Broadtree Partners acquires its second GovCon company

Broadtree Partners, a private equity firm focused on midsized companies in the government market, has acquired a second such business almost two years on from its initial entry into GovCon.

This latest purchase, announced Thursday, acquires Joint Research and Development, a provider of R&D and other professional services to other government agencies. Terms of the transaction were not disclosed.

JRAD will combine with Sayres Defense, the first GovCon company Broadtree purchased in the summer of 2021. Sayres' current chief executive and former Constellis CEO Tim Reardon will lead the combined companies in that position, nearly one year after he joined Broadtree as an operating executive and to lead Sayres.

JRAD's chief operating officer Terri Hague has accepted a new position as president in conjunction with the transaction.

Stafford, Virginia-headquartered JRAD touts its core service lines as including test-and-evaluation support, acquisition support, medical and public health preparedness, and science and technology.

That company's domains of focus cover weapons of mass destruction, modeling and simulation, systems engineering and integration, and laboratory and non-laboratory sciences.

Evergreen Advisors Capital served as exclusive financial adviser to JRAD. Holland and Knight served as legal adviser to Broadtree Partners and Sayres Defense, while Pillsbury Winthrop Shaw Pittman LLP served as legal adviser to JRAD. NextFed provided market and commercial due diligence analysis, while Aprio provided tax and transaction advisory services for Broadtree and Sayres Defense.