The private equity firm said Tuesday it intends to operate Hill as a private firm once it merges with Godspeed Capital’s portfolio company Huckabee Architects through the planned acquisition.
“We are of the belief that a strategic course correction executed in a private environment is the best path forward for Hill’s shareholders, employees, and customers,” Douglas Lake, managing partner of Godspeed Capital, wrote in a letter to Hill’s board of directors.
The purchase offer represents a premium of 11.4 percent over the 30-day average closing stock price of Hill on Monday, July 18.
Lake, who is also chairman of Huckabee, said Godspeed Capital looks forward to starting discussions and is interested in entering into a “consensual transaction in which the parties enter into a short exclusivity period during which time we can finalize our confirmatory due diligence and negotiate the definitive agreements.”
Godspeed Capital is focused on investing in middle-market defense and government technology and services companies.
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