CoVant
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New McLean-Based Investment Firm CoVant Makes First Acquisition
POTOMAC TECH WIRE -- March 5, 2008
McLean, Va. -- CoVant Technologies, a new McLean-based private equity partnership headed by former Anteon International CEO Joseph Kampf, said on Wednesday that it has made its first acquisition, buying Fredericksburg-based A-T Solutions. Financial terms of the deal were not disclosed. A-T provides services designed to help soldiers detect and defeat improvised explosive devices (IED) and weapons of mass destruction (WMD). A-T's management team will retain a "significant" equity stake in the company, and will continue to oversee its business. "I strongly believe that our partnership with CoVant will bring both the financial resources and highly relevant operational experience necessary to keep pace with our customers' needs," said Ken Falke, the founder and CEO of A-T Solutions.
CoVant, founded by former top executives of Fairfax-based Anteon International and New York-based CI Capital Partners, plans to invest in technology start-ups in the defense, homeland security and intelligence communities. CI Capital and CoVant's management have committed $200 million in equity to the new venture. It was CI that acquired Anteon in a $47.5 million leveraged buyout in 1996. Ten years later, the company was sold to General Dynamics for $2.2 billion.
http://www.a-tsolutions.com
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