AE Industrial Partners (AEI) has closed its acquisition of publicly-traded CDI Corp., a provider of engineering, information technology, and staffing services, for approximately $157 million.
CDI (NYSE: CDI) is a provider of engineering, information technology, and staffing services to customers in multiple industries, including aerospace, chemicals, energy, industrial equipment, infrastructure, and technology, as well as municipal and state governments and the US Department of Defense. According to the most recent financial information available, the company has TTM revenues of $818 million and a negative TTM EBITDA of $8 million. CDI is headquartered in Philadelphia (www.cdicorp.com).
“We are excited to partner with CDI’s leadership team and market-leading brand,” said Michael Greene, Managing Partner of AEI. “We believe that the company’s capabilities and reputation, combined with AEI’s deep operating expertise in engineering, IT solutions, and human capital management, will allow the company to expand and strengthen its relationships and its value proposition to key customers.”
AEI invests in the aerospace, power generation and specialty industrial sectors with a specific focus on technical manufacturing, distribution and supply chain management, MRO (maintenance, repair and overhaul) and industrial service-based businesses. Typical company targets will have from $50 million to $500 million of revenue. The firm is headquartered in Boca Raton (www.aeroequity.com).
Houlihan Lokey was the financial advisor to CDI and Lincoln International was the financial advisor to AEI. Kirkland & Ellis provided legal counsel to AEI.
© 2017 Private Equity Professional | September 15, 2017
