Fairfax-based ICF International (NASDAQ:ICFI) announced that it has completed the acquisition of Richmond, Va-based Ironworks Consulting L.L.C.
The buyout has taken less than a month; the government contractor reported that it intended to purchase Ironworks Consulting by signing a definitive agreement on December 12, 2011. Ironworks Consulting is an interactive web development firm with several clients including the U.S. federal government and non-profits. The company is expected to have an estimated $57 million in annual revenues for the 2011.
ICF International bought the company for approximately $100 million in cash. For the transaction, ICF said McGrath North Mullin & Kratz, P.C., L.L.O. acted as ICF’s legal counsel. The financial and tax process for ICF was handled by RSM McGladrey, and by Signal Hill Capital Group L.L.C. for Ironworks Consulting who also initiated the deal.
Ironworks has 250 employees, ICF International did not state whether those workers would move to Fairfax or if some of those positions would be eliminated.