NewSpring Holdings exits Avantus Federal

This article was first published by PE Hub.

QinetiQ US, a subsidiary of QinetiQ Group plc, a global defense and security company, has acquired Virginia-based Avantus Federal, a data, cyber and space services and solutions company. The deal was for $590 million. The seller is NewSpring Holdings.

"I am delighted that we have completed the acquisition of Avantus today - it is a strategic milestone in our five-year ambition to build an integrated global defense and security company, delivering innovation for our customers' mission," said Steve Wadey, group CEO of QinetiQ Group plc, in a statement. "This acquisition extends our customer base, strengthens our capabilities and builds scale in the largest defense and security market in the world. With a strong track record of 10%+ growth at attractive margins, Avantus is a brilliant strategic and cultural fit and positions us to meet the increasing mission-critical needs of our US defense and intelligence customers with agility and pace."

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