ManTech Business Performance, M&A Rumors
ManTech's revenue was $676 million in Q1 of 2022, up 6.7% from $633 million in Q1 of 2021. Also, net income was $31.3 million -- down slightly from $32.3 million in Q1 of 2021.Rumors about ManTech potentially being up for sale have swirled for several months. For instance, ManTech co-founder George Pederson as of February 2022 was exploring options for his controlling stake that included a sale of the company, Reuters reported at the time.Fast forward to May 2022, and a ManTech sale to Carlyle was announced on May 16, 2022.In a prepared statement about the deal, Dayne Baird, a managing director on Carlyle’s Aerospace & Government Services team, said:“We have always admired ManTech’s unwavering commitment to support national security customers and their critical missions through differentiated capabilities and technology solutions. ManTech’s talented employees and leadership team have built a remarkable Company with strong market positions across the federal government. Through this partnership, we look forward to leveraging our sector expertise and resources to accelerate growth and innovation and to drive greater value for customers and employees.”
“This announcement is an important milestone for ManTech and a testament to our growth and the leadership position we have built since our founding by George Pedersen more than 50 years ago. Following a comprehensive review of strategic alternatives, our Board determined that this transaction is in the best interest of our shareholders and provides them with the most compelling value maximization outcome, offering liquidity at a significant premium. We look forward to leveraging Carlyle’s deep knowledge and experience investing in and growing companies, as we deliver stronger outcomes for our customers and increased opportunities for our employees.”
