Michael Baker Corporation pronounced that it has entered into a definitive merger agreement to be acquired by Integrated Mission Solutions, LLC, an affiliate of DC Capital Partners, LLC. Offer valued at 397 million in cash from Integrated Mission Solutions LLC.
Both companies provide services to the government but complement each other, said Baker’s top executives in a message to employees. Integrated Mission Solutions’ operations and customers are primarily overseas, while Baker’s are primarily within the United States.
Analysts said the business combination would bode well for Baker, which has struggled to win public engineering projects from state and federal governments that reduced spending on highways and other infrastructure.
“This is the right thing to do for Baker,” said Tahira Afzal, an analyst with KeyBanc Capital Markets Inc. in New York. Public infrastructure business “has been weak for several years,” she said, which adds pressure on smaller engineering/design firms such as Baker to compete. Source
Tags: Private Equity, Private Equity investment, Buyout, Michael Baker Corporation, Integrated Mission Solutions LLC, DC Capital Partners LLC, United States, U.S., Tahira Afzal, KeyBanc Capital Markets Inc., New York, Washington.