Boston, MA -- (ReleaseWire) -- 03/15/2007 --Downer & Company, an international investment banking firm specializing in mid-market cross-border acquisition and divestiture advisory services, is pleased to announce that VT Group plc has completed the acquisition of MILCOM Systems Corporation. The transaction closed on February 12, 2007 for a total consideration of $42.5 million dollars.
MILCOM Systems Corporation is a leader in the design, planning, and installation of electronic and communication systems for US Navy ships and submarines. MILCOM employs over 800 people and will join VT Group’s VT Services division—a premier U.S. support services provider for the military and government sectors.
This is the second acquisition Downer & Company has completed for VT Services in the past two years. Downer & Company also assisted on the March 2005 acquisition of The Cube Corporation, a specialist in government Facilities Management, Logistics Support Services, Engineering and Construction Services, and Education & Training.
“VT’s acquisition of MILCOM Systems highlights Downer & Company’s ability to guide large multinational corporations through the successful execution of strategic acquisition programs,” remarked Mike Howell, Vice President with Downer & Company. “We were able to overcome MILCOM’s unique shareholding situation and successfully bring the transaction to a close,” he concluded.
The Downer & Company transaction team for this engagement consisted of R. Wade Aust (Managing Director), Mr. Howell (Vice President), and Nick Lenicheck (Analyst) from the firm’s Boston office.
About VT Group plc
VT Group plc is a major support services and shipbuilding company supplying services and products to governments, government agencies and businesses worldwide. The group employs over 10,000 people and has a turnover of approximately 650 million. VT Group's Support Services business consists of four divisions: Defence, US Defense, Communications and Education & Skills. Activities include through-life support and training for all three Armed Services in the UK, US and around the world, critical communication and broadcast services, and services to the education sector in the UK, careers guidance and vocational training. For more information, visit http://www.vtplc.com.
About Downer & Company
Since its inception in 1975, Downer & Company, LLC, has gained distinction as a leading middle-market M&A firm focused on the execution of acquisition and divestiture mandates for international and domestic corporations and private equity firms. Downer & Company is headquartered in Boston, Massachusetts, and has offices in Paris, Dublin, Frankfurt and Sydney. Downer & Company received an award for transacting the “International Cross-Border Deal of 2004” and was recognized as the top Investment Banking Firm of 2003 by The Mergers & Acquisitions Advisor. Downer & Company's corporate headquarters are located at 60 State Street, Boston, MA 02109. For further information, visit www.downer.com.