MTC acquires Army contractor
MTC Technologies Inc. has acquired International Consultants Inc., an Army contractor specializing in program management, information technology, logistics and operations. The deal is worth about $9.9 million, to be paid $2.4 million in MTC stock and $7.5 million in assumption of ICI debt.
MTC of Dayton, Ohio, is primarily a defense contractor with a strong position with the Air Force. "We have been looking for companies with a strong land forces presence that possess exceptional engineering, information technology, and other technical capabilities," said David Gutridge, MTC chief executive officer-elect.
ICI, also of Dayton, had about $25 million in annual revenue and 250 employees. The Windsor Group LLC, a Reston, Va., investment bank, represented ICI in the sale. The company has three operating locations and provides support to customers such as the Army Forces Command near Atlanta and the Tank-Automotive and Armaments Command in Warren, Mich.
The acquisition is part of MTC's strategy to acquire businesses to reach new customers and increase its technical capabilities, company officials said. *