M&A Deal Summary

Madison Dearborn Partners and CoVant Management Acquire LGS Innovations

On April 1, 2014, private equity firms Madison Dearborn Partners and CoVant Management acquired information technology company LGS Innovations from Alcatel-Lucent S.A. for 200M USD

Acquisition Highlights
  • This is Madison Dearborn Partners’ 4th and CoVant Management’s 2nd transaction in the Information Technology sector.
  • This is Madison Dearborn Partners’ 23rd and CoVant Management’s largest (disclosed) transaction.
  • This is Madison Dearborn Partners’ 54th and CoVant Management’s 5th transaction in the United States.
  • This is Madison Dearborn Partners’ 2nd and CoVant Management’s 4th transaction in Virginia.
Investment Fate
  • LGS Innovations was sold to a publicly-traded strategic buyer in 2019 for 750M USD.

M&A Deal Summary
Date 2014-04-01
Target LGS Innovations
Sector Information Technology
Buyer(s) Madison Dearborn Partners
CoVant Management
Sellers(s) Alcatel-Lucent S.A.
Deal Type Divestiture
Deal Value 200M USD

Target

LGS Innovations

Herndon, Virginia, United States
LGS Innovations LLC is a technology company delivering mission-critical communications products, R&D, and supporting services to U.S. defense, intelligence, and civilian agencies and commercial customers around the world. We create advanced solutions in wireless communications, signals processing, and analysis, optical networking, photonics, routing and switching, and spectrum management. These solutions drive mission success in Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR), cyberspace operations, and network assurance. LGS Innovations is headquartered in Herndon, Virginia, with offices across the U.S. and overseas.

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Buyer(S) 2

Buyer

Madison Dearborn Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 28.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.

DEAL STATS #
Overall 60 of 99
Sector (Information Technology) 4 of 11
Type (Divestiture) 4 of 10
State (Virginia) 2 of 4
Country (United States) 54 of 85
Year (2014) 1 of 4
Size (of disclosed) 23 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-27 Fieldglass

Chicago, Illinois, United States

Fieldglass provides advanced web-based software applications to facilitate the procurement and management of skilled temporary (or 'contingent') employees. The Company's solution suites are modular, scalable and fully customizable along multiple dimensions, allowing customers unlimited flexibility in specifying, procuring, scheduling and tracking their contingent workforce.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-14 Nuveen Investments

Chicago, Illinois, United States

Nuveen Investments LLC provides high-quality investment services designed for institutions and high-net-worth investors as well as the consultants and financial advisors who serve them.

Sell $6.3B
Buyer

CoVant Management

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
Size Small
Type Sector Focused
DESCRIPTION

CoVant is a private investment group that generally looks to partner with management and other sponsors to pursue divestitures and buyout opportunities across the US. The Firm was formed in 2007 and is headquartered in McLean, Virginia.

DEAL STATS #
Overall 5 of 7
Sector (Information Technology) 2 of 3
Type (Divestiture) 1 of 1
State (Virginia) 4 of 4
Country (United States) 5 of 7
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 Centripetal Networks

Reston, Virginia, United States

Centripetal Networks is a cyber-security solutions provider specializing in Active Network Defense. Centripetal Networks is based in Reston, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-07 A-T Solutions

Vienna, Virginia, United States

A-T Solutions is a provider of national security and counter-terrorism services to the U.S. department of defense, state department, department of homeland security and the intelligence community.

Sell -

Seller(S) 1

SELLER

Alcatel-Lucent S.A.

Boulogne-Billancourt, France
Category Company
Founded 1898
Sector Technology Hardware
Employees52,673
Revenue 15.9B USD (2014)
DESCRIPTION
Alcatel-Lucent office in Highlands Ranch, Colorado.
Alcatel-Lucent office in Highlands Ranch, Colorado.

Alcatel-Lucent S.A. is an integrated provider of voice, data and video communication services to end-users. Alcatel-Lucent offers fixed, mobile and converged broadband networking, IP technologies, applications and services to a variety of end users. Alcatel-Lucent S.A. was originally established in 1898 and is headquartered in Boulogne-Billancourt, France.

DEAL STATS #
Overall 4 of 4
Sector (Information Technology) 1 of 1
Type (Divestiture) 4 of 4
State (Virginia) 1 of 1
Country (United States) 2 of 2
Year (2014) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-10 Capella Intelligent Subsystems

San Jose, California, United States

Capella Intelligent Subsystems, Inc. is a vendor of WSS subsystems for reconfigurable optical add/drop multiplexers (ROADMs) in the optical communications market.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-17 Mformation Software Technologies

Edison, New Jersey, United States

Mformation Software Technologies LLC is a provider of mobile device management software that enables mobile operators and service providers to manage and control wireless computing devices, consumer electronics, and other machines.

Buy -
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