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BearingPoint practice now operated by European management team
By Caroline Salls
Pittsburgh, Sept. 3 - BearingPoint said its Europe, Middle East and Africa practice is now operated by its European management team and owned by about 120 partners in 14 countries throughout Europe, according to a company news release.
According to the release, the independent company will keep operating under the BearingPoint brand.
As previously reported, BearingPoint entered into a definitive agreement with its European management team in July for the sale of the Europe, Middle East and Africa practice for a total purchase price of $69 million.
Under the terms of the agreement, BearingPoint's EMEA practice will become a legally independent entity owned by EMEA management and operated as one single partnership.
BearingPoint EMEA executive vice president Peter Mockler and his management team will remain in place.
By taking on a personal ownership in BearingPoint, the company said Thursday that the management team is securing continuity and stability, while placing a strong emphasis on the result-oriented and hands-on culture.
In addition, BearingPoint said the change in ownership will add a significant entrepreneurial dimension to the brand.
"The partner-led structure will further boost the traditionally strong performance- and client-driven culture of BearingPoint, and thus add even more value for the client," Mockler said in the release.
Over the coming years, BearingPoint said it is aiming to further strengthen its market share and grow its presence by entering further markets.
BearingPoint, a McLean, Va.-based provider of management and technology consulting services, filed for bankruptcy on Feb. 18, 2009 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-10691.
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