CTPartners Executive Search Inc. (NYSE MKT: CTP) signed a letter of intent to acquire Austria-based Neumann, an executive search and leadership consulting firm. The transaction includes offices in Germany, Austria and Switzerland as well as across Eastern Europe.

The deal is expected to close on or about Dec. 1; terms were not disclosed.

The Neumann brand will remain for a period of time and its executives will remain with the company.

Neumann’s consultants will increase CTPartners’ presence in key German-speaking markets, according to the company.

“This transaction is consistent with our growth strategy to expand the CTP global footprint,” said CTPartners CEO Brian Sullivan. “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.”

For the first six months of 2014, Neumann generated approximately $5 million in sales, 85 percent of which came from executive search consultants in Germany, Austria and Switzerland. The company’s targeted practice areas include industrial, consumer, life sciences, technology, professional services and financial services.

New York-based CTPartners ranks No. 7 on Staffing Industry Analysts’ list of largest U.S. retained search firms.