November 24, 2009 (FinancialWire) — Resources Connection, Inc., (NASDAQ: RECN) has closed its acquisition of the business of Sitrick And Co., Inc., a strategic communications firm, and Brincko Associates, a corporate advisory and restructuring firm. Resources has formed a corporate advisory and restructuring subsidiary.

The acquisitions include the purchase of certain assets of both Sitrick and Brincko Associates, and the personal goodwill of Michael Sitrick, CEO of Sitrick.

Resources paid around $44.7 million, comprising $28.6 million in cash and approximately 822,000 shares of restricted stock, plus an earn-out based on the achievement of certain adjusted earnings before interest, income taxes, depreciation and amortization levels over a period of four years from the date of closing.

The principal acquisition agreement provides that the employees of the new subsidiary would share in up to 20 percent of the earn-out based upon the achievement of certain growth targets.

Resources said its new subsidiary is called Sitrick Brincko Group. Michael Sitrick is chairman and CEO of the new subsidiary and reports directly to Donald B. Murray, chairman and CEO of Resources. John Brincko is president and COO of the new subsidiary.

Sitrick And Co., which has headquarters in Los Angeles and offices in New York, San Francisco and Miami, specializes in corporate, financial, transactional and crisis communications. It was founded in 1989.

Southern California-based Brincko Associates is an international management consulting firm established in 1979.

California-based Resources Global is a professional services firm that was founded in 1996 within a Big Four accounting firm. The company has more than 2,700 professionals, from 82 practice offices, annually serving 2,100 clients around the world.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.