Contact Information: Contacts: Cathy Melcher OAO Technology Solutions, Inc. (703) 327-4307 Dan Whelan Platinum Equity (310) 282-9202
Platinum Equity Acquires OAO Technology Solutions, Inc.
| Source: Platinum Equity
LOS ANGELES, CA and GREENBELT, MD--(Marketwire - January 19, 2010) - Platinum Equity announced
today it has acquired OAO Technology Solutions, Inc. ("OAOT") from an
affiliate of J.F. Lehman & Company and the other stockholders of OAOT.
Terms of the transaction were not disclosed.
OAOT provides managed IT services and solutions for Fortune 500
corporations, global outsourcers and government agencies.
"OAOT has long-standing relationships with valued customers, an outstanding
international workforce and a reputation for delivering exceptional
customer service," said Jacob Kotzubei, the partner at Platinum that is
leading the OAOT investment. "Throughout the world the need for
high-quality cost-effective managed IT services is growing and OAOT offers
a full-range of solutions to meet that increasing demand."
A team of Platinum in-house operations specialists is now working with OAOT
management to develop a long-term plan and transition the business into
Platinum's portfolio.
"In the midst of a challenging worldwide economic climate, over the last
three years OAOT has expanded its market share, enhanced its commercial IT
services offerings, and significantly improved the company's operational
effectiveness, profitability and financial performance," said Sidney E.
Fuchs, OAOT president and chief executive officer. "This acquisition
provides incredible momentum and creates a platform for rapid growth as we
join the top-tier group of IT services companies in the Platinum Equity
portfolio."
Mr. Kotzubei explained that acquiring OAOT is a natural investment for
Platinum, given the firm's history of investing in IT companies.
"We know and understand the industry well and have had a lot of success
creating value in this space," explained Mr. Kotzubei.
Jeff Fine and Jared Jensen of Kirkland & Ellis LLP served as legal advisers
to Platinum Equity on the acquisition of OAOT.
Bill Rustum and Dennis Wallace of Gibson, Dunn & Crutcher LLP served as
legal advisors and KippsDeSanto & Co. and The Chesapeake Group served as
financial advisors to OAOT in the transaction.
About OAO Technology Solutions, Inc.
OAOT (www.oaot.com) is a global leader in Managed IT Services and Solutions
to Fortune 500 corporations, global outsourcers and government agencies.
The Company's expertise includes applications outsourcing, data center and
infrastructure management and staffing solutions. Headquartered in
Greenbelt, Maryland, our 1,600 worldwide employees are located throughout
the United States, Canada and Europe.
About Platinum Equity
Platinum Equity is a global M&A&O® firm specializing in the merger,
acquisition and operation of companies that provide services and solutions
to customers in a broad range of business markets, including information
technology, telecommunications, logistics, metals services, manufacturing
and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity
has completed nearly 100 acquisitions with more than $27.5 billion in
aggregate annual revenue at the time of acquisition. For more information,
go to www.platinumequity.com.
About J.F. Lehman & Company
J.F. Lehman & Company is a leading middle-market private equity firm
focused exclusively on the defense, aerospace and maritime sectors. The
firm has offices in New York, Washington and London. For more information
about J.F. Lehman & Company, please visit www.jflpartners.com.