Behrman Capital Acquires Majority Stake in ILC Industries.Business Editors NEW YORK--(BUSINESS WIRE)--April 15, 2003 Behrman Capital, a private equity investment firm based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and San Francisco, announced today that it has acquired a majority stake in ILC ILC International Law Commission (United Nations) ILC International Linear Collider ILC Independent Living Centre ILC Independent Living Center ILC Industrial Loan Company ILC International Land Coalition Industries, Inc., a defense, aerospace and industrial products provider. Behrman Capital partnered with ILC Chief Executive Officer Clifford Lane in the transaction, which has a total value of $303 million. ILC Industries, Inc., a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Bohemia, New York Bohemia is a hamlet (and census-designated place) in Suffolk County, New York, United States. The population was 9,871 at the 2000 census. Bohemia is in the Town of Islip. , has two operating subsidiaries: Data Device Corporation, a manufacturer of microelectronic components for the aerospace and defense industries, and ILC Dover, a manufacturer of advanced softgood materials for unique space, military and commercial applications. "Behrman Capital is pleased to become Clifford Lane's partner in the management buyout of ILC Industries," said Grant G. Behrman, Managing Partner of Behrman Capital. "With a legacy dating to the early days of the Apollo Space Program Apollo space program: see space exploration. , ILC has demonstrated strong and consistent financial performance. The Company will continue to be led by Mr. Lane, who, along with the proven and experienced management team he has assembled, has guided the Company to a leadership position in each of its niche markets. Moreover, the Company is poised to benefit from growth in Department of Defense procurement spending exceeding any level since the 1980's, as well as the recent creation of the Department of Homeland Security Noun 1. Department of Homeland Security - the federal department that administers all matters relating to homeland security Homeland Security executive department - a federal department in the executive branch of the government of the United States ." Mr. Lane, Chief Executive Officer of ILC, said, "I and the other members of our management team are looking forward to a true partnership with Behrman Capital, which has an excellent track record of fueling the growth and expansion of its portfolio companies. With Behrman's support, we will aggressively pursue new opportunities for growth in our rapidly evolving markets." Based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and San Francisco, Behrman Capital was founded in 1992 by Darryl G. and Grant G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth companies and provides expansion capital to emerging growth companies. The company's investments are focused primarily in four industries: information technology, business services, contract manufacturing and outsourcing. The firm currently has a combined capital base exceeding $1.8 billion. |
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