ManTech Selling To Carlyle In Deal Valued At $4.2 Billion

The deal, slated to close in the second half of the year, would give investment firm Carlyle one of the leading providers of security, data analytics, and hardware and software solutions to the defense, intelligence, and civilian agencies of the U.S. government.

Government mission-critical solution provider ManTech International Monday said it has agreed to a move by global investment firm Carlyle to acquire ManTech in a deal valued at about $4.2 billion.

If the deal closes as planned, Carlyle will pay $96 per share for Herndon, Va.-based ManTech. That is about 32 percent higher than ManTech’s share price of $72.82 on February 2, when news of a possible acquisition first appeared in the media. It is also a 17 percent increase over ManTech’s Friday closing share price of $81.97.

ManTech provides a wide range of cybersecurity, data collection and analytics, and hardware and software engineering to defense, Federal civilian, and intelligence agencies in the U.S. The company supports critical and national security programs through approximately 1,100 current contract vehicles.

[Related: MSPs And Private Equity: What Makes An MSP Stand Out From The Pack?]

Representatives of both ManTech and Carlyle did not respond to a CRN request for further information by press time.

However, ManTech Chairman, CEO, and President Kevin M. Phillips in a prepared statement called the pending acquisition by Carlyle an important milestone for the company and a testament to its growth since its founding over 50 years ago.

“Following a comprehensive review of strategic alternatives, our Board determined that this transaction is in the best interest of our shareholders and provides them with the most compelling value maximization outcome, offering liquidity at a significant premium. We look forward to leveraging Carlyle’s deep knowledge and experience investing in and growing companies, as we deliver stronger outcomes for our customers and increased opportunities for our employees,” Phillips said.

The acquisition is slated to close in the second half of 2022 subject to shareholder and regulatory approvals.

ManTech earlier this month reported that revenue for its first fiscal quarter, which ended March 31, reached $676 million, which was up 6.7 percent over the first fiscal quarter of 2021. The company also reported GAAP net income of $31.3 million, or 76 cents per share, down slightly from last year’s $32.3 million, or 79 cents per share. On a non-GAAP basis, net income was $36.6 million, or 89 cents per share, up slightly from last year’s $36.2 million, or 88 cents per share.

ManTech itself has been busy with acquisitions.

The company in early January completed the acquisition of Technical and Management Assistance Corp. (TMAC), a Columbia, Md.-based provider of advanced data engineering services and solutions to the U.S. Intelligence Community.

December saw ManTech complete the acquisition of Gryphon Technologies, a Washington, D.C.-based systems engineering firm, from AE Industrial Partners for $350 million in cash.