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Wednesday, Jun 19, 2024
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Resources Connection Makes $19M Buy

Resources Connection Inc. (NASDAQ: RECN) in Irvine bought Accretive Solutions Inc. in Chicago for $19.4 million and 1.15 million shares of restricted common stock.

RCI is a global business consultancy operating as Resources Global Professionals with about 3,300 employees; it traded recently at about $16 and a $478 million market cap.

Accretive provides consulting, staffing and outsourced accounting, among other professional services, from eight locations with about 500 employees.

Resources Connection Inc. projects the deal will boost revenue by $65 million to $70 million and $6.5 million to $7.5 million in earnings before interest, taxes, depreciation and amortization, by the end of 2018.

The deal follows the company’s September acquisition of a German professional services firm with about $13 million in revenue, for which it paid about $7 million in cash and restricted stock, plus milestone payments.

Resources Connection is led by president and Chief Executive Kate Duchene.

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