WESTPORT, CT--(Marketwire - May 20, 2010) - Altus Capital Partners, Inc. ("Altus"), a leading private equity investment firm focused on niche middle market manufacturing companies, today announced that it has sold Gichner Holdings, Inc. ("Gichner"), a leader in the design, engineering and manufacturing of tactical and other shelters for the U.S. military, its allies and leading defense prime contractors, to Kratos Defense & Security Solutions, Inc. ("Kratos") (
Altus acquired Gichner, based in Dallastown, PA, in August 2007 in a partnership with Gichner management and other investors. During Altus's ownership, Gichner developed and implemented an integrated strategic plan that grew the business both organically and through an important strategic acquisition. Gichner revenues grew dramatically during Altus's ownership from $48.6 million in 2007 to $147.1 million for the twelve months ended December 31, 2009. EBITDA also increased from $4.7 million for 2007 to $16.9 million for the twelve months ended December 31, 2009. Altus engaged Jefferies & Company, Inc. to seek strategic options and Jefferies identified Kratos as an acquirer that had an appreciation of the Gichner business as well as the ability to continue the growth of Gichner.
Thomas E. Mills IV, Gichner's President and CEO, said that having Altus as a partner was a critical element in Gichner's development. "The Altus team provided strategic direction and access to resources at an important time, allowing us to accelerate our growth," he said. "Joining the Kratos family is a natural evolution in our 43-year history and gives us critical mass in customers, products and development capabilities going forward."
Russell J. Greenberg, Altus's Managing Partner, said, "Gichner was an exceptional investment that hit all of Altus's value-drivers for growth, operational improvements and management. Importantly, it is a great example of how private equity can lead to the creation of substantial value for the investor, for management and for the acquiring company."
Altus Senior Partner Elizabeth A. Burgess added, "Gichner's exceptional management team, led by Tom Mills, focused on margin improvements, gains in market share and new product development. Altus worked with management on tangible objectives that allowed us to grow the business organically and through the opportunistic acquisition of Charleston Marine Containers in 2008 while building out beyond its historical niche of products."
About Altus Capital Partners
Based in Westport, CT, Altus Capital Partners, Inc. invests alongside management in profitable small to medium-sized manufacturing companies to help seize growth opportunities and solve succession challenges. The partners of Altus Capital Partners have worked together for 12 years, refining a disciplined approach toward creating shareholder value by acquiring and growing unique manufacturing companies in the U.S. For more information on Altus, please visit www.altuscapitalpartners.com
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