabilities in North America and provides The Rhodes Group’s existing clients with access to FTI Consulting’s global, diversified platform.
Commenting on the completion of the acquisition, Steven H. Gunby, President and Chief Executive Officer of FTI Consulting, said, “This combination brings together two leading teams that are committed to helping law firms, contractors and owners manage complex disputes and disruption. We are excited to officially welcome The Rhodes Group to FTI Consulting, and we look forward to continued deep collaboration with our clients and creating more opportunities for our people to grow and develop.”
Mr. Rhodes added, “We are proud of what we have built at The Rhodes Group, and we believe FTI Consulting is the right home for us to further enhance the services we provide our clients while extending FTI Consulting’s position as a leader in the construction consulting industry. We are excited to join our new colleagues and to continue to provide our clients with the highest quality service and to help them meet their needs on complex construction projects.”
More information is available in the press release announcing the acquisition.
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 6,400 employees located in 29 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated
Safe Harbor Statement
This press release includes “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, as amended, which involve uncertainties and risks. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues, future results and performance, expenses, expectations, plans or intentions relating to acquisitions, dispositions, financing transactions, share repurchases and other matters, business trends and other information that is not historical, including statements regarding estimates of our future financial results. When used in this press release, words such as “will,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, expectations regarding the acquisition of The Rhodes Group, are based upon our expectations at the time we make them and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and estimates will be achieved, and actual results may differ materially from our expectations, beliefs and estimates. Other factors that may affect the Company’s expectations include the timing of the integration of The Rhodes Group and future acquisitions; the Company’s ability to realize cost savings and efficiencies, competitive and general economic conditions; retention of staff and clients; new laws and regulations or changes thereto; the mix of services and products that we offer; the mix of the geographic locations where our clients are located or where services are performed; fluctuations in the price per share of our common stock; adverse financial, real estate or other market and general economic conditions; the impact of the COVID-19 pandemic and related events that are beyond our control, which could affect our segments, practices and the geographic regions in which we conduct business differently and adversely; and other future events, which could impact each of our segments, practices and the geographic regions in which we conduct business differently and could be outside of our control; and other risks described under the heading “Item 1A, Risk Factors” in the Company’s annual report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”), including the risks set forth under “Risks Related to Our Reportable Segments” and “Risks Related to Our Operations,” and in the Company’s other filings with the SEC. We are under no duty to update any of the forward-looking statements to conform such statements to actual results or events and do not intend to do so.
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