Cision announced that it has acquired Bulletin Intelligence, a provider of custom, expert-curated executive briefings to C-level executives and government leaders. Bulletin Intelligence has written the daily White House News Summary for the Executive Office of the President since 2001. The deal comes a week after Cision announced that it will go public through a combination with Capitol Acquisition Corp. III. Deal terms were not disclosed.
Jacobs Engineering Group Inc. announced that it has acquired Australian firm Aquenta Consulting from Amec Foster Wheeler. The acquired business, formerly known as Currie & Brown, has 220 employees and provides integrated project services to public and private sector clients in Australia, New Zealand, the Middle East and Europe. Specific services provided by Aquenta include cost management, project planning and controls, project and risk management, contract, commercial and dispute services, along with asset and facilities management. Deal terms were not disclosed.
Millstein & Company announced that it has formed Government Revenue Solutions (GRS) through its acquisition of MuniServices, Revenue Discovery Systems (RDS), Broussard Partners, and eGov Systems from PRA Group. GRS is a provider of revenue enhancement technology and consulting services to various government agencies throughout the U.S. The consideration paid was $91.5 million plus additional amounts for certain balance sheet items. As part of the transaction, Craig Adler will take the help as Executive Chairman and CEO. Adler was formerly the EVP and CFO at DLT Solutions. Lazard Middle Market was the financial advisor to PRA.
CEB announced that it has acquired WANTED Analytics, a provider of real-time market intelligence and talent analytics for HR, staffing and sourcing professionals, government and education agencies. Deal terms were not disclosed.
In the second healthcare-related deal of the day, Bivarus Inc. announced that it has acquired The Jackson Group Inc., a healthcare-focused measurement and consulting firm that supports healthcare organizations, commercial businesses and government agencies. The Jackson Group is one of 37 vendors approved by the Centers for Medicare & Medicaid Services to participate in the CAHPS program, which is a mandatory survey program for healthcare organizations. Deal terms were not disclosed.
DLH Holdings Corp. announced that it has acquired Danya International Inc., a provider of technology-enabled program management, public health expertise, consulting, and digital communications solutions primarily to the Department of Health and Human Services. Danya generated adjusted 2015 EBITDA of $6.3 million. The purchase price is $38.75 million comprised of $36.25 million in cash and approximately $2.5 million in restricted common stock.
At first glance, this looks like a solid deal for DLH. They were able to acquire a company with complimentary capabilities and customers in the Federal healthcare space for a reasonable adjusted EBITDA multiple of just over 6 times. In fact, Danya’s 2015 adjusted EBITDA of $6.3 million is almost double DLH’s adjusted EBITDA of $3.2 million making this deal very accretive. We’ve seen some rich deals in the healthcare space but this doesn’t appear to be one of them.
The Cadmus Group, an employee-owned consulting company, announced that it has acquired Washington, DC-based Obsidian Analysis Inc., a provider of management consulting services to the homeland security market. Obsidian's capabilities include emergency management, hazard preparedness, business resilience, cybersecurity, and national security expertise.
Cadmus President and CEO Ian Kline comments: “Our strategic partnership with Obsidian creates a comprehensive suite of expert offerings that governments and commercial organizations require to address the challenges presented by our changing world. In complex emerging areas of risk, such as climate change, water scarcity, public health protection, increasing urbanization, and resilience of critical infrastructure, our new firm now offers best-in-class expertise and experience.”
Deal terms were not disclosed. Headwaters MB advised Obsidian on the sale and Pier Six Capital provided strategic and M&A support to Cadmus.
Hedgeye Risk Managament announced that it has acquired Washington, DC-based Potomac Research Group (PRC), a research firm focused on providing Washington policy analysis to institutional investors. PRG's clients include pension funds, hedge funds, mutual funds and private equity firms who use their research to make better investment decisions. The company's analysts are focused on highly-regulated sectors including healthcare, defense, energy, technology and telecommunications.
Hedgeye CEO Keith McCullough comments: "This is a perfect marriage between public policy and fundamental research, with each augmenting the other. Suzanne Clark has assembled a world-class team of thought leaders at PRG. So, it's a win-win for both companies, and it's a big win for all of our customers who immediately gain an unparalleled edge in gauging the investing implications of Washington policy."
Deal terms were not disclosed.
Layton, Utah-based Milestone Management Consultants LLC has been acquired by a private investor. A Veteran Owned company, Milestone provides project management training, simulation, and consulting services to manufacturing clients, government contractors, military and educational institutions. Generational Equity was the financial advisor to Milestone. Deal terms were not disclosed.
We provide you with the latest news on acquisitions in the Defense and Government markets. Make sure to subscribe to our weekly deal updates: