The government consulting firm LMI on Tuesday said it has agreed to sell its for-profit-subsidiary, which will retain the LMI name, to an investment consortium that will focus on positioning the company for growth.
The deal is expected to be completed in the third quarter of 2022. After the sale closes, the remaining entity will rebrand as the non-profit NobleReach Foundation, which will focus on working with government, industry and academia to develop innovative approaches and thinking, and identify emerging technologies to solve interdisciplinary security challenges.
Terms of the deal were not disclosed. The consortium acquiring LMI consists of Declaration Partners, Capitol Meridian Partners and 22C Capital. The government consulting business, which is focused on technology-enabled management consulting, logistics, and digital and analytics solutions, has about 2,100 employees.
LMI will continue to be led by Doug Wagoner, its president and CEO.
“This new partnership will better position LMI to innovate and support the missions of its government customers,” Wagoner said in a statement. “Declaration, Capitol Meridian, and 22C bring an extensive knowledge of the government marketplace and a deep technology expertise, strengthening our ability to help our customers solve their complex challenges. Our people are our greatest assets. This opportunity expands our ability to attract and retain the best talent while maintaining our winning LMI culture.”
Lisa Disbrow, LMI’s chairwoman, said that the separation of LMI and NobleReach is a “force multiplier” for both organization by “driving greater value for employees, government, and society through two unique, exceptional organizations.”
LMI’s financial adviser on the deal is KippsDeSanto & Co. The investment consortium is being advised by Macquarie.