VSE explores options
VSE Corp. 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 of 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 because of continued consolidation in the defense industry and the need for greater size and resources to pursue the business opportunities.
Founded in 1959, VSE provides professional services to the departments of Defense and Energy, other federal agencies and other prime contractors. The company, which is traded on Nasdaq, reported 2001 revenue of $111.6 million.