PAE has become a public company and will begin to trade its common stock on Nasdaq under the ticker symbol “PAE” following its acquisition by special purpose acquisition company Gores Holdings III (Nasdaq: GRSH) from Platinum Equity.
Gores Holdings III also adopted the name PAE after completing the transaction, which was first announced in November, the companies said in a joint release published Monday.
“Although we are now a public company, nothing changes with respect to our commitment to our customers, our exceptional employees and our focus on building on our nearly 65-year tradition of being a trusted partner to the U.S. government and our allies worldwide,” said John Heller, CEO of PAE and a 2020 Wash100 awardee.
Falls Church, Va.-based PAE was established in 1955 and operates with more than 20K employees worldwide focused on providing operational support and other mission-critical services to U.S. federal agencies, service branches and international clients.
Funds managed by Platinum Equity’s affiliates now own approximately 23 percent of the publicly traded government services contractor.
PAE’s board of directors includes Heller; Louis Samson, a partner at Platinum Equity; Marshall Heinberg; Paul Bader; and John Hendrickson.