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by Andy Reed, GovConWire, January 24, 2018 - Vectrus (NYSE: VEC) has bought Alexandria, Virginia-based SENTEL for $36 million in a push to grow client base in the intelligence and federal civilian markets as well as broaden logistics, information technology and technical service offerings for customer agencies.
Colorado Springs-based Vectrus said Tuesday it funded the transaction with cash on hand and funds under its credit facility.
SENTEL posted $107 million in revenue for its fiscal year ended Sept. 30, 2017 and currently employs more than 600 employees who operate in the engineering and advanced solutions, logistics and supply chain management and intelligence mission support business areas. It supports federal clients that include intelligence agencies, the U.S. Army, Air Force and Navy as well as the Federal Aviation Administration and Internal Revenue Service.
Chuck Prow, president and CEO of Vectrus and a 2018 Wash100 recipient, said the company made the acquisition to accelerate its transformation into “a higher value, technology-enabled and differentiated platform.”
“In particular, SENTEL brings immediate access to important clients in the intelligence community. The company also expands our logistics capabilities and U.S. footprint with a key Vectrus client, the U.S. Army,” Prow added.
“SENTEL significantly enhances our IT business with core competencies, such as engineering, sensor integration and management, surveillance systems, and various other detection systems.”
Vectrus expects the deal to be accretive to GAAP diluted earnings per share in the year ahead.
BDO USA and Pillsbury, Winthrop, Shaw, Pittman respectively served as legal and tax advisers to SENTEL, while Renaissance Strategic Advisors and Faegre Baker Daniels acted as Vectrus’ strategic and legal advisers.
Original article with multimedia here: https://www.govconwire.com/2018/01/vectrus-acquires-sentel-corp-for-36m-chuck-prow-comments/
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