GTEC to be Sold to an Affiliate of Ares Management
Poster: SySAdmin
Posted on March 3, 2011 at 7:14:01 AM
GTEC to be Sold to an Affiliate of Ares Management
Proceeds to be Used by GLOBAL to Pursue New Investment Opportunities in Defence and National Security
LONDON, March 3, 2011/PRNewswire/ -- Global Strategies Group (GLOBAL), the former owner and now largest
shareholder in GLOBAL Defense Technology and Systems (GTEC), and the GTEC
board have accepted an offer to sell the GTEC business to a US based
investment firm, Ares Management LLC (Ares).
GLOBAL acquired GTEC (then SFA) in February 2007. Over the following two
and a half years, GLOBAL transformed the business, doubling revenue, trebling
earnings and adding strategic focus and direction before completing a highly
successful IPO of the company in November 2009.
Ares has made a cash tender offer of USD24.25 per share, representing a
premium of approximately 51% over GTEC's closing stock price as of March 2,
2011, and 56% over its 90-day average closing stock price. For GLOBAL, the
sale will add significant funds to an already strong balance sheet and
dynamic organic growth performance, allowing for the development of
investment opportunities that will keep GLOBAL at the forefront of the
defence and national security sector.
Commenting on the transaction, Damian Perl, Chairman and Chief Executive
of Global Strategies Group said:
"The sale of GTEC is a very positive step forward for GLOBAL, and
completes a very successful investment cycle. The sale proceeds will add to
our already strong balance sheet and will allow for investment across the
Group, strengthening our overall business and enhancing our ability to
support clients in tackling an increasingly complex range of threats to
national security worldwide. I would like to wish the GTEC team well as they
move across to Ares."
About Global Strategies Group
Global Strategies Group (GLOBAL) is one of the world's leading providers
of integrated security and defense technology for clients operating in
high-stakes situations - when the problem is complex, when the mission is
vital and when ingenuity is key. We empower our clients to achieve their
toughest goals by strengthening national security, transforming critical
environments and enabling opportunities.
For more information, please visit http://www.globalgroup.com.
Source: Global Strategies Group
Media Contact: Tim Matthews, t: +44-207-766-3609, e: Tim.Matthews@globalgroup.com
Proceeds to be Used by GLOBAL to Pursue New Investment Opportunities in Defence and National Security
LONDON, March 3, 2011/PRNewswire/ -- Global Strategies Group (GLOBAL), the former owner and now largest
shareholder in GLOBAL Defense Technology and Systems (GTEC), and the GTEC
board have accepted an offer to sell the GTEC business to a US based
investment firm, Ares Management LLC (Ares).
GLOBAL acquired GTEC (then SFA) in February 2007. Over the following two
and a half years, GLOBAL transformed the business, doubling revenue, trebling
earnings and adding strategic focus and direction before completing a highly
successful IPO of the company in November 2009.
Ares has made a cash tender offer of USD24.25 per share, representing a
premium of approximately 51% over GTEC's closing stock price as of March 2,
2011, and 56% over its 90-day average closing stock price. For GLOBAL, the
sale will add significant funds to an already strong balance sheet and
dynamic organic growth performance, allowing for the development of
investment opportunities that will keep GLOBAL at the forefront of the
defence and national security sector.
Commenting on the transaction, Damian Perl, Chairman and Chief Executive
of Global Strategies Group said:
"The sale of GTEC is a very positive step forward for GLOBAL, and
completes a very successful investment cycle. The sale proceeds will add to
our already strong balance sheet and will allow for investment across the
Group, strengthening our overall business and enhancing our ability to
support clients in tackling an increasingly complex range of threats to
national security worldwide. I would like to wish the GTEC team well as they
move across to Ares."
About Global Strategies Group
Global Strategies Group (GLOBAL) is one of the world's leading providers
of integrated security and defense technology for clients operating in
high-stakes situations - when the problem is complex, when the mission is
vital and when ingenuity is key. We empower our clients to achieve their
toughest goals by strengthening national security, transforming critical
environments and enabling opportunities.
For more information, please visit http://www.globalgroup.com.
Source: Global Strategies Group
Media Contact: Tim Matthews, t: +44-207-766-3609, e: Tim.Matthews@globalgroup.com