By Kevin McCauley
Sitrick and Company is repping Veritas Capital’s $815M deal announced today to acquire Lockheed Martin’s Enterprise Integration Group Unit consulting business.
LM put the operation up for sale in June due to new Pentagon rules on weapons purchases to prevent conflicts of interests between defense contractors and their advisory units. The defense giant believes the deal allays Uncle Sam’s "concerns about perceived organizational conflicts of interest."
CEO Bob Stevens said in a statement that the divestiture of EIG followed a "comprehensive review of our portfolio to find ways to continuously provide the best, most affordable solutions for our customers, a secure future for our employees and value for our shareholders."
EIG has 1,800 employees providing analysis and engineering/integration and risk mitigation services to the U.S. intelligence community. Annual sales are in the $625M range.
New York-based Veritas was founded by Robert McKeon, former chairman of Wasserstein Perella Management Partners and co-chief of Wickes Cos.
Michael Sitrick, former senior VP-communications at Wickes, is working the Veritas deal for EIG with Lewis Phelps.
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