Madison Dearborn Partners and CoVant to sell LGS Innovations to CACI International for $750mn
In a joint announcement made this Wednesday, private equity investment firms Madison Dearborn Partners and CoVant Management revealed plans to sell subsidiary company LGS Innovations to CACI International Inc. Headquartered in Herndon, Virginia, LGS Innovations is a technology company specializing in the provision of command, control, communications, computers, intelligence, surveillance, and reconnaissance and cyber products and solutions to the United States’ defence, intelligence and civilian agencies around the world.
CACI International, a provider of information solutions and services in support of US defence, intelligence and national security customers, will pay a total of $750mn for LGS Innovations.
Matt Norton, a Managing Director on MDP’s Business and Government Software and Services team, said: “We are proud to have worked alongside CoVant in our successful partnership with LGS Innovations. Over the past five years, we evaluated and supported significant R&D investments to grow the business organically – initiatives that we believe have benefited LGS Innovations’ customers and employees and our country. We wish the LGS team well as they start a new chapter, and we are confident they will continue to invent new groundbreaking technology products and capabilities as an important growth engine within CACI.”
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With approximately 1,300 employees, including more than 900 scientists and engineers and a world-class leadership team, the company possesses a successful track record in the development and deployment of mission-focused technological innovations and solutions to the U.S. national security, defense, and advanced research communities. These innovative products and capabilities include real-time spectrum interference detection and management systems, automated tools to diversify commercial software code and make it less susceptible to cyberattack, and space-qualified optical communications systems that enable high-speed data transmission by laser over distances approaching 150 million miles.
"We want to acknowledge the outstanding strategic execution of the LGS team during our ownership, and the important contributions they have made to their customers' missions," said Joseph Kampf, Chairman of LGS Innovations and Chairman & CEO at CoVant. "They are well-positioned to continue delivering innovative technology solutions for our national security as a part of CACI."
Kevin L. Kelly, Chief Executive Officer of LGS Innovations, said: “We are thankful for the support of MDP and CoVant and their willingness to invest in our growth, and we are excited about the combination of LGS and CACI. We believe our market leading C4ISR and cyber capabilities and culture of innovation, along with CACI’s extraordinary channels to customers, and our shared mission focus will accelerate growth and market penetration for the combined enterprise.”
