Cubic Corp. [CUB] said on Tuesday that it has acquired privately held Omega Training Group, Inc., for $61 million in cash in a deal that significantly expands its live training capabilities.
Cubic expects Omega to have between $60 million and $70 million in sales for its fiscal year that ends in Sept. 2009. Georgia-based Omega has 790 employees and will do business under its own name as part of Cubic’s Mission Support Business Unit.
Omega fits within Cubic’s live training portfolio, which includes the company’s MILES laser system for warfighter training. Omega is located close to the Army’s Infantry Center and School at Fort Benning, Ga. The company provides training, testing, analysis, logistics and staffing services.
“Omega has earned a reputation for excellence, particularly with the U.S. Army Infantry training,” said Jim Balentine, president of the Mission Support Business Unit. “The majority of Omega’s employees are either retired military or veterans, and Cubic and Omega employees share similar values, including a strong dedication to our customers. We believe that this acquisition will enhance the visibility of Cubic with Omega’s customers.”
Glenn Marsh, a retired U.S. Army lieutenant general, will serve as Omega’s Vice President and General Manager. Ray Kauffman and Roger Hewitt, founders of Omega Training Group, Inc., will remain with the company.