Navigant Announces the Sale of a Portion of Its Economics Practice
Partial Sale of Economics Practice Paves Way for Alternative Business Growth
CHICAGO--(BUSINESS WIRE)-- Navigant announced today that it has completed a transaction transitioning a portion of its Economics practice for cash to CRA International. The transaction includes the departures of Principals Kevin Murphy, Robert Topel, Nicholas Weir and Mark Zmijewski, whose intent to leave Navigant had been previously announced, along with the staff members who comprise their teams. The transition is accelerated from the planned May 2013 departures of the four principals.
"The transition of this group to CRA comes at an important time in the evolution of Navigant Economics' strategy and is aligned with our desire to drive a more profitable model for that practice," stated Lee Spirer, Executive Vice President and Global Business Leader. "We intend to capitalize on this change, as well as the recent acquisition of AFE, to position the practice for growth that better aligns with Navigant's broader expertise and offerings."
Navigant's acquisition of AFE in December 2012 enhances the firm's Economics practice in specialized areas of securities litigation and financial analysis as well as geographic reach. Continued Spirer, "Near term economic opportunities exist in the securities, credit crisis and financial litigation arenas, where Navigant consultants across our practices are retained on engagements related to those matters. By bolstering our expertise in this area, we are building a preeminent resource for economics knowledge and expertise that is more synergistic with the firm overall."
"The team is competitively advantaged, has deep bench strength and has broad expertise," said Mohan Rao, Managing Director and practice leader for Navigant Economics. "Equally important, the credentials of the team are such that we can collaborate more often with other Navigant practices to deliver more extensive services and expertise to our clients."
Additional terms of the transaction were not disclosed.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
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