PAE signed a definitive agreement to acquire FCi Federal, PAE announced Monday.
Financial terms for the acquisition were not disclosed.
FCi is a government services firm that provides essential services for immigration and national security including adjudication support, eligibility verification, and business process outsourcing services for federal government customers.
The transaction is still subject to regulatory approval and PAE expects to close the deal within 45 business days. After the deal is completed, FCi will become a business unit of PAE and continue to operate from its current headquarters office in Ashburn, Va.
“FCi is an impressive company with a strong track record for growth driven by talented employees and exceptional customer service. It’s a great strategic fit, presenting new opportunities for both of our companies,” PAE CEO John Heller said in a statement.
PAE is a portfolio company of Platinum Equity, which acquired PAE last year (Defense Daily, March 16, 2016).
“The addition of FCi will expand PAE’s service offering and bring together a lot of very talented employees. We are delivering on our promise to invest in PAE’s long-term strategy and will continue looking for new opportunities to expand organically or through additional acquisitions,” Platinum Equity Partner Louis Samson, said in a statement.
Founder and chairman of FCi Sharon Virts said this sale is the best move for the company as it evolves.
“Today’s announcement is the right path to position FCi Federal for continued phenomenal growth,” Virts said.
“Since founding FCi in 1991, we have been committed to providing high-quality service that differentiates us from competitors while placing a premium on taking care of our employees. That commitment will remain steadfast as we continue to catapult our competitive positioning for the future,” she added.
Houlihan Lokey [HLI] served as FCi’s financial advisor in the transaction, the same firm that advised PAE when Platinum Equity acquired it.