L-3 Microdyne acquires ENVISIONeT Computer Services
Boston, MA, Sep 04, 2001 – Mirus Capital Advisors announced today that the company has assisted its client, ENVISIONeT Computer Services, Inc. in a sale to L-3 Communications and its subsidiary, Microdyne Outsourcing Inc. of Torrance, California. ENVISIONeT engaged Mirus in June, and the transaction closed on August 31st. “Mirus did a great job for us” said John Donnelly the CEO of ENVISIONeT. “Their team achieved a very successful outcome under difficult circumstances.”
“We’re pleased that we were able to recover significant value for the business,” said Jamie Grant, the lead investment banker on the transaction. “Despite ENVISIONeT’s challenging situation, we developed significant interest for the Company and were able to secure written offers from eight prospective buyers in the first two weeks. After helping the Company secure short-term financing in July, we ran an orderly sale process which ended successfully this week with the sale to Microdyne”.
Microdyne Outsourcing Inc. is a subsidiary of L-3 Communications. The Company paid $10.7 million for the assets of ENVISIONeT, following a bidding process that involved several suitors and lasted for several weeks.
About Mirus Capital Advisors
Mirus Capital Advisors provides investment banking solutions to corporate clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations, and valuations. For additional information, visit www.merger.com.
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