|
contents | business | |||||||||
| Hill International to acquire KJM & Associates Hill International, the worldwide construction consulting firm, has acquired KJM & Associates, Ltd., a Bellevue, WA-based firm that provides project management and project controls services throughout the United States. The transaction is effective as of May 1, 2007. KJM's largest clients include the U.S. Federal Transit Administration, the Washington State Department of Transportation, Dallas/Fort Worth International Airport, the Central Puget Sound Regional Transit Authority, the City of Phoenix, the Port of Seattle, the Texas Turnpike Authority, Washington State University and Puget Sound Energy. The acquired company will continue to operate under the KJM brand name for a short period until its operations have been consolidated with Hill's. For its fiscal year ended December 31, 2006, KJM's unaudited financial results included total revenues of $16.4 million, net revenues of $14.4 million, gross profit of $7.3 million, and operating profit of $1.3 million. As of April 30, 2007, KJM had unaudited stockholder's equity of $2.6 million and total backlog estimated at $21 million. The purchase price was $9.35 million, consisting of $8.35 million in cash plus 136,593 shares of Hill restricted common stock. The shares of restricted stock were valued at $1.0 million based on the average closing price of Hill's common stock for the 10 trading days prior to closing. The restricted shares will be held in escrow for one year as security for any indemnification obligations of KJM's selling shareholder. write your comments about the article :: © 2007 Construction News :: home page |