ManTech International announced today it has agreed to buy Washington, DC-based Gryphon Technologies from AE Industrial Partners for $350 million.
Gryphon Technologies provides digital and systems engineering capabilities for Defense Department agencies, including the Navy, Air Force, Defense Advanced Research Projects Agency, Missile Defense Agency and others.
The acquisition adds over 1,500 employees to ManTech, according to a company statement.
"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 Mantech Chairman, Chief Executive Officer and President Kevin Phillips. "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 said it would pay for the acquisition "from cash on hand with additional funding from its existing line of credit and delayed draw term loan facilities." The acquisition is expected to be completed by the end of this year.