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05 Dec 18. Naval Group launches a subsidiary in Alexandria. On December 5th, Naval Group inaugurates its subsidiary in Egypt, Alexandria Naval for Maintenance and Industry. The new entity will be dedicated to the maintenance of the vessels designed by Naval Group. It strengthens Naval Group sustainable footprint in Egypt for current and future naval programs. Naval Group’s long term partnership with the Egyptian Navy and the Egyptian industry has reached a new milestone with the opening of a subsidiary dedicated to the in service support of Naval Group’s vessels and future naval programs. This success was enabled thanks to the conclusive contractual discussions on the In Service Support (ISS) proposal. The strategic alliance between Naval Group and Egypt participates actively to the international rise of the Egyptian Navy while contributing to its modernization process. The subsidiary will reinforce this effort by establishing a continuous local footprint.
This subsidiary will enable the Egyptian Navy to obtain an unequalled level of performance during the whole ship’s lifecycle. Alexandria Naval for Maintenance and Industry (ANMI) will guarantee the optimal use of the vessels as well as carrying out the upcoming upgrades on the four Gowind corvettes, the two LHD, the FREMM and other potential vessels.
The maintenance activity will complete the successful industrial cooperation program supporting the construction process of the three locally built Gowind corvettes. This operational subsidiary will be the privileged platform to support the ongoing dialogue with Egyptian actors within the frame of the multiannual naval contracts. The new entity is expected to generate direct and indirect jobs in the related industrial sectors in Egypt.
“Naval Group is strongly committed to maintain the performance of the Egyptian Navy’s vessels over the long run. The multiannual maintenance contract constitutes a major milestone and will grant an additional industrial capacity for ANMI.’ declared Nathalie Smirnov, Naval Group’s Executive Vice President in charge of Services.
The creation of the subsidiary constitutes an additional constructive step in Naval Group’s long-term partnership with Egypt. In July 2014, the Ministry of Defense of the Arab Republic of Egypt signed a construction of four Gowind corvettes. The first of class was built in Lorient and delivered to Egypt on September 2017. The second of the series is currently built through technology transfer in Alexandria Shipyard and was launched in September 2018. Naval Group delivered the Fremm multi mission frigate Tahya Misr in August 2015. In June 2016, Naval Group delivered two Mistral-class Landing Helicopter Dock vessels to the Egyptian Navy.
03 Dec 18. Huntington Ingalls Industries Acquires G2 Inc.. Huntington Ingalls Industries (NYSE:HII) announced today that it has acquired G2 Inc., a nationally recognized cybersecurity solutions and services company headquartered in Annapolis Junction, Maryland. G2 will join HII’s Technical Solutions division. Financial terms of the transaction are not being disclosed. G2 provides pioneering solutions to the most significant challenges affecting the nation’s ability to collect, target, store, analyze and defend digital information. G2’s areas of expertise include national cyber defense, computer network exploitation, cyber analytics and the distributed analytic platform.
“The acquisition of G2 adds advanced cybersecurity capabilities to our portfolio and supports our strategy to expand our professional services business,” said HII President and CEO Mike Petters. “G2 has unique cyber experience that will enhance our information assurance offerings and operations. We are pleased to welcome G2 to the HII family.”
Technical Solutions President Andy Green added, “We are excited to have such a widely respected group of cybersecurity experts become part of our team. G2 brings a valuable combination of innovation and technical expertise that has enabled it to solve complex security problems for highly sophisticated government clients. We look forward to leveraging G2’s advanced capabilities to expand the solutions provided to our existing government customers.” (Source: ASD Network)
03 Dec 18. Cerberus to Acquire Majority Interest in Navistar Defense. Cerberus Capital Management, L.P. (“Cerberus”) today announced a definitive agreement with Navistar International Corporation (NYSE: NAV) (“Navistar”) under which certain affiliates of Cerberus will acquire a 70% interest in Navistar’s defense business, Navistar Defense, LLC (“Navistar Defense”).
Headquartered in Lisle, Illinois, Navistar Defense is a leading tactical wheeled vehicle original equipment manufacturer serving military, law enforcement, and government agencies worldwide. Navistar Defense provides a complete portfolio of both tactical and commercial off-the-shelf military vehicles, as well as custom-tailored lifecycle support solutions to a global customer base. Since 2004, Navistar Defense has delivered approximately 37,000 vehicles across 28 countries and has access to Navistar’s global dealer network across 90 countries.
“We are excited to partner with Navistar to build upon Navistar Defense’s leadership position in the defense vehicle industry and support its large installed base,” said Michael Sanford, Co-Head of Private Equity and Senior Managing Director of Cerberus. “We look forward to leveraging our financial and operational expertise to execute on strategic initiatives focused on expanding the reach of its industry-leading portfolio and support services.”
“Today’s announcement is a strategic milestone for Navistar Defense as it provides the business with a well-established, long-term partner that is focused on making crucial growth investments in the business,” said Persio Lisboa, Chief Operating Officer, Navistar. “Navistar Defense strategically complements Cerberus’ existing portfolio and we look forward to collaborating with, and supporting, the business as it enters its next phase of synergistic growth.”
The transaction is subject to customary closing conditions and is expected to close in 2018.
Kirkland & Ellis LLP acted as legal counsel to Cerberus and Navistar. Renaissance Strategic Advisors acted as strategic advisor to Navistar on the transaction.
Founded in 1992, Cerberus is a global leader in alternative investing with over $35bn in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, proprietary diesel engines, and IC Bus®
brand school and commercial buses. An affiliate also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at www.Navistar.com.
Odyssey is an independent corporate finance firm which advises on acquisitions, business sales, management buy-outs and raising finance, typically in the £5m to £100m range. We have extensive experience in the niche manufacturing sector with our most recent completed deal being the sale of MacNeillie to Babcock Plc. Details can be seen at: http://www.odysseycf.com/case-study-macneillie/
As a result of this and related projects we have developed relationships with buyers and funders looking to acquire or invest in the sector. We would be happy to share further insights into the sector and to carry out reviews of businesses whose shareholders are considering an exit, acquisition or fundraise.
The review will include:
* Market review
* Comparative deals and structures
* Initial thoughts on buyers/ investors/ targets
* MBO viability
* Feasibility review and identification of any issues to be addressed pre-deal
There is no charge for this review.
If this is of interest we would be happy to meet at your convenience.