Gichner sale official. Private equity firm Altus Capital Partners had purchased the local defense contractor in 2007.
York Daily Record, Money & More; By Brent Burkey
May 20, 2010 Talking up the rising revenues Gichner Systems Group of Dallastown racked up during its tenure, private equity firm Altus Capital Partners said it has closed its deal to sell Gichner to Kratos Defense and Security Solutionsof California.
Kratos is acquiring Gichner Holdings Inc. for about $133 million.
Altus had in 2007 purchased Gichner, a York County-based maker of military shelter systems built for the backs of military trucks to house everything from mobile command centers to drone aircraft.
Gichner has been a leading grower of manufacturing jobs in the area in recent years and has nearly 1,000 workers throughout its company.
It has operations in the Dallastown area, and has added facilities at the former York International campus and in South Carolina through an acquisition.
The players in the deal touted that Gichner’s revenues grew from about $49 million in 2007 to about $147 million in 2009.
Gichner President and CEO Tom Mills has said Gichner and Kratos are a good fit, considering Kratos’ business of weapons systems testing services for the military.
Gichner adds a manufacturing component to Kratos’s business.
And Kratos’s position within military development and testing efforts can provide information for Gichner operations on what the military’s needs are, he said.
Mills also said that the acquisition is not negatively affecting staffing levels within Gichner.
“They want us to grow,” he said.