3 Phoenix Acquired by Ultra Electronics

Posted by Eric Haun
Thursday, February 20, 2014

The McLean Group announced that it acted as the exclusive mergers and acquisitions (M&A) advisor to 3 Phoenix, Inc. (3 Phoenix) in its sale to Ultra Electronics Holdings plc (Ultra) for an initial cash consideration of $70 million. Additional payments of up to $17 million will be due subject to earnings growth over the next three years.

3 Phoenix is a supplier of specialist sonar, radar, intelligence, surveillance and reconnaissance products and solutions. For 10 years, the company has delivered mission critical, real-time sensor and processing systems, primarily to the U.S. Navy, but also to commercial customers. 3 Phoenix is a bolt-on acquisition to Ultra's existing Tactical & Sonar Systems Division.

Ultra, based in the United Kingdom, is an international defense, security, transport and energy company that provides mission critical support across a broad range of platforms. The Company has about 180 distinct market or technology niches within its 28 businesses.

Andy Liverman, one of 3 Phoenix's five principals, said, “The McLean Group's hands-on approach during all aspects of the transaction process was fundamental to our successful deal closing. Their industry knowledge and relationships proved to be highly valuable as they assisted us in identifying a buyer that fits our innovative culture and provides us with the resources necessary to continue our trajectory of rapid growth."

Ultra's Chief Executive Rakesh Sharma commented, “3 Phoenix provides important complementary technologies and products to advance Ultra's strategy of targeting areas of preferential customer spending in the naval sensors, security and intelligence domains. 3 Phoenix is a technology-rich company with an established position in the US market place. Its sonar, anti-submarine warfare, mine detection and electronic warfare capabilities have strong market-facing synergies with Ultra's Avalon, Command & Control, Maritime Systems, Ocean Systems, Sonar Systems and USSI businesses. I am delighted to welcome them to the Ultra family.”

The McLean Group's Aerospace, Defense & Government (ADG) practice advised on the transaction. This transaction adds to The McLean Group's record of successful federal contracting advisory assignments.

mcleanllc.com
 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

News

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Marine Equipment

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Keeping to the Schedule in the Pacific Northwest

When a tightly scheduled repower for the Kodiak-based trawler Sea Mac in early December took a very bad turn, Mike Fourtner used his 25 years of fishing experience

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

Mergers & Acquisitions

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Teekay Tankers to Acquire 5 Tankers

Teekay Tankers Ltd. announced that it will acquire four coated Aframax tankers and one uncoated Aframax tanker for an aggregate purchase price of approximately $230 million.

DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2358 sec (4 req/sec)