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Archstone Consulting Acquired by the Hackett Group for $20 Million

MR - The Hackett Group (fka Answerthink) has acquired Archstone Consulting in exchange for shares of Hackett stock with a current value of approximately $20 million, including stock allocated for earn-outs and executive grants. Archstone is a leading mid-sized strategy, operations, and CFO advisory consultancy that works primarily with clients in the consumer goods, retail, manufacturing, pharmaceutical, and utility sectors. Archstone CEO, Todd Lavieri, will lead Global Industries and Strategic Account Management for Hackett. Lake Capital Chairman (and Archstone's largest shareholder), Terence M. Graunke, will join Hackett's Board. Archstone's 130+ principals and associates expand the firm's capabilities in strategy, operations, and enterprise performance management. The acquisition comes at a time when Hackett's revenues and profits have been hit hard by what it characterizes as delays in client decision-making and protracted sales cycles. Revenues for the first 9 months of 2009 are off by 25 percent and net income is down by 82 percent. Hackett's stock slid by 21 percent in the two days following the transaction's announcement on 10 November. . . . (to read the remainder of this article, please log in below.)
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