ManTech Acquires Gray Hawk in Bid to Break the $1B Barrier
ManTech International Corp. in Fairfax, VA is buying Gray Hawk Systems Inc., an intelligence systems and analysis provider, for $100 million. Financing for the acquisition, which is expected to be immediately accretive to ManTech’s EPS, will consist of available cash and borrowings under ManTech’s senior credit facility. The all cash acquisition is expected to close by early June.
ManTech, a firm that deals with sophisticated communication and technology equipment, provides an important support role for the U.S. soldiers on the ground and in the air. Its employees work shoulder to shoulder with the troops and although carrying no weapons, they are often directly embedded with the units that they support. Notably, ManTech provided support and implementation of the digital equipment that was used by the 4th Infantry Division and Task Force 121 to capture Saddam Hussein in late 2003. The company employs more than 5,500 people, had 2004 revenue of $842.4 million, and recently announced positive Q1 2005 financial results. It is No. 22 on Washington Technology’s 2004 Top 100 list of federal prime contractors.
Based in Alexandria, VA, Gray Hawk Systems is a privately held technology company that provides intelligence-related services to the homeland security, law enforcement, defense and intelligence agencies. The company specializes in critical infrastructure protection, counterintelligence/counterterrorism mission support, information processing and warfare systems engineering. It employs 500 workers, about 90% with security clearances. The company had 2004 revenue of approximately $70 million and was ranked Number 20 on Washington Technology’s Fast 50 list of the fastest growing small businesses in the government IT market. Its 2005 revenue forecast are $90 million.
ManTech’s Chairman and CEO George Pedersen has stated that this acquisition positions Man Tech to reach the $1 billion revenue mark in the near future.