ICF International Reports on Distribution of a portion of CM Equity Partner's Holdings to its Limited Partners
Fairfax, VA, November 24, 2008 - ICF International (NASDAQ:ICFI), a leading provider of consulting services and technology solutions to government and commercial clients, announced that CM Equity Partners, a private equity firm, reported that it distributed on November 19, 2008, 1,446,722 shares of ICF common stock to limited partners of affiliated partnerships that own the stock. In accordance with Rule 144 under the Securities Act of 1933, there is a 90-day restriction on the sale of the distributed shares. Following the distribution, CM Equity and the affiliated partnerships will continue to own 5,786,891 shares, or approximately 39 percent, of ICF’s common stock. This comprises approximately 80 percent of the ICF common stock owned by the partnerships since the completion of the Company’s IPO.
CM Equity partnered with ICF’s management team to effect a management buy-out in 1999 and to take ICF public in September of 2006. CM Equity has advised ICF that this distribution is designed to provide a modest level of liquidity to the limited partners and looks forward to continuing its long-term relationship with ICF. CM Equity has no present plans for additional distributions.
Neither this distribution nor any future distribution or sale of shares by CM Equity Partners will have any effect on the total number of ICF’s outstanding shares.