Benzinga | Nov 1, 2021 08:09AM EDT

ManTech To Acquire Gryphon Technologies For $350M

ManTech International Corporation (NASDAQ:MANT) announced today that it has signed a definitive agreement to acquire Gryphon Technologies, a leading systems engineering firm, from AE Industrial Partners, for $350 million.

Headquartered in Washington, D.C., Gryphon Technologies provides a broad array of advanced digital and systems engineering capabilities for Department of Defense agencies. The company has built a strong reputation of providing model-based systems engineering, predictive analytics, data/computational science and cloud engineering solutions now deployed for the U.S. Navy, U.S. Air Force, DARPA, the Missile Defense Agency and other Department of Defense agencies.

The acquisition adds over 1,500 highly skilled employees to the ManTech team and will expand ManTech's DoD footprint and suite of capability offerings with signature digital engineering solutions.

"This acquisition maps directly to our Defense Sector expansion strategy of leveraging transformational innovation to advance missions, modernize operations and safeguard military systems and personnel across the DoD landscape," said Kevin M. Phillips, Chairman, Chief Executive Officer and President of ManTech. "We are very pleased to welcome Gryphon's talented employees, sophisticated capabilities and customers."

Gryphon CEO and Founder P.J. Braden said, "We are very excited to become a part of ManTech, a recognized leader in supporting national and homeland security. This is a great opportunity for our employees, who will benefit from ManTech's more than 50 years of serving our nation, as well as its advanced professional development and commitment to career enablement."

ManTech will fund the acquisition from cash on hand with additional funding from its existing line of credit and delayed draw term loan facilities. The acquisition is subject to various closing conditions and approvals including approval under the Hart-Scott-Rodino Act, and is expected to be completed by year-end, 2021.