Home / M&A Activity / HIG Capital Inks $283M Cash Deal for NCI; Paul Dillahay Comments

HIG Capital Inks $283M Cash Deal for NCI; Paul Dillahay Comments

Global private equity firm H.I.G. Capital has agreed to acquire Reston, Virginia-based government information technology services provider NCI (Nasdaq: NCIT) for approximately $283 cash, or $20 per share.

NCI said Monday its board of directors unanimously approved the proposed sale and that founder and Chairman Charles Narang will tender all of his shares in support of the buyout deal with H.I.G. Capital.

Both parties expect to close the transaction in the third quarter of 2017.

Paul Dillahay, president and CEO of NCI, said the company aims to accelerate its growth strategy and deliver new artificial intelligence and agile software development service offerings to federal customers.

Dillahay joined the IT contractor last year after he previously held various leadership positions at CACI International  (NYSE: CACI), ASRC Federal and Lockheed Martin (NYSE: LMT).

Wells Fargo Securities and Stifel, Nicolaus & Company act as NCI’s financial advisers while Paul Hastings serves as its legal adviser on the transaction.

Teneo Capital and Kirkland & Ellis LLP respectively serve as financial and legal advisers to H.I.G.

Check Also

Former Constellis Exec Allen Martirossian Appointed System High EVP, CFO

Allen Martirossian, former vice president of financial planning and analysis at Constellis, has joined security firm System High as executive vice president and chief financial officer.

Ameresco Wins Potential $403M Navy Task Order to Build, Maintain Shipyard Energy-Efficiency Systems

An Ameresco subsidiary has won a potential 24-year, $402.8M task order under an indefinite-delivery/indefinite-quantity contract from the U.S. Navy to build, operate and maintain energy conservation systems at Norfolk Naval Shipyard in Portsmouth, Va.