Madison Dearborn Partners and CoVant Management acquired LinQuest, a space systems technology solutions provider to the U.S. defense and intelligence communities. CEO Dr. Leon Biederman will retain a significant minority ownership position in and will continue to lead the company. Financial terms of the transaction were not disclosed.
As part of the transaction, Bank of America Merrill Lynch provided a credit facility to support the company’s continued growth.
“LinQuest is a unique, differentiated technology company serving critical national security programs in the growing space market,” said Matt Norton, a managing director on MDP’s Business & Government Software & Services team. “Maintaining U.S. space superiority and ensuring the resilience of our nation’s space-based defense and intelligence technology infrastructure have become heightened government priorities addressing global threats, and we look forward to working with LinQuest’s experienced management team and talented employees to drive the company’s growth.”
Los Angeles-based LinQuest designs, develops and delivers state-of-the-art engineering and advanced technology solutions to command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) programs of national importance.
MDP is a private equity firm that invests across a broad spectrum of industries, including business and government software and services, while the CoVant team has expertise in acquiring and growing companies in the federal government technology marketplace.
Baird served as LinQuest’s financial advisor with Alston & Bird, Squire Patton Boggs and Drinker Biddle & Reath serving as legal advisors. Kirkland & Ellis and Crowell & Moring served as legal advisors to MDP and CoVant.
Chicago-based Madison Dearborn Partners is a private equity investment firm.
