Gp Strategies Corporation (NYSE:GPX)

ELKRIDGE, Md., Sept. 14, 2012 /PRNewswire/ -- Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) announced that it has signed an agreement to acquire BlessingWhite, a provider of leadership development and employee engagement solutions that translate business strategies into results for its customers by developing more effective leaders and more engaged workforces.

BlessingWhite highlights:

• Founded in 1973 and headquartered in Princeton, New Jersey.
• 2011 revenue of more than $13 million.
• Has deployed proprietary leadership training content, employee engagement tools and services in over 33 countries.
• Ranked in the Top 25 consulting firms for "Top Leadership Development Programs" by Leadership Excellence and has maintained that ranking since 2007.
• Recognized by TrainingIndustry.com in their 2011 list of "Top 20 Leadership Training Companies."

This acquisition will strengthen GP Strategies' ability to deliver comprehensive global leadership and professional development services across its diverse customer base in over 65 countries. The transaction is expected to close within the next 30 days. Under the terms of the agreement, the purchase price is approximately $10 million. Completion of the acquisition is subject to customary conditions, including obtaining certain consents and agreements.  GP Strategies expects to pay for the acquisition using cash on hand, and, if necessary, borrowing under its $50 million revolving credit facility. GP Strategies anticipates that the acquired business will be accretive to earnings per share in 2013.

Christopher Rice, BlessingWhite's Chief Executive Officer, stated, "BlessingWhite's innovative programs, assessments and consulting are delivered to leading companies around the world. We are very excited at the opportunity to bring our expertise and our research-based solutions to a much broader audience as part of GP Strategies." Chris Rice has been ranked in the "Top 100 Thought Leaders" as recognized by Leadership Excellence.

Scott Greenberg, GP Strategies' Chief Executive Officer, stated, "BlessingWhite's understanding of leadership development and employee engagement will be a significant asset to GP Strategies' customers.  By combining BlessingWhite's offerings with GP Strategies' capabilities and market presence, we will reach new customers and expand our service offerings to meet our customers' needs globally.