General Physics makes play for training company
By
Nick Wakeman
General Physics Corp. has added to its training portfolio with the acquisition of PerformTech, which develops custom courseware and training solutions for government agencies.
General Physics Corp. is building out its training portfolio with the acquisition of PerformTech, a Virginia-based company that provides custom courseware development and training services to the government.
Terms of the acquisition, which closed Dec. 30, were not disclosed, but the company used a portion of $20 million private placement by Sagard Capital Partners, company officials said today.
General Physics is the principal operating subsidiary of GP Strategies Corp. The company provides training, e-learning solutions, management consulting and engineering services. Its major government customers include the Air Force’s Arnold Engineering Development Center, and the 30th and 45th space wings.
PerformTech, of Alexandria, Va., develops training solutions supporting border security, anti-terrorsim and highway engineering. The company had $15 million in 2009 revenue. The investment bank KippsDeSanto & Co. served as PerformTech’s adviser on the deal.
The combination of PerformTech’s capabilities with General Physics GoLearn and first responder training should fuel growth opportunities, company officials said.
General Physics is ranked No. 38 on Washington Technology’s 2009 Top 100 list of the largest government contractors.