CTPartners Executive Search Inc. (AMEX:CTP) signed a letter of intent to acquire Neumann Leadership Holding GmbH from Nlh KG for $3.1 million on October 15, 2014. Out of total consideration, $1.5 million will be paid at closing and $0.8 million over the next three years. Additional future contingent consideration of up to $0.8 million is subject to the retention of certain key employees. Neumann reported revenues of $5 million for the first six months of 2014. As of November 7, 2014, agreement was signed.

The transaction is subject to Directors, Hans Jorda and Peter Malanik giving their resignations, having received from the lessor of the property in Austria unconditional consent to charge control of Neumann Leadership Holding GmbH, and Neumann Leadership Holding GmbH entering into agreement with Erste Bank der oesterreichischen Sparkassen AG whereby Erste Bank der oesterreichischen Sparkassen AG agrees to release and assignment of receivables and rights under credit agreement. The transaction is expected to close on or about December 1, 2014. Horst Ebhardt, Hartwig Kienast, Johanna Freudensprung, Walter Poschl, Roland Marko and Jiayan Zhu of WOLF THEISS Rechtsanwalte GmbH acted as legal advisor for CTPartners Executive Search Inc. Paul Schorgofer of Frotz Riedl acted as legal advisor to Neumann.