VSE looks to make a purchase ? or a sale
- By Patience Wait
- Aug 15, 2002
VSE Corp. announced Aug. 14 that it has hired a financial adviser to assist its board of directors in pursuing strategic business alternatives, including the potential sale of the company, mergers or acquisitions that will maximize shareholder value.
VSE, headquartered in Alexandria, Va., hired Quarterdeck Investment Partners LLP, a Los Angeles investment and banking firm, to provide assistance.
Don Ervine, VSE's chairman, president and chief executive officer, said the company is considering strategic alternatives "in view of continued consolidation in the defense industry and the need for greater size and resources to pursue the business opportunities we target."
Founded in 1959, VSE is a diversified professional services corporation serving the departments of Defense and Energy, other federal agencies and other prime contractors to the government. The company, which is publicly traded on Nasdaq, reported 2001 revenue of $111.6 million.
The company announced June 21 it was awarded a new General Services Administration schedule for security systems software, hardware and services, including systems integration, installation, maintenance and training labor.
At the time, VSE said it was negotiating initial orders for security systems with several agencies within the Defense Department.