M&A Deal Summary

Huntington Ingalls Industries Acquires Fulcrum IT Services

On February 26, 2019, Huntington Ingalls Industries, Inc. acquired information technology company Fulcrum IT Services LLC from Boyne Capital Partners and Grindstone Partners LLC for 193M USD

Acquisition Highlights
  • This is Huntington Ingalls Industries’ 1st transaction in the Information Technology sector.
  • This is Huntington Ingalls Industries’ 4th largest (disclosed) transaction.
  • This is Huntington Ingalls Industries’ 4th transaction in the United States.
  • This is Huntington Ingalls Industries’ 1st transaction in Virginia.

M&A Deal Summary

Date 2019-02-26
Target Fulcrum IT Services LLC
Sector Information Technology
Buyer(s) Huntington Ingalls Industries, Inc.
Sellers(s) Boyne Capital Partners
Grindstone Partners LLC
Deal Type Add-on Acquisition
Deal Value 193M USD

Target

Fulcrum IT Services LLC

Centreville, Virginia, United States
website
Fulcrum IT Services LLC is an information technology (IT) company that provides IT solutions and services for federal, state, local, and commercial customers. Fulcrum IT specializes in the areas of enterprise systems operations, system and application development, data management solutions, information and infrastructure assurance and intelligence analysis and methodologies.

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Buyer(S) 1

Buyer

Huntington Ingalls Industries, Inc.

Newport News, Virginia, United States

website


Category Company
Founded 1886
SectorMarine
Employees42,000
Revenue 9.4B USD (2020)
DESCRIPTION

Huntington is a military shipbuilding company and a provider of manufacturing, engineering and management services to the nuclear energy, oil and gas markets. Huntington was founded in 1886 and is based in Newport News, Virginia.


DEAL STATS #
Overall 4 of 8
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 4 of 6
State (Virginia) 1 of 2
Country (United States) 4 of 7
Year (2019) 1 of 1
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-02 Camber Corp.

Huntsville, Alabama, United States

Camber Corp. is a provider of professional and management services for federal government agencies, specializing in information technology, decision support systems, training, engineering, and modeling and simulation, primarily within the Department of Defense.

Buy $380M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 Hydroid LLC

Pocasset, Massachusetts, United States

Hydroid LLC is a manufacturer and supplier of autonomous underwater vehicles (AUV) for military and commercial markets worldwide. Its REMUS line of unmanned underwater vehicles (UUV) has provided deployable solutions for use in defense, marine research and commercial applications. Hydroid specializes in UUV design, engineering, production and support.

Buy $350M

Seller(S) 2

SELLER

Boyne Capital Partners

Miami, Florida, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2006
SizeSmall
Type Sector Agnostic
DESCRIPTION

Boyne Capital Partners is a Florida-based investment group focused on smaller businesses with at least $2 million in cash-flow. Boyne targets companies in the US and Canada. Sectors of interest include niche manufacturing, specialty services (IT, healthcare, financial), value-added distribution, wastewater, 'next generation' energy, and restaurants. Boyne prefers control positions and will consider a variety of transaction situation, including buyouts, recapitalizations, divestitures, add-on acquisitions, and growth financings. Boyne was formed in 2006 and is based in Miami.


DEAL STATS #
Overall 3 of 6
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 1 of 3
State (Virginia) 1 of 1
Country (United States) 3 of 6
Year (2019) 1 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-06 Adapt Laser Systems LLC

Kansas City, Missouri, United States

Adapt Laser Systems LLC is a provider of laser cleaning solutions to many bonding, corrosion, and surface treatment issues facing complex industrial processes. Adapt Laser Systems is based in Kansas City, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-11 B&W Quality Growers, Inc.

Fellsmere, Florida, United States

B&W Quality Growers, Inc. is a vertically-integrated producer of distinctive baby leaves, including watercress, arugula, and other specialty leafy greens. B&W grows, packs and ships quality products to foodservice, retail, wholesale, and specialty channels year-round. B&W was formed in 1870 and is based in Fellsmere, Florida.

Sell -
SELLER

Grindstone Partners LLC

Alexandria, Virginia, United States

Investor

website


Category Private Equity Firm
Founded 2009
SizeSmall
Type Sector Agnostic
DESCRIPTION

Grindstone Partners LLC is a private equity firm specializing in buyouts and growth capital investments in small and mid market companies throughout the US. The Firm looks to invests $2 to $20 million equity per transaction. Areas of interest includes manufacturing, healthcare, direct marketing, telecommunication, software, building products and business services. Grindstone Partners LLC was formed in 2009 and is based in Alexandria, Virginia.


DEAL STATS #
Overall 2 of 3
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Virginia) 2 of 3
Country (United States) 2 of 3
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-01 Phoenix Renovation Co. LLC

Alexandria, Virginia, United States

SageWater is a provider of pipe restoration services on a continual basis to apartment and condominium buildings to stop infrastructure corrosion. SageWater has repiped more than 100,000 occupied multi-family residential units, replacing over 35 million feet of pipe in apartment complexes, condominiums, and office buildings. SageWater was founded in 1988 and is based in Alexandria, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-01 Phoenix Renovation Co. LLC

Alexandria, Virginia, United States

SageWater is a provider of pipe restoration services on a continual basis to apartment and condominium buildings to stop infrastructure corrosion. SageWater has repiped more than 100,000 occupied multi-family residential units, replacing over 35 million feet of pipe in apartment complexes, condominiums, and office buildings. SageWater was founded in 1988 and is based in Alexandria, Virginia.

Sell -