Stanley Associates files for IPO

Stanley Associates Inc. is headed to Wall Street, and has filed for a an initial public offering of stock that could raise more than $130 million.

The Arlington, Va.-based company, which filed under the name Stanley Inc., had $285.1 million in revenue for the year ended March 31.

According to its filing with the Securities and Exchange Commission, Stanley plans to use the money raised through the IPO to pay off a loan of about $100 million it used to acquire Morgan Research Corp. in February. Money raised over that amount will be used to fund growth, including more acquisitions.

A date for the IPO has not been established.

The underwriters are led by Citigroup Global Markets Inc. and Wachovia Securities. Other underwriters include Raymond James & Associates Inc., Cowan and Co. LLC, and Stifel, Nicolaus & Co. Inc.

In its filing, Stanley said about 70 percent of its revenue come from the Defense Department and the rest from civilian agencies. The company is a prime contractor on about 83 percent of its work.

Since 1996, the company has experienced a compound annual growth rate of 34.6 percent. In the two years ended April 30, Stanley won 100 percent of the competitions on which it was the incumbent. It had an overall win rate of 64 percent, according to the filing.

The company is led by Philip Nolan, president and CEO.

Stanley ranks No. 58 on Washington Technology's 2006 Top 100 rankings of the largest government contractors.