Bernhard Capital Partners to Acquire VSE’s Federal & Defense Business; John Cuomo Quoted
Summary
Bernhard Capital Partners has signed an approximately $100 million deal to acquire the federal and defense business of aftermarket services provider VSE (Nasdaq: VSEC). VSE said Monday the divestment move would allow the company to reposition itself into two businesses that offer distribution and maintenance, repair and overhaul service. John Cuomo, president and CEO of VSE, noted the company is looking to focus its efforts on “high-growth, high-margin business opportunities” and increase the company’s exposure across the aviation and fleet aftermarket sector. Alexandria, Virginia-based VSE will use proceeds from the sale to implement its acquisition strategy and reduce borrowing activity. Jones Day and Jefferies served as VSE’s legal counsel and exclusive financial adviser, respectively.