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

People & Company News

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Maritime Security

Homeland Security Secretary Visits Ingalls Shipbuilding

Huntington Ingalls Industries' Ingalls Shipbuilding division apprises it has hosted a visit by Secretary of Homeland Security Secretary Jeh Johnson and U.S. Rep.

NATO to bolster defence of E.European Allies

NATO is sending part of its naval rapid reaction force to the Baltic Sea as part of a drive to step up the defence of eastern European allies in response to the crisis in Ukraine,

UN Seeks Sanctions Waiver to Ship Arms to Mali

The United Nations is seeking an exemption from a U.N. Security Council arms embargo on Ivory Coast so it can ship weapons and military equipment across the East

News

Crewman Claims Ferry Captain "Rushed Back To Bridge"

The captain of a South Korean ferry that capsized two days ago rushed back to the bridge after it started listing severely and tried in vain to right the vessel,

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

Marine Equipment

Van Oord acquires 100% control of Dravo

Van Oord has acquired all shares of its Spanish subsidiary Dravo S.A.  Dravo S.A. has been owned, since 1987, by Van Oord (50%) and the Spanish company Dragados S.

ClassNK Approves Fillet Welding Consumable

Classification society ClassNK announced that it has granted type approval for the new MX-200F welding consumable, developed by Kobe Steel Co., Ltd. (KOBELCO) to

GE Gas Turbines Power USS America

GE Marine reports that the United States Navy’s future USS America (LHA 6) amphibious assault ship recently completed successful acceptance sea trials powered by two GE LM2500+ marine gas turbines.

Mergers & Acquisitions

PetroVietNam Gas's Q1 gross profit falls 27.5%

PetroVietNam Gas's first-quarter gross profit fell 27.5 percent to 3.9 trillion dong ($185 million) from a year earlier, the Lao Dong (Labour) newspaper reported.

Inchcape Shipping Services Opens in Venezuela

Inchcape Shipping Services (ISS), the world’s leading maritime services provider, has expanded its network in Central and South America with the opening of ISS Venezuela in Puerto La Cruz,

Van Oord acquires 100% control of Dravo

Van Oord has acquired all shares of its Spanish subsidiary Dravo S.A.  Dravo S.A. has been owned, since 1987, by Van Oord (50%) and the Spanish company Dragados S.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.1902 sec (5 req/sec)