MIAMI, Feb. 27, 2019 /PRNewswire/ -- Boyne Capital
("Boyne") and Grindstone Partners ("Grindstone"), Miami, FL and Alexandria, VA based private equity firms
focused on small and mid-sized companies, announced today the sale
of their portfolio company, Fulcrum IT Services, LLC ("Fulcrum" or
the "Company") to Huntington Ingalls Industries (NYSE: HII) for
$193 million. Boyne and Grindstone
acquired Fulcrum in 2010 in partnership with management.
Headquartered in Centreville,
Virginia, Fulcrum is a leading information technology and
government consulting company that provides pivotal solutions and
services primarily for federal customers in the defense,
intelligence, education and healthcare sectors leveraging its
capabilities in software development, data analytics, cyber
security, advanced engineering and across the C5ISR domain.
Jeff Handy, CEO of Fulcrum,
commented, "We greatly appreciate the support that Boyne and
Grindstone have provided over the last nine years. It has been a
tremendous partnership, in the truest sense of the word. They
sourced and facilitated growth through acquisition and supported
our leadership in growing organically. Over the course of our
relationship, we were able to grow revenues from $22 million to over $160
million and EBITDA from $2
million to $17 million."
Derek McDowell, Boyne's Managing
Partner and CEO, said, "Boyne is proud to have been a long-term
partner of Fulcrum, its management team, and Grindstone. It has
been a rewarding experience working with Jeff Handy, Carroll
Johnson, Fulcrum's CFO, and Fulcrum's other managers. During
our ownership period, Fulcrum has become a highly-respected
solution to federal government customers in the defense,
intelligence, education and healthcare sectors due to management's
strategic vision and excellent execution. We are very excited for
Fulcrum to join HII's Technical Solutions and firmly believe in the
continued success of the business."
Michael Bluestein, Grindstone's
Managing Partner, added, "Through six key acquisitions and the
award of an expanded portfolio of contracts, Fulcrum's management
steered the company closer to the client's mission and turned
Fulcrum into a leading provider of critical services to many
agencies of the United States Government. Their efforts and
leadership drove tremendous growth in the company and impressive
returns to the management team and investors." He added, "We are
grateful to Jorge Freeland of
Freeland Partners LLP, who provided expert legal direction on the
sale and Susan Gabay and her team at
Houlihan Lokey, which skillfully guided the Company through the
sale process. We are also appreciative for the legal services of
Holland & Knight LLP and Dixon
Hughes Goodman LLP, who provided legal, tax and accounting
assistance to the Company during the sale and for the past 9
years."
About Boyne Capital
Boyne Capital is a Florida-based private equity firm focused on
investments in lower middle market companies. Founded in 2006,
Boyne has successfully invested in a broad range of industries,
including healthcare services, consumer products, niche
manufacturing, and business and financial services among others.
Beyond financial resources, Boyne provides industry and operational
expertise to its portfolio companies and partners with management
to drive both company performance and growth. Boyne specializes in
providing the capital necessary to fund corporate growth and
facilitate owners and shareholders' partial or full exit. Contact
Jonathan Cohn at
jcohn@boynecapital.com or 786.539.2246 with inquiries related
to the sale.
About Grindstone Partners
Grindstone is a Virginia-based private equity firm that
partners with managers to create extraordinary shareholder value in
small and midsized companies. The firm brings its operational,
growth, M&A and turnaround experience and its broad network of
resources to its portfolio investments. Grindstone invests in
service, healthcare, software and light manufacturing companies
with high growth potential and revenue above $10 million. Transactions often involve
family-owned businesses where liquidity is needed and are always in
partnership with management. Contact Michael Bluestein at
michael@grindstonepartners.com.
About Huntington Ingalls Industries
Huntington Ingalls
Industries is America's largest military shipbuilding company and a
provider of professional services to partners in government and
industry. For more than a century, HII's Newport News and Ingalls shipbuilding
divisions in Virginia and
Mississippi have built more ships
in more ship classes than any other U.S. naval shipbuilder. HII's
Technical Solutions division provides a wide range of professional
services through its Fleet Support, Mission Driven Innovative
Solutions, Nuclear & Environmental, and Oil & Gas groups.
Headquartered in Newport News,
Virginia, HII employs more than 40,000 people operating both
domestically and internationally.
Media Contact
Renny Sie
rsie@boynecapital.com
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SOURCE Boyne Capital