M&A Deal Summary

Kratos Defense & Security Solutions Acquires Gichner Shelter Systems

On May 10, 2010, Kratos Defense & Security Solutions, Inc. acquired building materials company Gichner Shelter Systems, Inc. from Dunrath Capital, Inc., Altus Capital Partners and Argosy Private Equity for 133M USD

Acquisition Highlights
  • This is Kratos Defense & Security Solutions’ 1st transaction in the Building Materials sector.
  • This is Kratos Defense & Security Solutions’ 2nd largest (disclosed) transaction.
  • This is Kratos Defense & Security Solutions’ 3rd transaction in the United States.
  • This is Kratos Defense & Security Solutions’ 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2010-05-10
Target Gichner Shelter Systems, Inc.
Sector Building Materials
Buyer(s) Kratos Defense & Security Solutions, Inc.
Sellers(s) Dunrath Capital, Inc.
Altus Capital Partners
Argosy Private Equity
Deal Type Add-on Acquisition
Deal Value 133M USD
Advisor(s) Jefferies LLC (Financial)

Target

Gichner Shelter Systems, Inc.

Dallastown, Pennsylvania, United States
website
Gichner Shelter Systems is a leading designer and manufacturer of tactical shelters, containers, and subsystems. Gichner's turnkey systems are noted for rapid mobility, critically important in emergency and military applications.

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Buyer(S) 1

Buyer

Kratos Defense & Security Solutions, Inc.

San Diego, California, United States

website


Category Company
Founded 1994
SectorDefense
Employees3,200
Revenue 748M USD (2020)
DESCRIPTION
Kratos' corporate headquarters in San Diego, California.
Kratos' corporate headquarters in San Diego, California.

Kratos is a specialized technology focused security business providing mission critical products, solutions and services for domestic and international customers. The Company designs, engineers and manufactures specialized electronic products, components, subsystems and systems for intelligence, surveillance, and reconnaissance (ISR), electronic attack, electronic warfare, radar, and missile system platforms; integrated product, software and technology solutions for satellite communications; products and solutions for unmanned systems; products and services related to cybersecurity and cyberwarfare; products and solutions for ballistic missile defense; weapons systems trainers; advanced network engineering and information technology services; weapons systems lifecycle support and sustainment; military weapon range operations and technical services; and public safety, critical infrastructure security and surveillance systems. Kratos was formed in 1994 and is based in San Diego, California.


DEAL STATS #
Overall 3 of 12
Sector (Building Materials) 1 of 1
Type (Add-on Acquisition) 3 of 11
State (Pennsylvania) 1 of 3
Country (United States) 3 of 12
Year (2010) 1 of 4
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-31 Haverstick Consulting, Inc.

Indianapolis, Indiana, United States

Haverstick Consulting, Inc. provides business management solutions. The company specializes in the evaluation, planning, design, implementation, and management of strategic information technology and business solutions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-19 Gichner Systems Group, Inc.

Dallastown, Pennsylvania, United States

Gichner Systems Group is the industry leader in the design, engineering, manufacturing, integration, modification, testing, and repair of tactical shelters, modular containers, and custom enclosures.

Buy -

Seller(S) 3

SELLER

Dunrath Capital, Inc.

Western Springs, Illinois, United States

Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
SizeSmall
Type Sector Focused
DESCRIPTION

Dunrath Capital, Inc. is a 'research-based' private equity and strategic advisory firm. Dunrath's current area of interest is early and growth-stage investments in companies delivering infrastructure surety products and services. Dunrath invests in promising candidates across all stages development, with a particular emphasis in growth equity situations. Dunrath generally pursues companies located in the United States. Dunrath Capital is based in Chicago, Illinois.


DEAL STATS #
Overall 2 of 7
Sector (Building Materials) 1 of 1
Type (Add-on Acquisition) 2 of 6
State (Pennsylvania) 1 of 1
Country (United States) 2 of 7
Year (2010) 2 of 4
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-03 Initiate Systems, Inc.

Chicago, Illinois, United States

Initiate Systems, Inc. is a provider of master data management (MDM) software, which enables organizations to strategically leverage and share critical data assets by delivering a comprehensive, secure single view of citizens to government.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-07 Metatomix, Inc.

Waltham, Massachusetts, United States

Metatomix is an innovative software company that has delivered the industry’s first, commercialized semantic composite applications. Using a powerful combination of non-invasive, real-time integration and semantic technologies, Metatomix achieves an order of magnitude reduction in the time and cost of producing and maintaining applications.

Sell -
SELLER

Altus Capital Partners

Wilton, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 280M USD
SizeMiddle-Market
Type Sector Focused
DESCRIPTION

Altus Capital Partners is a private equity firm focused on acquiring and investing in medium sized North American-based manufacturing companies. Altus looks for businesses with EBITDA of at least $4 million and valued between $25 and $100 million. Typical transaction types include buyouts, recapitalizations, consolidations, and divestitures. Alta Capital was formed in 2003 and has offices in Wilton, Connecticut and Lincolnshire, Illinois.


DEAL STATS #
Overall 3 of 13
Sector (Building Materials) 1 of 4
Type (Add-on Acquisition) 1 of 6
State (Pennsylvania) 2 of 2
Country (United States) 3 of 13
Year (2010) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-01 Mistras Group, Inc.

Princeton Junction, New Jersey, United States

Mistras is a provider of technology-enabled asset protection solutions used to evaluate the structural integrity of critical energy, industrial and public infrastructure. Mission critical services and solutions are delivered globally and provide customers with asset life extension, improved productivity and profitability, compliance with government safety and environmental regulations, and enhanced risk management operational decisions. Mistras was founded in 1978 and is based in Princeton Junction, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-04 The D.S. Brown Co., Inc.

North Baltimore, Ohio, United States

The D.S. Brown Co., Inc. is a manufacturer of critical, specialty components for bridges, elevated roadways, highways, airfield pavement structures and other elements of the transportation infrastructure.

Sell $96M
SELLER

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 11 of 39
Sector (Building Materials) 2 of 3
Type (Add-on Acquisition) 8 of 27
State (Pennsylvania) 5 of 11
Country (United States) 11 of 39
Year (2010) 3 of 4
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-01 Engage2Excel, Inc.

Statesville, North Carolina, United States

Engage2Excel, Inc. is a provider of employee engagement and recognition programs. Engage2Excel helps clients measure, manage, and improve performance with the industry's only ROI-based employee recognition solution. Engage2Excel was founded in 1892 and is based in Statesville, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-18 Southerland, Inc.

Nashville, Tennessee, United States

Southerland, Inc. is a mattress manufacturer servicing the Southeast, Southwest and Midwest regions of the United States. Southerland was founded in 1893 and is based in Nashville, Tennessee.

Buy -