Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) agreed to purchase Philosophy IB, a leadership consultancy based in Florham Park, NJ.

The deal is expected to close by the end of the month, following the completion of customary closing conditions. Terms were not disclosed at this time.

The Philosophy IB brand will remain for a transition period before joining Heidrick’s leadership consulting offering, and 25 employees will join Heidrick. Founding Partners Christine Lotze and Kaveh Naficy, who established Philosophy IB in 2000, will join Heidrick as partners.

Lotze will continue to advise clients while taking on new leadership responsibilities within the firm. She will lead the integration of Philosophy IB onto Heidrick’s leadership consulting platform and join the global leadership consulting executive team. She also will direct the enterprise product development group.

Philosophy IB is based in New Jersey but works with contracted consultants throughout North America. It has particular expertise in the life sciences sector and has advised executive leadership at more than half of the world’s 25 largest pharmaceutical companies. Heidrick’s healthcare and life sciences practice has been the firm’s fastest-growing practice over the past 18 months. Revenue grew 48% in 2015 year over year and 22% in the first six months of 2016 compared to the first six months of 2015.   

“We continue to use M&A as a vehicle to accelerate our strategy of delivering premium leadership advisory solutions and data-driven insights to the highest levels of leadership at top organizations globally,” President and CEO Tracy Wolstencroft said.

This will be Heidrick’s fourth strategic acquisition in less than a year — and the third for the firm's global leadership consulting business, including Decision Strategies International Inc. in February and UK-based Co Company Ltd. last October.

“We continue to invest in the development of a diversified portfolio of leadership advisory and culture solutions as we partner with boards and senior executives to improve individual, team and organizational performance,” Wolstencroft said. “The addition of Philosophy IB brings further scale to our leadership consulting business, enhancing our ability to help clients and their leadership teams accelerate strategy and performance.”