The private equity firm Metalmark Capital has acquired Schafer Corp., a provider of systems engineering and integration services to government agencies, the firms announced on Monday.
Terms of the deal were not disclosed.
Schafer had net income of $8 million before extraordinary items last year on sales of $120.5 million. Schafer has been growing at nearly 17 percent annually since its founding in 1996, according to the company’s annual report.
Most of Schafer’s sales come from work supporting theater missile defense programs followed closely systems engineering and integration support. The remainder of its sales comes from space and directed energy programs and laboratory research. The company’s customers include the armed forces, the Defense Advanced Research Projects Agency, the Missile Defense Agency, NASA and the Department of Homeland Security.
“We anticipate that Metalmark’s access to capital and industry expertise will enable Schafer to accelerate its growth plan and enhance service offerings,” John Garcia, Schafer’s CEO, said in a statement. “It will also allow Schafer to improve its ability to serve customers who are increasingly seeking objective analysis and innovative solutions to satisfy complex and important mission requirements.”
Garcia will continue as CEO of Schafer.
Houlihan Lokey Howard & Zukin served as Schafer’s financial advisor.