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KippsDeSanto & Co. Advises Whitney, Bradley, & Brown Inc., a portfolio company of H.I.G. Capital, on its Sale to Serco

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KippsDeSanto & Co. Advises Whitney, Bradley & Brown, Inc., a portfolio company of H.I.G. Capital, on its Sale to Serco KippsDeSanto & Co. is pleased to announce the sale of Whitney, Bradley & Brown, Inc. (“WBB” or the “Company”), a portfolio company of H.I.G. Capital, to Serco Inc. Founded in 1981, WBB is a premier provider of next generation, mission-enabling capabilities for the Department of Defense, Federal Civilian and healthcare customers. WBB has a long history of modernizing, transforming, and sustaining major mission-centric platforms, programs, and organizations through data-driven knowledge-based solutions. WBB has an entrenched position on numerous programs of record where it partners with clients to strategize, implement, and deliver a wide range of mission-oriented competencies from program and mission management to capabilities development and advanced analytics and machine learning.  Over a thousand employees, many of whom are highly certified, cleared, and technically experienced, deliver a differentiated offering combining deep subject matter expertise, full-lifecycle capabilities, and advanced analytics to drive innovation and national superiority across multi-operational domains. We believe this acquisition demonstrates several key trends in the defense and government technology M&A environment:

  • Strong interest and demand for players with Full and Open, large scale, mission critical contracts and vehicles with substantial ceiling value, such as OASIS and RS3;
  • Focus on companies that have embedded positions within sought-after federal customers, and programs of record; and
  • Industry-leading domain expertise and tech-enabled, data-driven solutions, particularly in high priority, well-funded markets like artificial intelligence (AI), machine learning, data analytics and cybersecurity, are critical differentiators for sellers in a crowded M&A market

 About KippsDeSanto & Co. KippsDeSanto & Co. is an investment banking firm focused on serving growth-oriented Aerospace / Defense, Government Services and Technology companies. We are focused on delivering exceptional M&A and Financing transaction results to our clients via leveraging our scale, creativity and industry experience. We help market leaders realize their full strategic value. Having advised on over 100 industry transactions, KippsDeSanto is recognized for our analytical rigor, market insight, and broad industry relationships. There’s no substitute for experience.  For more information, visit www.kippsdesanto.com. Investment Banking products and services are offered through KippsDeSanto & Co., a non-bank subsidiary of Capital One, N.A., a wholly-owned subsidiary of Capital One Financial Corporation, and a member of FINRA and SIPC. Products and services are Not FDIC insured, Not Bank Guaranteed, May Lose Value, Not a Deposit, and Not Insured by Any Federal Government Agency. Press Release H.I.G. Announces the Sale of WBB MIAMI – April 26, 2021 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $44 billion of equity capital under management, announced today the sale of its portfolio company, Whitney, Bradley & Brown, Inc. (“WBB” or the “Company”), to Serco Inc. (“Serco”) for $295 million. WBB transforms, modernizes, and sustains major mission-centric defense and intelligence platforms that are critical to maintaining national security superiority. Through data-driven, knowledge-based solutions, WBB provides program management, advanced engineering and analytical support to the U.S. Department of Defense and other federal agencies. H.I.G. acquired WBB in October 2017 as part of the firm’s government services investment initiative. During H.I.G.’s ownership, H.I.G. invested alongside management in organic growth initiatives and completed two strategic and transformative acquisitions. These investments created new capabilities and provided access to new customers, markets and contract vehicles that enhanced growth, doubled revenue and tripled EBITDA during H.I.G.’s ownership. Robert Olsen, WBB’s CEO, said, “We appreciate H.I.G.’s strategic guidance and commitment to the WBB platform over the last three years. They were a truly value-added partner and as a result of their involvement, WBB is better positioned to capitalize on the exciting growth opportunities ahead. We look forward to this next chapter working with Serco as we continue to serve as an integral partner to the Department of Defense and other federal agencies.” Jeff Zanarini, Managing Director at H.I.G. Capital, commented, “It has been a pleasure working with Robert Olsen and the entire WBB team. The success of this transaction for WBB management, H.I.G., and its investors is a direct result of a near-perfect execution on the growth plan we devised together from the onset of our relationship. We expect WBB to continue setting new standards of excellence for our nation’s most critical priorities, working with the newly-expanded Serco leadership team.” About WBB WBB transforms, modernizes, and sustains major mission-centric defense and intelligence platforms that are critical to maintaining our nation’s defense and national security superiority. Through data-driven, knowledge-based solutions, WBB provides program management and consulting services to the U.S. Department of Defense and other federal agencies. WBB has supported the federal government for almost four decades on mission critical programs and has developed deep domain expertise within critical capabilities including systems engineering, lifecycle logistics, cybersecurity, data analytics and machine learning to deliver innovative solutions to complex problems for the U.S. Department of Defense and other federal agencies. WBB’s highly-specialized and experienced workforce provides services across the full lifecycle from program development to ongoing support and mission performance. The company has approximately 1,000 employees, the majority of which are veterans and greater than 75% possess security clearances. Headquartered in Reston, Virginia, WBB is an ISO 9001-registered company operating at over a dozen strategically-located facilities across the United States and abroad. For more information, please visit https://wbbinc.com/ . About H.I.G. Capital H.I.G. is a leading global private equity and alternative assets investment firm with $44 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

  1. I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com . * Based on total capital commitments managed by H.I.G. Capital and affiliates.