Veritas Capital to acquire Alion Science and Technology Corp.
- By Mark Hoover
- Jul 24, 2015
Veritas Capital has acquired Alion Science and Technology Corp. just a few months after the company announced it was planning a public offering to pay down debt.
Financial terms of the transaction were not disclosed.
Alion in April said that it planned to use net proceeds from its initial public offering to pay off around $561 million in debt, a number which their SEC filings state they had as of Mar. 31, 2015.
The company was attractive to Veritas because of its capabilities in system analysis, agile engineering, modeling and simulation and naval architecture, said Ramzi Musallam, managing partner for Veritas, in a release.
The transaction will allow Alion to reshape its capital structure and strength its financial position, said Bahman Atefi, Alion chairman and CEO.
Credit Suisse and Wells Fargo served as financial advisor to Alion on the transaction.
Mark Hoover is a senior staff writer with Washington Technology. You can contact him at firstname.lastname@example.org, or connect with him on Twitter at @mhooverWT.