Madison Dearborn Partners Announces Sale of LinQuest to KBR
16 Julio 2024 - 5:00AM
Business Wire
Madison Dearborn Partners (“MDP”) today announced that it has
signed a definitive agreement to sell LinQuest (“the Company”), a
leader in National Security space systems and technology solutions
for the defense and intelligence communities, to KBR (NYSE: KBR).
KBR, a leading provider of science, technology and engineering
solutions to governments and companies around the world, will
acquire LinQuest in an all-cash transaction that is expected to be
completed by the fourth quarter of 2024, pending regulatory
approval and other customary closing conditions.
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“The MDP team recognized LinQuest’s differentiation and
significant potential ahead of the transformative trends in our
core missions that are reshaping the U.S. defense and intelligence
communities, and I would like to thank Matt, Brandon and the entire
MDP team for their vision, partnership, expertise and support over
the past six years,” said Greg Young, LinQuest President and CEO.
“With MDP’s assistance, LinQuest has grown exponentially, nearly
tripling our headcount and quadrupling our EBITDA while expanding
our solutions offerings to better meet the complex and evolving
needs of our customers. I could not be more proud of our incredible
team and partnership with MDP. We are excited about joining KBR and
believe our future home’s expansive network and government
technology expertise will further accelerate our strong momentum
across our core markets and enable our defense and intelligence
community customers to achieve their missions and safeguard our
country.”
A National Security space leader and pioneer, LinQuest has a
50-year legacy of enabling space as a U.S. National Security
domain, enhancing interconnected battlespace operations and
space-based military technologies, and accelerating the digital
advancement and integration of cutting-edge space capabilities.
Seeking to meet the most challenging demands across the U.S.
federal government’s Space, Air Dominance, and Connected
Battlespace missions, LinQuest drives innovation into the U.S.
National Security community through its digital engineering &
integration, advanced analytics, and electronic warfare solutions
and capabilities. Funds affiliated with MDP acquired LinQuest in
2018 and the MDP team implemented its National Security space
investment strategy to help LinQuest become a market leader in
advanced analytics, engineering, technology development, and
operational solutions in space and other mission critical
domains.
Matt Norton, Managing Director and Head of MDP’s Technology
& Government team, added: “I’m tremendously proud of all we
accomplished in close partnership with Greg and the entire LinQuest
team. We were incredibly excited about LinQuest’s potential back in
2018 when we originally partnered with Founder/CEO Leon Biederman,
Greg Young and the rest of the LinQuest team. Today, LinQuest has
grown into a scaled mission critical technology provider, and the
combination of LinQuest’s market leadership and MDP’s National
Security space investment strategy and broad network of advisors
helped meaningfully move the needle on mission-critical
technologies across the Defense and Intelligence communities. This
investment is a testament to the immense potential we see in
partnering with founders, not just to support and accelerate the
growth of their businesses, but also to play a role in addressing
the crucial need for modernization across the U.S. National
Security system.”
Mr. Norton continued: “I would also like to thank Doug Loverro,
former Deputy Assistant Secretary of Defense for Space Policy and
Associate Administrator for Human Exploration and Operations for
NASA. Doug is our trusted partner across all of our National
Security space related investments and has served as Chair of
LinQuest’s strategy committee and has been a Board member since we
invested in 2018.”
As the U.S. federal government continues to prioritize the
modernization of critical mission systems, LinQuest is pioneering
digital mission integration for next-generation systems and
capabilities, providing technical expertise and innovation that
enhance the nation’s strategic advantage for great power
competition. With more than $850 million in contract awards over
the past year, LinQuest has significant growth momentum and
multiple avenues for additional growth in the future, including a
robust new business pipeline.
Brandon Levitan, a Director on MDP’s Technology & Government
team, added, “LinQuest is strategically aligned with the largest,
fastest-growing mission priorities across the U.S. Space Force,
Department of Defense, Intelligence community, and civil and
international space customers, and we know LinQuest will continue
to thrive and serve its customers well as part of KBR. It was
incredibly rewarding to partner with Greg and the entire LinQuest
team over the last six years, and we know that they will continue
driving innovation across the DoD and IC for years to come.”
Baird is serving as financial advisor to MDP and LinQuest and
Kirkland & Ellis LLP and Crowell & Moring LLP are providing
legal counsel.
About LinQuest Corporation
LinQuest is a National Security space leader that enables
defense and intelligence missions through advanced digital
transformation solutions and the development, integration, and
operation of mission-critical systems. With a legacy that spans 47
years, LinQuest’s 1,500-plus team members work side-by-side with
their customers to solve their most complex technical challenges,
drive innovation, and deliver fielded solutions for National
Security missions. More information can be found on the company's
website at www.linquest.com
About Madison Dearborn Partners
Madison Dearborn Partners, LLC (“MDP”) is a leading private
equity investment firm based in Chicago. Since MDP’s formation in
1992, the firm has raised aggregate capital of more than $31
billion and has completed over 160 platform investments. MDP
invests across various dedicated industry verticals, including
basic industries, financial services, health care, and technology
& government. For more information, please visit
www.mdcp.com
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Media:
For MDP and LinQuest: Deirdre Walsh / Deven Anand
H/Advisors Abernathy abmacmdcp@h-advisors.global 212.371.5999