CM Equity recapitalizes PSS
By
Nick Wakeman
CM Equity Partners has led a capital restructuring of Preferred Systems Solutions Inc., a government information technology, engineering and program management firm.
CM Equity Partners continues to find fertile ground in the government sector for investments.
The private equity group has led a capital restructuring of Preferred Systems Solutions Inc., a McLean, Va.-based government information technology, engineering and program management firm.
Preferred Systems founder Rob Hisel will continue as chairman of the company. Scott Goss, who has been acting as an executive consultant to the company, will take over day-to-day operations as chief executive officer.
The 16-year-old company has 300 employees. Services include information technology, engineering, logistics management support and consulting services. Major customers are the Food and Drug Administration, Transportation Security Administration, Army, Air Force, Navy and the Defense Information Systems Agency.
The value of the investment by CM Equity was not disclosed.
CM Equity is a New York-based private equity group. It has invested in several government contractors over the past decade, including AverStar Inc., Resource Consultants Inc., RGS Associates, ICF International Inc. and 3001 International Inc.