Huron Consulting Group has acquired Callaway Partners for $60 million in cash to add Callaway's finance and accounting project management expertise to Huron's financial and consulting services.
Huron plans to leverage the Atlanta-based firm's staff augmentation and project management abilities so it will have more people available to deal with its clients' accounting and financial reporting work on a flexible basis. Huron chairman and CEO Gary E. Holdren wants to expand Callaway's business model geographically, particularly in New York and Houston.
Callaway offers accounting, SEC reporting advisory services, internal auditing, Sarbanes-Oxley compliance and corporate tax preparation. The firm has 56 full-time employees and 300 project-based consultants. Callaway made about $60 million in revenue for the year ending June 30.
Under the agreement, Huron will pay additional cash on top of the $60 million price tag for the firm if specific performance targets are met. Huron borrowed $58.5 million under a credit agreement to fund the acquisition.
