Citi Capital Strategies Advises ProLogic Incorporated on Its Acquisition by Ultra Electronics Holdings plc.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 -- ProLogic Incorporated ("ProLogic" or the "Company") has been acquired by U.K.-based defense and aerospace firm, Ultra Electronics Ultra Electronics is a British aerospace and defence company. Ultra was formed in 1993 by a management buy-out of seven Dowty Group plc companies from TI Group plc.[1] Dowty had been acquired by TI Group in 1992 for £500 million. Holdings plc ("Ultra"). The transaction is subject to regulatory approval. Citi Capital Strategies, a division of Citigroup Global Markets Inc. and a leading provider of investment banking services to privately held businesses, served as the exclusive financial advisor to ProLogic. The Citi Capital Strategies M&A team consisted of Ted Polk, Managing Director (Chicago, Illinois), Matt De La O, Director (Washington, D.C.) and Frantz Casseus, Associate (Washington, D.C.). As part of the transaction, Ultra paid initial cash consideration of $50 million. In addition, Ultra will pay $5 million as a retention incentive for key staff and a further sum of up to $8 million will be paid to the selling shareholders if certain growth targets are met over the next three years. On a pro-forma basis, ProLogic's revenue on a full-year basis for 2007 would have been about $50 million with an EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). margin of about 10%. ProLogic provides specialized products and solutions for mission-critical enterprise IT, tactical data communication systems and intelligence processing infrastructures, as well as independent IT consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to US government customers. ProLogic's core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
The Company is a leader in the following market niches, for each of which there are fundamental drivers of long-term growth: * tactical data links * cryptographic remote re-keying * advanced battlespace management systems with a focus on geospatial data * remote and unattended sensor system integration and planning ProLogic's headquarters is in Fairmont, West Virginia Fairmont is a city in Marion County, West Virginia, United States. The population was 19,097 at the 2000 census. It is the county seat of Marion CountyGR6. and it operates from thirteen locations in twelve states. The Company employs about 300 staff, of which nearly two-thirds hold security clearances of Interim Secret or higher. ProLogic has five facilities which have Top Secret clearance. The acquisition of ProLogic will be financed using Ultra's existing facilities and is expected to be earnings accretive in 2008. The closing of the transaction is subject to completion of the CFIUS CFIUS Committee on Foreign Investment in the United States review process and is expected to occur in no later than 30 days. Citi Capital Strategies Citi Capital Strategies is a leading investment bank dedicated to serving the needs of closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people. In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist. and family owned businesses. Citi Capital Strategies specializes in mergers, acquisitions, recapitalizations, ESOPs, corporate real estate investment banking services, and capital solutions for private businesses. Citi Capital Strategies is a division of Citigroup Global Markets Inc. Member SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . For more information, visit our website at www.citicapitalstrategies.com. ProLogic Incorporated ProLogic Incorporated is a fast growing Information Technology service provider to the Federal government. The company specializes in software development, system integration, and IT services. ProLogic has more than 300 employees and is headquartered in Fairmont, West Virginia. Ultra Electronics Holdings plc Ultra Electronics Holdings plc ("Ultra" or the "Group") is a group of specialist advanced technology businesses that design, manufacture and support electronic and electromechanical The use of electricity to run moving parts. Disk drives, printers and motors are examples. Electromechanical systems must be designed for the eventual deterioration of moving components that wear over time. The first TVs were electromechanical systems (see video/TV history). systems, sub-systems and products for defense, security, aerospace and transport applications worldwide. Ultra, which employs 3,100 people in the UK and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , focuses on high integrity sensing, control, communication and display systems with an emphasis on integrated information technology (company) Integrated Information Technology - (IIT) A Santa Clara based company producing a programmable, single chip H.261 and MPEG system. The chip contains a RISC processor, originally based on the MIPS architecture but now called RISCit, and a "Pixel Processor". solutions. The Group concentrates on obtaining a technological edge in niche markets, with many of its products and technologies being market leaders in their field. Ultra's products and services are used on aircraft, ships, submarines, armored vehicles, surveillance systems, airports and transport systems around the world. Ultra also plays an important role in supporting prime contractors by undertaking specialist system and sub-system integration using the combined expertise of the Group businesses. Ultra is organized into three divisions as follows: Aircraft & Vehicle Systems; Information & Power Systems; and Tactical & Sonar Systems. |
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