Please ensure Javascript is enabled for purposes of website accessibility
Upcoming Event

Best Places to Work in Virginia

Hamburger Menu Hamburger Menu

Tag: Carlyle Group

ManTech names new CFO

Herndon-based government contractor ManTech International Corp. has named Michael D. Ruppert as its new vice president and chief financial officer, following the retirement of Judy Bjornaas.

The appointment was effective Tuesday. Bjornaas spent a dozen years at ManTech, which was acquired by The Carlyle Group Inc. last year, and contributed to its growth toward becoming a nearly $3 billion government services contractor with nearly 10,000 employees worldwide.

Ruppert will report to ManTech President and CEO Matt Tait. He will be responsible for the company’s financial, treasury and corporate development functions.

Most recently, Ruppert was executive vice president, CFO and treasurer for aerospace defense contractor Mercury Systems Inc.

“I am very excited to take on the CFO role at ManTech, a company that is a tech leader in the government space with its sophisticated technology solutions that transform the success of customers in the defense, intelligence and federal civilian sectors,” Rupert said in a statement.

Before he was at Mercury Systems, Ruppert was co-founder and managing partner of RSPartners LLC, a mergers and acquisitions firm focused on aerospace and defense. He was also a managing director at UBS Securities, leading the company’s defense and government IT efforts. He has also worked at Lehman Brothers and Lazard Freres. He has a bachelor’s degree in finance and an MBA from the University of Virginia.

ManTech provides technology solutions for U.S. defense, intelligence and federal civilian agencies.

Hilb Group acquires Ga. insurance agency

Henrico County-based insurance company The Hilb Group LLC announced Tuesday it had acquired Georgia-based Gillman Insurance Problem Solvers.

Financial terms of the acquisition, which became effective Dec. 1, were not disclosed.

“Joining The Hilb Group allows us to build further upon our long-standing, dedicated focus on our customers,” Ed Gillman, Gillman Insurance’s founder and lead problem solver, said in a statement. “We are keeping the same commitment to our local community and continuing to serve our customers nationwide, while expanding our resources.”

Based in Alpharetta, Georgia, Gillman Insurance was founded in 1993 and serves the metropolitan Atlanta area. Its affiliates, APA Insurance Services and 3G Truckin’ Insurance, have customers in 40 states. Gillman and his team will become part of Hilb Group’s Southeast regional operations.

“We are excited to welcome Gillman Insurance to The Hilb Group family and to grow our operations in Georgia,” Hilb Group CEO Ricky Spiro said in a statement. “The addition of Ed and his team represent the perfect entry into the state, as we join with a growing agency that has deep community ties, a tremendous reputation and an unparalleled commitment to those who depend upon us.”

With the addition of Gillman Insurance, The Hilb Group now has locations in 23 states and serves all 50 states.

The Hilb Group was founded in 2009 and has been a portfolio company of Washington, D.C.-based investment management company The Carlyle Group, from which Virginia Gov. Glenn Youngkin retired in 2020 after serving as co-CEO, since 2019. Across its more than 100 offices in 23 states, Hilb employs more than 2,000 people and has acquired more than 145 companies.

CNSI to merge with Tenn. health services company

McLean-based health information technology provider CNSI and Nashville, Tennessee-based health care management tech company Kepro have agreed to merge, the two firms announced Wednesday.

The combined company will provide government-sponsored health care agencies and payers with clinical services, provider management, health claims, processing and health analytics services. The merger is expected to close in December. Axios reported Wednesday the combined company makes close to $500 million in revenue.

CNSI CEO Todd Stottlemyer will lead the new company. Kepro President and CEO Dr. Susan Weaver will be president. Both will sit on the new board of directors.

“The combination of CNSI and Kepro aligns with the strategic objectives of both companies to deploy technology-enabled products, solutions and services that help our clients achieve their mission and better serve their priority populations,” Stottlemyer said in a statement.

Affiliated funds of Washington, D.C.-based private equity firm The Carlyle Group own CNSI, and funds affiliated with Apax Partners LLP own Kepro. Apax Funds will be exiting its investment through the merger.

“The combination brings CNSI’s leading health technology capabilities together with Kepro’s clinical expertise and unique service offerings, allowing the company to better serve its clients and improve care quality and health outcomes,” Dayne Baird, a CNSI board member and managing director at Carlyle, said in a statement.

The new company will maintain both the McLean and Nashville locations. It will rebrand in early 2023, according to a news release.

CNSI has 1,200 employees. Kepro has 1,700 employees across 17 offices, and a network of 4,500 doctors and 450 clinicians who serve on its advisory and review panels.

ManTech stockholders approve $4.2B sale to Carlyle Group

ManTech International Corp. stockholders have approved the Herndon-based tech contractor’s sale to The Carlyle Group for approximately $4.2 billion.

Stockholders green-lighted the sale during a Sept. 7 special meeting, subject to customary closing conditions. The transaction is expected to close this week.

“We thank our stockholders for their strong support of this transaction,” said ManTech Chairman, CEO and President Kevin M. Phillips in a statement. “We look forward to completing the transaction with Carlyle to deliver immediate and premium value to our stockholders, stronger outcomes for our customers and more opportunities for our employees.”

Under the terms of the transaction, ManTech stockholders will receive $96 per share in cash. ManTech and Carlyle announced the deal in May.

More than 99% of the votes cast at the special meeting were in favor of the merger, ManTech said in a news release.

Founded in 1968, ManTech provides technology solutions for U.S. defense, intelligence and federal civilian agencies. In 2021, the Fortune 1000 company reported $2.55 billion in revenue.

As of June 30, Carlyle had $326 billion in assets under management. The investment firm employs more than 1,900 people in 26 offices across five continents. Gov. Glenn Youngkin formerly served as co-CEO of The Carlyle Group before retiring in 2020 to mount his campaign for governor.

U.Va. School of Nursing receives $14M donation

The Carlyle Group co-founder, interim CEO and non-executive co-chairman William E. “Bill” Conway Jr. and his wife, Joanne, have committed $14 million to the University of Virginia’s School of Nursing, the university announced Friday.

Adding to previous donations, the Conways’ gifts now total $49 million.

“Our goal of supporting the School of Nursing is twofold,” Bill Conway said in a statement. “To enable greater access to a quality education and address the critical nursing shortage.”

The latest gift will provide at least 175 need- and eligibility-based scholarships to cover tuition, school fees, room and board and books. The gift will fund scholarships across undergraduate and graduate programs, with a focus on clinical nurse leader master’s students who have transitioned to nursing from other careers and on doctoral students who plan to become future nursing professors and nurse scientists.

The average age of a nursing professor is between 51 and 63, according to a U.Va. news release, and a wave of faculty retirements is expected over the next decade.

“Bill’s and Joanne’s extraordinary generosity comes at a critical moment, as our country faces an unprecedented nursing shortage,” U.Va. President Jim Ryan said in a statement. “Their latest gift will enable more students to pursue nursing degrees at U.Va., removing barriers and offering important support for students.”

The Conways’ previous contributions have allowed the school to educate more nurses and expanded access to the School of Nursing’s RN-to-B.S.N. program. Their $5 million commitment in 2013 funded need-based scholarships for students in the clinical nurse leader program, doubling it from 48 to 96 students. In 2017, the Conways committed another $5 million over five years to provide more than 110 nursing scholarships to non-nurses entering the clinical nurse leader program.

In 2018, the couple committed another $5 million to provide tuition assistance for an additional 50 to 60 nursing students across undergraduate, master’s degree and doctorate degree programs through 2023.

In 2020, they committed $20 million for scholarships supporting the enrollment of more than 1,000 nursing students over 10 years.

Washington, D.C.-based private investment firm Carlyle employs more than 1,900 people in 26 offices across five continents. It manages $376 billion in assets. Gov. Glenn Youngkin formerly served as co-CEO of The Carlyle Group before retiring in 2020 to mount his campaign for governor.

Carlyle Group to acquire ManTech for $4.2B

Herndon-based ManTech International Corp. has entered into a definitive agreement to be acquired by The Carlyle Group for approximately $4.2 billion, the tech contractor announced Monday.

In the all-cash transaction, ManTech shareholders will receive $96 per share in cash, a 32% premium to ManTech’s closing share price of $72.82 on Feb. 2, which was the last trading day before news articles of a potential agreement broke. The cash per share is also a 17% premium to the closing stock price of $81.97 on May 13.

“We have always admired ManTech’s unwavering commitment to support national security customers and their critical missions through differentiated capabilities and technology solutions,” Dayne Baird, managing director on Carlyle’s Aerospace and Government Services team, said in a statement. “ManTech’s talented employees and leadership team have built a remarkable company with strong market positions across the federal government.”

The ManTech Board of Directors unanimously approved the transaction, which is expected to close in the second half of 2022. Stockholders with shares representing 49.2% of the current outstanding voting power of the ManTech common stock have entered into an agreement to vote their shares in favor of the transaction.

ManTech Chairman, CEO and President Kevin M. Phillips said in a statement, “Following a comprehensive review of strategic alternatives, our board determined that this transaction is in the best interest of our shareholders and provides them with the most compelling value maximization outcome, offering liquidity at a significant premium. We look forward to leveraging Carlyle’s deep knowledge and experience investing in and growing companies, as we deliver stronger outcomes for our customers and increased opportunities for our employees.”

Founded in 1968, ManTech provides technology solutions for U.S. defense, intelligence and federal civilian agencies. In 2021, the Fortune 1000 company reported $2.55 billion in revenue. In December 2021, ManTech announced it had completed its $350 million acquisition of Gryphon Technologies.

As of March 31, Carlyle managed $325 billion of assets. The investment firm employs almost 1,900 people in 26 offices across five continents. Gov. Glenn Youngkin formerly served as co-CEO of The Carlyle Group before retiring in 2020 to mount his campaign for governor.

The Carlyle Group to acquire CNSI

Washington, D.C.-based private equity firm The Carlyle Group announced Thursday that affiliated funds under its management have agreed to acquire McLean-based health information technology provider CNSI.

Financial terms of the transaction, which is expected to close in December, were not disclosed. Greenwich, Connecticut-based firm Alvarez & Marsal Capital Partners currently owns CNSI.

“We believe CNSI is well-positioned for continued success driven by its technical leadership and proven track record of innovation and execution,” Carlyle Managing Director Dayne Baird said in a statement. “CNSI operates at the unique intersection of technology, health care and government services, and we see significant growth opportunities ahead as the company leverages its unique capabilities and continues to develop market-leading solutions.”

Founded in 1994 as Client Network Services Inc., CNSI provides mission-critical systems that are aimed to better process medical claims, billing and health benefits for Medicaid, Medicare and related programs.

Todd Stottlemyer, CNSI’s CEO since 2018, will continue to lead the company. He previously partnered with Carlyle as a senior executive at BDM International Inc.

“We are delighted about this opportunity to partner with Carlyle as we continue to execute exquisitely for our clients, strengthen our market leading products and solutions, and drive innovation that improves health outcomes and lowers costs,” Stottlemyer said in a statement.

The Carlyle Group manages $293 billion of assets across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. It has more than 1,800 employees in 26 offices across five continents. Carlyle reported $1.6 million in revenue for the third quarter of 2021, bringing its year-to-date total to $6.78 million.

Accenture Federal Services completes Novetta acquisition

Arlington-based Accenture Federal Services, a subsidiary of Fortune Global 500 professional services company Accenture, has completed its acquisition of Novetta, a McLean-based advanced analytics company, the two companies announced Thursday.

The financial terms of the deal, first announced in June, were not disclosed.

The acquisition will add a national security portfolio to AFS’ business, according to the company, and Novetta President and CEO Tiffanny Gates will lead the division. The deal adds 1,300 Novetta workers, including software developers, data scientists and specialists in machine learning, cyber cloud and information exploitation to AFS’ 11,000-person workforce.

“Our combined company brings the scale and power of Accenture Federal Services’ digital capabilities together with Novetta’s ability to solve the government’s toughest mission challenges with precision,” Accenture Federal Services CEO John Goodman said in a statement. “We look forward to delivering the next-generation of solutions that today’s missions and times demand.”

Novetta was a subsidiary of The Carlyle Group, the Washington, D.C.-based private equity firm where Virginia GOP gubernatorial candidate Glenn Youngkin was co-CEO until his retirement last year. Carlyle purchased Novetta in 2015 from Arlington Capital Partners.

“I’m tremendously excited about my role as senior managing director of this new segment of Accenture Federal Services’ business,” Gates said in a statement. “Our disruptive technologies combined with Accenture Federal Services’ ability to deliver federal innovation at scale are highly complementary and will play a major role in meeting our clients’ mission needs.”

The new division will provide expertise in analytics, intelligence expertise, cloud engineering and cyber services.