Re:sources Connection and Evercore Partners Announce Management Buyout from Deloitte & Touche

Business Wire, April 8, 1999

SANTA ANA, Calif.--(BUSINESS WIRE)--April 8, 1999--Re:sources Connection LLC, a wholly owned subsidiary of Deloitte & Touche LLP, and Evercore Capital Partners L.P., a prominent New York investment firm, Thursday announced they have completed the purchase of Re:sources Connection from Deloitte & Touche through a management buyout.

The private transaction closed on April 1, 1999.

Re:sources Connection was founded in 1996 by Deloitte & Touche to provide high level accounting and financial professionals on a project or interim basis. In less than three years, Re:sources has grown to 27 offices nationwide and currently operates at an annual revenue level of $100 million.

With this transaction, Re:sources Connection becomes the first independent national company to focus exclusively on providing high quality, Big Five-experienced accounting and financial professionals on a project or interim basis. Re:sources has recently expanded into offering information technology professionals and will soon unveil additional professional service lines and add international offices. The company's goal is to become the leading project-based client service organization of its kind in the world.

"This is a classic 'win-win' scenario," said Donald B. Murray, chief executive officer, Re:sources Connection. "Management is now able to participate more fully in Re:sources' growth and profits, the company has additional access to capital through Evercore, and our clients and employees will benefit from Re:sources' ability to expand the scope of its services to more completely serve our clients' needs."

According to David G. Offensend, Evercore founder and principal, "Re:sources is at the leading edge of two powerful trends -- corporations' growing demand for project professionals, and many professionals' increasing desire for project-based work rather than working in a narrower capacity with a single employer. We were impressed by Re:sources' strong and deep management team, proven business model and clear focus on a market that is rapidly growing. We believe the company sets the quality standard in the high level, project-based professional services industry."

Said James E. Copeland, managing partner of Deloitte & Touche, "Re:sources' results prove Deloitte & Touche's entrepreneurial ability to successfully create and grow new businesses. In line with our original plan, we provided Re:sources' management with a foundation for building a successful company."

Re:sources management will retain a large percentage of the ownership of the company, continue to manage day-to-day operations and have four seats on Re:sources' board of directors.

Re:sources Connection offers high quality, cost-effective finance, accounting and information technology professionals on a project or interim basis to companies undergoing change. Re:sources Connection has headquarters in Santa Ana. For further information about Re:sources Connection, call 800/900-1131 or visit its Web site at www.resourcesconnection.com.

Evercore Capital Partners L.P. is a $510 million investment fund established by Evercore Partners Inc. to make private equity investments. Its investors are prominent U.S. and international institutions and wealthy individuals.

Evercore was founded in 1995 by Offensend together with Roger Altman, former deputy treasury secretary of the United States and Austin Beutner. In addition to making private equity investments, Evercore provides merger, acquisition and strategic restructuring advice to large companies including Bell Atlantic, CBS, Dow Jones, Pennzoil and RJR Nabisco.

NOTE TO EDITORS: For a complete media kit, including an industry trend story, corporate backgrounders and bios, visit Re:sources' News Room on its Web site, www.resourcesconnection.com or the Gladstone International News Room at www.gladstonepr.com.