KippsDeSanto & Co. Advises Chemring Group PLC on the Sale of the Clear Lake Operations of Chemring Energetic Devices to AMTEC Corporation
KippsDeSanto & Co. is pleased to announce the sale of the Clear Lake, South Dakota operations of Chemring Energetic Devices, Inc. to AMTEC Corporation, a subsidiary of National Presto Industries (NYSE:NPK). The transaction expands AMTEC’s portfolio of energetic and pyrotechnic devices and grows its footprint among key defense industry customers, while helping our client, Chemring Group PLC (LSE:CHG), to pursue its strategic initiatives of reshaping its defense and security portfolio.
The Clear Lake, South Dakota manufacturing facility is a leading provider of fuzes, fuze subcomponents, ammunition pellets, release cartridges, pyrotechnic devices, and military-grade energetic materials. Its products are used on a wide range of munitions, including artillery rounds, mortar rounds, missiles, bombs, and aircraft countermeasures. The facility serves the U.S. Department of Defense, foreign military agencies, and leading defense industry prime contractors, supporting numerous combat platforms such as attack helicopters, combat vehicles, aerial gunships, and advanced weapons platforms.
We believe this transaction demonstrates several key trends in the aerospace and defense M&A environment:
- Continued use of divestitures for portfolio shaping in line with shifting strategic plans
- Intrinsic value of entrenched customer relationships throughout the defense industrial base
- Attractiveness of flexible manufacturing and high-rate production capabilities
- Driving value through the ability to realize operational and production synergies
KippsDeSanto & Co. is an investment bank focused on delivering exceptional M&A and financing transaction results for leading technology and defense companies. For more information on KippsDeSanto & Co., please visit www.kippsdesanto.com.
We welcome the opportunity to discuss how KippsDeSanto & Co. can help you achieve your strategic objectives.
KippsDeSanto & Co., member FINRA/SIPC, is not affiliated with other companies mentioned herein
KippsDeSanto & Co. Advises Tactical Micro, Inc. on its Sale to Secure Communication Systems
KippsDeSanto & Co. is pleased to send you the attached press release announcing the acquisition of our client, Tactical Micro, Inc. (“Tactical Micro” or the “Company”), a portfolio company of Relativity Capital LLC (“Relativity”) by Secure Communication Systems, Inc. (“Secure”), a portfolio company of Vance Street Capital LLC (“Vance Street”). Secure designs and manufactures ruggedized electronics for military, homeland security, and transportation markets, and its acquisition of Tactical Micro will enable it to expand its customer base into key military training and metropolitan transit markets, while broadening its product offerings.
Headquartered in Fredericksburg, VA, Tactical Micro is an industry-leading provider of high-end audio / video instrumentation and surveillance technology solutions for live fire military training and civilian customers. Historically, the Company’s primary customer has been the U.S. Army, including a notable presence within the Program Executive Office of Simulation, Training, & Instrumentation (“PEO STRI”). Tactical Micro has successfully transitioned into commercial markets as well, and is currently supporting a complex surveillance effort for the Washington Metropolitan Area Transit Authority (“WMATA”). Through its partnership with Secure, Tactical Micro expects to deliver even greater value to its customers, as well as identify additional avenues for growth.
We believe this transaction demonstrates several key trends in the defense M&A environment:
- Highly specialized solutions providers in mission-critical areas remain in demand despite overall budget and funding environment concerns
- Importance of being deeply entrenched on large programs with significant backlog, providing strong revenue visibility and organic growth potential in the near-term
- Strategic buyers continue to see M&A as a primary avenue to grow their organizations
- Buyers continue to seek targets with strong growth potential evidenced by a robust, actionable pipeline
KippsDeSanto & Co. is an investment bank focused on delivering exceptional M&A and financing transaction results for leading technology and defense companies. For more information on KippsDeSanto & Co., please visit www.kippsdesanto.com.
We welcome the opportunity to discuss how KippsDeSanto & Co. can help you achieve your strategic objectives. For more information on this particular transaction, please contact Karl Schmidt at 703.442.1413 or kschmidt@kippsdesanto.com.
KippsDeSanto & Co., member FINRA/SIPC, is not affiliated with other companies mentioned herein.
PRESS RELEASE
SECURE COMMUNICATION SYSTEMS, A PORTFOLIO COMPANY OF VANCE STREET CAPITAL, COMPLETES ACQUISITION OF TACTICAL MICRO
Acquisition Will Provide Secure Communication Systems with Greater Diversification of Offerings to Commercial Customers
LOS ANGELES – January 2, 2014 – Vance Street Capital LLC, a Los Angeles-based private equity firm, announced today that it has acquired Tactical Micro from Relativity Capital, an Arlington, Virginia-based private equity firm. Terms of the transaction were not disclosed. Tactical Micro is the third add-on acquisition for Secure Communication Systems, a designer and manufacturer of rugged computer and information assurance systems.
Based in Fredericksburg, Virginia, Tactical Micro is a premiere provider of high-end training, instrumentation and surveillance solutions for military and commercial customers. The company’s products are used in support of military training, metropolitan security systems and other complex surveillance solutions.
“Tactical Micro has an impressive track record of consistent revenue growth,” said Allen Ronk, CEO of Secure Communication Systems. “The success of the company is a testament to its talented management team, its dedicated employees and innovative technology. We believe that Tactical Micro complements our current product offerings and we look forward to working together to further grow our businesses. ”
“This acquisition is a strong strategic fit for Secure and we expect Tactical Micro’s transition to be seamless,” said Brian Martin, principal at Vance Street Capital. “Having Tactical Micro on board will help Secure further diversify its end markets.”
Tactical Micro’s founder and president, John Moulton will retain an ownership stake in the company and will continue to serve as president.
“We are excited to partner with Secure and Vance Street Capital,” Moulton said. “Secure and Tactical Micro share strong engineering backgrounds and a commitment to excellence. As a division of Secure Communication Systems, we will be well positioned for the next phase of our company’s evolution.
Fifth Third Bank provided senior debt financing for the transaction and Babson Capital provided Mezzanine debt financing for the transaction. O’Melveny & Myers LLP acted as legal advisor to Vance Street Capital and Secure Communications. Relativity Capital and Tactical Micro retained KippsDeSanto & Co. as investment banker and Hogan Lovells as legal advisor.
***
About Tactical Micro
Tactical Micro is an engineering systems integration company specializing in range instrumentation and audio/video broadcasting and recording systems for use in military training and commercial applications. Tactical Micro engineers have over 50 years of combined experience in developing military range training products and supporting military range instrumentation projects. The company is headquartered in Fredericksburg, Virginia and also has an office in Orlando, Florida.
About Secure Communication Systems
Secure Communication Systems designs and manufactures high reliability tactical mission computing systems, encryption equipment, communications products and related equipment for defense and commercial applications. The company offers handhelds, rugged tablet PCs, workstations and servers, routers, accessories, translators, tactical displays, and ultra-mobile PCs for various branches of the military as well as for commercial applications. The company was founded in 1986 and is based in Santa Ana, CA. For more information please visit: http://www.securecomm.com.
About Vance Street Capital
Vance Street Capital is a Los Angeles-based private equity firm that makes control investments in companies with enterprise values up to $200 million. Preferred industries include precision industrial manufacturing, aerospace & defense and medical components and devices. For over two decades, Vance Street’s partners have worked with management, family owners and other co-investors to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com
FOR MORE INFORMATION CONTACT
Mickey Mandelbaum
Maya Pogoda
Muirfield Partners
(310) 785-0810
mickey@muirfieldpartners.com
maya@muirfieldpartners.com
KippsDeSanto & Co. Advises DSA Detection LLC on its Sale to Industrial Safety Technologies LLC, a Portfolio Company of Battery Ventures
KippsDeSanto & Co. is pleased to announce the acquisition of our client, DSA Detection LLC (“DSA”), by Industrial Safety Technologies LLC (“IST”), a portfolio company of Battery Ventures. IST acquired DSA to expand its line of integrated detection products and services for industrial and security applications.
Headquartered in North Andover, Massachusetts, DSA is a leading provider of consumable products for security checkpoint screening, with a focus on Explosive Trace Detection (“ETD”). DSA provides a comprehensive suite of cost-competitive consumables used by screening system operators for sampling / calibration and system maintenance. The Company has become a one-stop-shop for consumables for all major ETD instrument variants and provides superior customer service and quick delivery to support its customers’ needs.
DSA designs, manufactures, and distributes its products to every commercial airport in the United States, as well as military agencies and international customers. Its products are used at airport and military checkpoints, embassies, customs, correction facilities, and cargo screening locations across the world. DSA developed its proprietary products in-house and has significant intellectual property and active testing approvals in several countries.
We believe this transaction demonstrates several key trends in the aerospace / defense technology M&A environment:
- Strong interest in leading technologies that establish highly defensible market positions with considerable barriers to entry
- Expectation for continued security regulations underlying growing world air transportation and cargo traffic
- Appetite for proprietary, technology-driven solutions and intellectual property to penetrate niche markets
- Value of experienced management team with deep industry ties
KippsDeSanto & Co. is an investment bank focused on delivering exceptional M&A and financing transaction results for leading technology and aerospace / defense companies. For more information on KippsDeSanto & Co., please visit www.kippsdesanto.com.
We welcome the opportunity to discuss how KippsDeSanto & Co. can help you achieve your strategic objectives.
KippsDeSanto & Co., member FINRA/SIPC, is not affiliated with other companies mentioned herein
KippsDeSanto & Co. Advises Max-Viz, Inc. on its Sale to Astronics Corporation
KippsDeSanto & Co. is pleased to send you the attached press release announcing the acquisition of our client, Max-Viz, Inc. (“Max-Viz”), by Astronics Corporation (“Astronics”). Astronics acquired Max-Viz to expand its specialized and technologically innovative products offered to aerospace and defense customers. The transaction closed on July 30, 2012.
Headquartered in Portland, Oregon, Max-Viz is a leader in the design and production of enhanced vision systems (“EVS”) for the civilian and military aviation industry. The Company’s customers primarily include business jet, general aviation, and rotorcraft OEMs, as well as aftermarket customers in these sectors. Max-Viz’s EVS enable increased pilot visibility and safer flight operations in darkness and adverse weather conditions, such as precipitation, fog, smoke, dust (brownout), and haze. Max-Viz’s products utilize infrared (“IR”) and visible light imagery, as well as proprietary processing technologies to present pilots with reliable imagery in otherwise low visibility environments, significantly enhancing situational awareness. Max-Viz systems are designed to be integrated with a variety of existing displays, avoiding the need for another device in already crowded cockpits. Max-Viz has the largest installed base in the industry, with considerable presence in the aftermarket and growing adoption on OEM new builds.
We believe this transaction demonstrates several key trends in the aerospace and defense technology M&A environment:
- Keen interest in leading technologies that enhance capabilities and performance of diverse, existing aerospace assets in dynamic ways
- Continued near and long-term confidence in the commercial aerospace and business jet markets, including both fixed and rotary wing platforms
- Appetite for proprietary, technology-driven solutions to penetrate target customers and markets
- Value of compelling growth trajectory supported by ongoing investment, embedded position / installed base, and recurring revenue streams
KippsDeSanto & Co. is an investment bank focused on delivering exceptional M&A and financing transaction results for leading technology and defense companies. For more information on KippsDeSanto & Co., please visit www.kippsdesanto.com.
We welcome the opportunity to discuss how KippsDeSanto & Co. can help you achieve your strategic objectives. For more information on this particular transaction, please contact one of the deal team leaders below.
KippsDeSanto & Co., member FINRA/SIPC, is not affiliated with other companies mentioned herein
PRESS RELEASE
Astronics Corporation Acquires Enhanced Vision Systems Provider Max-Viz, Inc.
EAST AURORA, N.Y.–(BUSINESS WIRE)–Jul. 31, 2012– Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, today announced that it has acquired privately-held Max-Viz, Inc. (“Max-Viz”), a market-leading developer and designer of Enhanced Vision Systems (EVS) for fixed and rotary wing aircraft through both OEM and aftermarket channels in the general aviation, commercial and military aerospace markets for $10 million in cash. Additional purchase consideration of up to $8.0 million may be paid by Astronics if Max-Viz achieves certain revenue targets in 2013, 2014 and 2015.
Founded in 2001 in Portland, OR, Max-Viz had 2011 revenue of $5.4 million and backlog of $3.0 million at the end of 2011, and is projecting 2012 full-year revenue in the range of $7.0 million to $8.0 million. Max-Viz’s EVS product line fuses infrared and visible imagery allowing real-time display to pilots for increased visibility in adverse weather conditions, such as darkness, precipitation, fog, dust and smoke.
“The Max-Viz acquisition fits well with our strategy to broaden our product and technology offerings to the aerospace and defense industry,” commented Peter J. Gundermann, President and CEO of Astronics. “They are a leading provider of EVS technology having earned FAA certification for installation on more than 200 different fixed wing and rotary wing aircraft models across various manufacturers. We expect that Max-Viz will continue its growth through innovation, quality and its solid pipeline of opportunities.”
Astronics expects the acquisition to be slightly accretive in 2012. KippsDeSanto & Co. acted as exclusive financial advisor to Max-Viz, Inc. on this transaction.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a leader in advanced, high-performance lighting, electrical power, avionics databus products and automated test systems for the global aerospace and defense industries. Astronics’ strategy is to develop and maintain positions of technical leadership in its chosen aerospace and defense markets, to leverage those positions to grow the amount of content and volume of product it sells to those markets and to selectively acquire businesses with similar technical capabilities that could benefit from our leadership position and strategic direction. Astronics Corporation, and its wholly-owned subsidiaries, Astronics Advanced Electronic Systems Corp., Ballard Technology, Inc., DME Corporation and Luminescent Systems Inc., have a reputation for high-quality designs, exceptional responsiveness, strong brand recognition and best-in-class manufacturing practices. The Company routinely posts news and other important information on its website at www.astronics.com.
For more information on Astronics and its products, visit its website at www.astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other similar expressions. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially include the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, customer preferences, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
Source: Astronics Corporation
Astronics Corporation
David C. Burney, 716-805-1599 ext. 159
Chief Financial Officer
david.burney@astronics.com
or
Investor Relations:
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com
KippsDeSanto & Co. Advises Ballard Technology, Inc. on its Sale to Astronics Corporation
KippsDeSanto & Co. is pleased to send you the attached press release announcing the acquisition of our client, Ballard Technology, Inc. (“Ballard”), by Astronics Corporation (“Astronics”). Astronics acquired Ballard to expand its specialized highly-engineered products and technologies offered to aerospace and defense customers. The transaction was announced and closed on November 30, 2011.
Headquartered in Everett, Washington, Ballard is a leader in the design and production of avionics interface solutions for commercial and military aerospace applications. Ballard’s product areas include (i) the Avionics BusBox family of self-contained embedded interface devices and rugged computers, (ii) embedded and test interface cards, (iii) peripheral databus interface devices, and (iv) CoPilot software and accessories. These proprietary databus solutions are key to the operations and support of a wide range of military and commercial aircraft, including fixed wing, rotary wing, and unmanned systems, as well as to test, simulation, analysis, and embedded applications that interface with all industry standard protocols / interfaces. The Company is trusted with its customers’ most critical interconnect and communication challenges supporting navigation, controls, displays, sensors, and other avionics systems.
We believe this transaction demonstrates several key trends in the aerospace and defense technology M&A environment:
- Buyers looking to acquire proprietary technology and intellectual property to complement and expand upon existing solutions
- Growing demand for highly-engineered data-centric products for aftermarket and OEM builds within the military and commercial aerospace markets
- Value proposition of multiple touch points and strong relationships with a diverse array of customers on attractive platforms
- Proven financial track record, strong profit margins, and solid growth profile remain at the forefront of industry acquisition criteria
KippsDeSanto & Co. is an investment bank focused on delivering exceptional M&A and financing transaction results for leading technology and defense companies. For more information on KippsDeSanto & Co., please visit www.kippsdesanto.com.
We welcome the opportunity to discuss how KippsDeSanto & Co. can help you achieve your strategic objectives.
KippsDeSanto & Co., member FINRA/SIPC, is not affiliated with other companies mentioned herein
PRESS RELEASE
Astronics Acquires Avionics Interface Solutions Supplier Ballard Technology, Inc.
Addresses market for high quality, specialty avionics databus interface solutions for defense and commercial aerospace applications
EAST AURORA, N.Y., Nov 30, 2011 (BUSINESS WIRE) —
Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high-performance lighting, electrical power and automated test systems for the global aerospace and defense industries, today announced that it has acquired privately-held Ballard Technology, Inc., an Everett, WA company that designs and produces avionics interface solutions for defense and commercial aerospace applications. Astronics acquired all of the stock of Ballard for $24 million in cash. An additional purchase consideration of up to $5.5 million may be paid by Astronics if Ballard achieves certain revenue growth targets over each of the next five years.
Founded in 1986, Ballard is projecting 2011 annual revenue of approximately $11.0 million, achieving a compound annual growth rate during the previous three years of over 20%. Ballard’s databus products can be used anytime avionics systems on an aircraft are upgraded.
Peter J. Gundermann, President and CEO of Astronics, commented, “The acquisition of Ballard advances our strategy to develop and maintain positions of technical leadership while diversifying the products and technologies we currently offer to our targeted aerospace and defense customers. Like us, Ballard provides highly-engineered products and has built a brand based on quality, service and innovative designs. We believe that the business has solid growth potential and our capabilities will complement their efforts. In addition, Ballard is a solidly profitable business. Our acquisition price is roughly six times projected 2011 income before tax, and we expect the acquisition to be accretive in 2012.”
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a leader in advanced, high-performance lighting, electrical power and automated test systems for the global aerospace and defense industries. Astronics’ strategy is to develop and maintain positions of technical leadership in its chosen aerospace and defense markets, to leverage those positions to grow the amount of content and volume of product it sells to those markets and to selectively acquire businesses with similar technical capabilities that could benefit from our leadership position and strategic direction. Astronics Corporation, and its wholly- owned subsidiaries, Astronics Advanced Electronic Systems Corp., DME Corporation and Luminescent Systems Inc., have a reputation for high-quality designs, exceptional responsiveness, strong brand recognition and best-in-class manufacturing practices. The Company routinely posts news and other important information on its Web site at www.Astronics.com.
For more information on Astronics and its products, visit its Web site at www.Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other similar expressions. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially include the ability of Ballard to continue its growth and achieve expected profit margins, the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, customer preferences, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
SOURCE: Astronics Corporation
Astronics Corporation
David C. Burney, 716-805-1599 ext. 159
Chief Financial Officer
Email: david.burney@astronics.com
or
Investor Relations:
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
Email: dpawlowski@keiadvisors.com
KippsDeSanto & Co. Advises EchoStorm on Its Sale to ITT Corporation
KippsDeSanto & Co. is pleased to send you the attached press release announcing the acquisition of our client, EchoStorm Worldwide, LLC (“EchoStorm”), by ITT Corporation (“ITT”). ITT acquired EchoStorm to expand its Intelligence, Surveillance, and Reconnaissance (“ISR”) capabilities with a leading product suite of Full Motion Video (“FMV”) technologies in support of Unmanned Aerial Vehicle (“UAV”) initiatives. The transaction closed on December 17, 2010.
Headquartered in Suffolk, Virginia, EchoStorm is a leading ISR solution provider of net-centric, FMV management products that complement many key UAV platforms. The Company’s software technologies, including the flagship adLib product, provide web-based, standards-compliant solutions for capturing, processing, storing, and disseminating FMV from manned and unmanned vehicles and ground-based sensors. Moreover, EchoStorm products deliver multifaceted ISR functions to enable analysts to seamlessly search for, organize, annotate, and exploit an array of different sensor video data through a format-agnostic, fully-interoperable medium. EchoStorm’s proprietary product suite supports mission critical analysis functions across a diverse group of end users making sense of data collected from manned and unmanned platforms.
We believe this transaction demonstrates several key trends in the defense M&A environment:
- Robust growth trends continuing across the global ISR market, with a specific focus on capabilities enhancing the efficacy of UAV assets.
- Buyers looking to acquire proprietary technology and intellectual property to complement and expand upon existing solutions.
- Military and intelligence users demanding advanced solutions to manage the rapid ingest of video data, which widely outstrips current processing capabilities.
- Value of strong relationships with well-funded customers in priority budget areas.
KippsDeSanto & Co. is an investment bank focused on delivering exceptional M&A and financing transaction results for leading technology and defense companies. For more information on KippsDeSanto & Co., please visit www.kippsdesanto.com.
We welcome the opportunity to discuss how KippsDeSanto & Co. can help you achieve your strategic objectives.
KippsDeSanto & Co., member FINRA/SIPC, is not affiliated with other companies mentioned herein
PRESS RELEASE
ITT Completes Acquisition of EchoStorm Worldwide’s Business Operations
ROCHESTER, N.Y., December 17, 2010 — ITT Corporation (NYSE: ITT) has completed the previously announced acquisition of the business operations of EchoStorm Worldwide. Terms of the acquisition were not disclosed.
EchoStorm, founded in 2003, provides a suite of secure, net-centric commercial products that enables users to capture, manage, and disseminate full-motion video in near real time as well as address the common issues involved with system interoperability and bandwidth.
“Today’s full motion video users are drowning in data, and need effective software to manage, share and analyze that information,” said Bruce Wald, vice president of ITT’s Night Vision & Imaging business. “EchoStorm’s proven solutions for full-motion video give operators easy, fast and cost-effective access to critical video and data in real-time, thereby reducing lengthy analysis and putting actionable intelligence in the hands of end users more rapidly.”
EchoStorm’s business operations will be integrated into ITT Geospatial Systems’ Night Vision & Imaging business area, where EchoStorm’s operationally proven software technology products including adLIB, Convene, FunnelCloud, and MDAR/RADAR, will become key additions to the Geospatial Information Solutions business.
ITT Geospatial Systems, headquartered in Rochester, N.Y., is a global supplier of innovative night vision, remote sensing and navigation solutions that provide sight and situational awareness at the space, airborne, ground and soldier levels. ITT Geospatial Systems’ solutions range from image and data capture to processing and dissemination. Key applications include image intensification and thermal imaging; advanced power supplies; multi-spectral image systems; weather and climate monitoring; space science; intelligence, surveillance and reconnaissance; GPS-based positioning, navigation and timing systems; and image exploitation software. Using our technologies, customers can move beyond mere image acquisition to image interchange and true knowledge sharing. www.geospatial.itt.com
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2009 revenue of $10.9 billion. www.itt.com
Safe Harbor Statement
Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target” and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated include: Economic, political and social conditions in the countries in which we conduct our businesses; Changes in U.S. or international government defense budgets; Decline in consumer spending; Sales and revenue mix and pricing levels; Availability of adequate labor, commodities, supplies and raw materials; Interest and foreign currency exchange rate fluctuations and changes in local government regulations; Competition, industry capacity and production rates; Ability of third parties, including our commercial partners, counterparties, financial institutions and insurers, to comply with their commitments to us; Our ability to borrow or to refinance our existing indebtedness and availability of liquidity sufficient to meet our needs; Changes in the value of goodwill or intangible assets; Our ability to achieve stated synergies or cost savings from acquisitions or divestitures; The number of personal injury claims filed against the company or the degree of liability; Uncertainties with respect to our estimation of asbestos liability exposures, third party recoveries, and net cash flow; Our ability to effect restructuring and cost reduction programs and realize savings from such actions; Government regulations and compliance therewith, including compliance with and costs associated with new Dodd-Frank legislation; Changes in technology; Intellectual property matters; Governmental investigations; Potential future employee benefit plan contributions and other employment and pension matters; Contingencies related to actual or alleged environmental contamination, claims and concerns; Changes in generally accepted accounting principles; Other factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and our other filings with the Securities and Exchange Commission.
The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Press Contact:
Steve Brecken
tel +1 540 525 5660
steve.brecken@itt.com
Investor Contact:
Thomas Scalera
tel +1 914 641 2030
thomas.scalera@itt.com
KippsDeSanto & Co. Advises CenTauri Solutions, LLC on Its Sale to Computer Sciences Corporation
KippsDeSanto & Co. is pleased to send you the attached press release announcing the acquisition of our client, CenTauri Solutions, LLC (“CenTauri”), by Computer Sciences Corporation (“CSC”). CSC acquired CenTauri to deepen its intelligence analysis, information system integration, and command, control, communications, computers, intelligence, surveillance, and reconnaissance (“C4ISR”) platform integration capabilities, and assume a prime position on the $6.6 billion Defense Intelligence Agency’s (“DIA”) Solutions for the Information Technology Enterprise (“SITE”) contract vehicle. The transaction closed on December 17, 2010.
Headquartered in Alexandria, Virginia, with significant operations in Tampa, Florida and Charlottesville, Virginia, CenTauri provides C4ISR solutions to key components of the Intelligence, National Security, and Homeland Security communities primarily in the areas of intelligence analysis, information systems, and technology. In addition, the Company possesses world-class technical design, engineering, and integration of select ISR systems supporting military and paramilitary missions, including a wide range of sensor systems. CenTauri is the developer and systems integrator for emerging unmanned aerial systems (“UAS”) for improvised explosive device (“IED”) detection, force protection, and other ISR missions.
We believe this transaction represents a number of key trends in government and defense technology M&A:
- Companies poised to capitalize on attractive C4ISR and Intelligence Community market opportunities remain at the forefront of industry acquisition criteria;
- Buyers and investors are becoming more sophisticated when evaluating Small Business contracts; however, prime positions on large, long-term contract vehicles awarded on a F&O basis (or transitionable) drive value;
- High-growth potential is a key discriminator for buyers given the current budget environment, and;
- Next-generation technologies, such as UAS and related ISR platforms, are highly sought after in the context of today’s threat environment and tactical Warfighter needs.
KippsDeSanto & Co. is an investment bank focused on delivering exceptional M&A and financing transaction results for leading technology and defense companies. For more information on KippsDeSanto & Co., please visit www.kippsdesanto.com.
We welcome the opportunity to discuss how KippsDeSanto & Co. can help you achieve your strategic objectives.
KippsDeSanto & Co., member FINRA/SIPC, is not affiliated with other companies mentioned herein
PRESS RELEASE
CSC Acquires CenTauri Solutions
Acquisition Strengthens CSC’s Intelligence, Surveillance and Reconnaissance Systems Capabilities and Enhances Opportunities in Intelligence Community IT Services
FALLS CHURCH, Va., Dec. 20 — CSC (NYSE: CSC) today announced that it has acquired CenTauri Solutions, LLC. The company, based in Alexandria, Va., provides information technology (IT) systems and services, systems engineering and intelligence analysis, as well as intelligence, surveillance and reconnaissance (ISR) solutions that serve the national security and intelligence communities. Terms of the acquisition were not disclosed.
The acquisition will enable CSC to deliver IT services and solutions as a prime contractor through the Defense Intelligence Agency’s $6.6 billion Solutions for Information Technology Enterprises indefinite-delivery/indefinite-quantity contract. CenTauri Solutions also strengthens CSC’s systems integration capabilities in sensor integration, intelligence processing and in-theater analysis and exploitation.
“With the addition of CenTauri Solutions, CSC strengthens our capabilities in providing IT services and systems integration solutions that deliver value to the Defense Intelligence Agency and C4ISR customers,” said James W. Sheaffer, president of CSC’s North American Public Sector line of business. “We are excited to help bring to market CenTauri Solution’s innovative products in the areas of ISR, video surveillance and other disciplines.”
CenTauri Solutions’ 84 employees will be a part of CSC’s Intelligence business area, which provides IT services and solutions, systems integration and operations support to the Intelligence Community.
About CSC
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions and Services, the Managed Services Sector and the North American Public Sector. CSC’s advanced capabilities include system design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. The company has been recognized as a leader in the industry, including being named by FORTUNE Magazine as one of the World’s Most Admired Companies for Information Technology Services (2010). Headquartered in Falls Church, Va., CSC has approximately 94,000 employees and reported revenue of $16.1 billion for the 12 months ended October 1, 2010. For more information, visit the company’s website at www.csc.com.
All statements in this press release and in all future press releases that do not directly and exclusively relate to historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent the company’s intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, many of which are outside the company’s control. These factors could cause actual results to differ materially from such forward-looking statements. For a written description of these factors, see the section titled “Risk Factors” in CSC’s Form 10-K for the fiscal year ended April 3, 2009 and any updating information in subsequent SEC filings. The company disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent event or otherwise, except as required by law.
