Global executive search firm CTPartners (CTP: NYSE) yesterday announced that it has signed a binding letter of intent to acquire Austrian-based executive search and leadership consulting firm Neumann, which also has offices in Germany, Switzerland, and across Eastern Europe.

Financial details of the acquisition, which is expected to close in early December, were not disclosed.

During the first six months of 2014, Neumann generated approximately USD 5 million in sales, of which 85% derived from executive searches in Germany, Austria, and Switzerland.

Neumann specialises in several sectors; including Industrial, Consumer, Life Sciences, Technology, Professional Services, and Financial Services, which complement the sectors in which CTPartners operates.

Brian Sullivan, CEO of CTPartners, commented: ““This transaction is consistent with our growth strategy to expand the CTP global footprint. Acquiring one of Europe’s leading executive search brands significantly benefits CTPartners’ global clients. Neumann has been established in Europe for over 40 years as a premier provider of senior-level executive search and leadership.” 

Hans Jorda, Chairman of Neumann, said: “Joining forces with CTPartners, the biggest success story in executive search in the last decade, will be valuable to our clients who have needs around the world. We see this as a win-win for all involved, and look forward to playing a critical role within CTPartners.”

Peter Malanik, CEO of Neumann, added: “Our clients are global, and joining CTPartners gives us the opportunity to collaborate with them wherever they need us to be.”

The acquisition of Neumann follows the acquisition of the Australian offices of executive search firm Park Brown International in April 2014 and the acquisition of independent Australian executive search firm Johnson in March 2014.

Following the acquisition announcement, CTPartners’ share price closed up by +2.6% at USD 13.34, an increase of +142.6% compared with last year. Based on its current share price, the company has a market value of USD 96.7 million.