Navigant Consulting, Inc. Acquires Casas, Benjamin & White, LLC

Business Wire, Feb 9, 2005

CHICAGO -- Navigant Consulting, Inc. (NYSE:NCI), a specialized consulting firm providing dispute, financial, regulatory and operational advisory services to companies in regulated industries, government agencies and legal counsel, announced today that it has acquired , Casas, Benjamin & White, LLC ("CBW"). The investment strengthens Navigant Consulting's Corporate Finance practice, particularly in the corporate restructuring and transaction advisory services areas.

"Having completed more than $8 billion in transactions, the CBW team brings a diversified range of expertise to our national Corporate Finance platform, and will benefit Navigant Consulting's existing clients, as well as allow us to provide a more diverse scope of capabilities to CBW's exceptional client network," stated Jon Berger, Managing Director and co-head of Navigant Consulting's Corporate Finance practice. "This transaction is consistent with our ongoing strategy to reinforce our national footprint of financial advisory professionals with the industry expertise and technical proficiency to assist clients in executing a focused range of restructuring and corporate finance solutions. With the addition of Ed Casas, Gerry Benjamin and their team, we now have more than 60 dedicated financial advisory professionals in Atlanta, New York, Chicago and Los Angeles."

CBW is a recognized independent financial advisory firm that provides a deep set of operating, capital restructuring, and transactional solutions to middle market companies and their management teams and stockholders, secured and unsecured creditors, and private equity groups. CBW's primary services reinforce and compliment Navigant Consulting's strategy of providing restructuring and workout advisory, due diligence, valuation, corporate finance, and M&A advisory services.

"We are excited to be joining the Navigant Consulting Corporate Finance team and are looking forward to the great opportunities that we believe this combination provides for our clients and our professional teams," stated Ed Casas, MD, Senior Managing Director of Casas, Benjamin & White. Dr. Casas will take on a leadership role in Navigant Consulting as co-head of Navigant Consulting's Corporate Finance practice.

A significant number of CBW engagements have involved companies in the healthcare industry, and the CBW team will work closely with Navigant Consulting's Healthcare practice, which now has more than 350 professional staff. "Having consummated more than $2 billion of healthcare corporate finance and restructuring transactions since 2000, we are particularly excited about the opportunities to leverage our experience in the healthcare industry and to work with Navigant Consulting's national healthcare team to offer clients access to a broad range of Corporate Finance advisory services," stated Gerry Benjamin, Senior Managing Director of Casas, Benjamin & White. Mr. Benjamin will oversee the Corporate Finance practice's Healthcare focus, as well as lead the practice's Investment Banking and Private Equity Group activities.

Founded in 1998, Casas, Benjamin & White has a team of 23 billable professionals, with offices in Chicago and Atlanta. The purchase price of $47.5 million includes $38 million of cash and $9.5 million in Navigant Consulting stock. The price represents approximately two times CBW's 2004 revenue and 4.5 times CBW's 2004 pro forma EBITDA. The transaction will be immediately accretive for Navigant Consulting shareholders. Additional transaction details were not released.

Navigant Consulting will announce its Fourth Quarter and Full Year 2004 results of operations, including 2005 guidance, on Thursday, February 10, in its conference call, which will commence at 10:00 a.m., ET.

About Navigant Consulting

Navigant Consulting, Inc. (NYSE:NCI) is a specialized independent consulting firm providing litigation, financial, healthcare, restructuring, energy and operational consulting services to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change. The Company focuses on industries undergoing substantial regulatory or structural change and on the issues driving these transformations. "Navigant" is a service mark of Navigant International, Inc. Navigant Consulting, Inc. (NCI) is not affiliated, associated, or in any way connected with Navigant International, Inc. and NCI's use of "Navigant" is made under license from Navigant International, Inc. More information about Navigant Consulting can be found at www.navigantconsulting.com.

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