US government contractor ManTech International has agreed to acquire systems engineering provider Gryphon Technologies for USD350 million, expanding its footprint in the US Department of Defense, ManTech announced on 1 November.
ManTech plans to use a mix of cash on hand and debt to purchase Gryphon from US private equity firm AE Industrial Partners (AEI). The deal is expected to close by year-end.
Founded in 1996, Gryphon is based in Washington, DC, and employs more than 1,500 people. Its customers include the US Air Force, US Navy, US Missile Defense Agency, and US Defense Advanced Research Projects Agency (DARPA).
Gryphon's recent contract awards include a USD38.8 million task order to support US Navy surface ship acquisition programmes, and a USD14 million task order from DARPA to help develop a nuclear thermal propulsion system for a new rocket. It was also one of nine companies to win a position on a USD247.9 million contract to support US Navy unmanned platforms.
The takeover news follows ManTech's acquisition of cyber-defence businesses Minerva Engineering and Tapestry Technologies in late 2020. Those transactions boosted ManTech's workforce to about 9,000 employees.
Gryphon has made acquisitions of its own, including cyber firm PGFM Solutions and engineering company Schafer Intermediate Holdings in 2019 and consulting business Omnitec Solutions in 2020.
ManTech plans to release its third-quarter 2021 financial results on 2 November. The Herndon, Virginia-based company, generated revenue of USD648.6 million and net income of USD36.6 million in the second quarter.
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