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PROSPECTUS SUPPLEMENT Filed pursuant to Rule 424(b)(3)
To Prospectus Dated March 31, 1999, Registration No. 333-74725
as Supplemented to Date
PROSPECTUS SUPPLEMENT
3,000,000 Shares
PROVANT, INC.
COMMON STOCK
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This Prospectus Supplement supplements our Prospectus dated March 31,
1999 (including the supplement thereto dated May 10, 1999) that forms a part of
our Registration Statement on Form S-4 (File No. 333-74725). This Supplement
should be read in conjunction with the Prospectus.
On June 4, 1999, we acquired, in separate transactions, Solution
Selling(R), a sole proprietorship based in Del Mar, California, and Sales
Performance International, Inc., a corporation having its principal office in
Charlotte, North Carolina. Solution Selling(R) is both a sales methodology and
an organization of independent affiliates that help clients define, automate and
implement the sales process. Sales Performance International is the world's
largest provider of the Solution Selling(R) sales methodology. Since our
initial public offering in May 1998, we have acquired 10 businesses. Each
acquisition was accounted for under the purchase method of accounting.
The aggregate purchase price of these acquisitions consisted of $54.3 million
in cash, $7.3 million in notes and 3,229,339 shares of common stock (valued
for purposes of purchase accounting at approximately $40.7 million). Of these
shares, 1,429,991 have been issued to date under the Registration Statement of
which this Prospectus forms a part. The former owners of all but one of these
businesses are entitled to receive contingent consideration based upon the
future performance of these businesses. For accounting purposes, any contingent
consideration paid in these acquisitions will be treated as additional
purchase price.
We regularly review potential acquisition candidates and have held
preliminary discussions with a number of such candidates. In addition, at any
given time we may have entered into one or more letters of intent or purchase
agreements to acquire such acquisition candidates.
The date of this Prospectus Supplement is June 11, 1999.
