Versar, Inc. ("Versar"), a global project management company for the U.S. Federal government and commercial industries, announced today that it has acquired BayFirst Solutions, LLC ("BayFirst"). BayFirst provides network engineering, cybersecurity, and intelligence support to the U.S. government, serving primarily the Department of Homeland Security.
The acquisition of BayFirst is consistent with Versar's strategic focus of expanding and diversifying its capabilities in the information technology and intelligence services growth areas.
"The BayFirst name is synonymous with reliability, quality, and professional service for its clients including the Department of Homeland Security and other federal government agencies," said Dwane Stone, CEO of Versar. "We look forward to combining the businesses and further expanding BayFirst's reach across other departments and agencies where Versar does work today. BayFirst performs critical information technology and professional services on highly visible government programs and we are thrilled to bring BayFirst's strong credentials onto the Versar platform."
"We are energized by the opportunities created through this acquisition," said Robert Rice, BayFirst's President and Founder. "Versar's complementary customers and capabilities will allow us to expand our presence as a leader delivering innovative information technology and intelligence solutions to the U.S. government."
BayFirst will continue to be led by Kevin Gooch, CEO. Robert Rice, BayFirst's President and Founder, has joined Versar's Board of Directors.
An affiliate of Kingswood Capital Management, LP (together with its affiliates, "Kingswood"), a Los Angeles based private equity firm, acquired Versar in November 2017 in a complex take-private transaction.
G Squared Capital Partners served as the exclusive investment banker to BayFirst.
About Versar, Inc.
Founded in 1969, Versar, Inc. is a privately-owned program management business for federal, state, and local government clients as well as commercial customers. Versar is headquartered in Springfield, Virginia outside of Washington, D.C. and has three operating segments including Security Systems; Environmental Services; and asset-lite Program and Construction Management. Versar employs a team of engineers, scientists, and other subject matter experts that provide solutions in the harshest environments both domestically and internationally. For more information, please refer to the Versar website at www.versar.com.
About BayFirst Solutions, LLC
BayFirst Solutions, LLC is a management and engineering firm specializing in national security and defense, helping government clients implement programs that protect public safety and enhance homeland security initiatives. Founded in 2002 and headquartered in Washington, D.C., BayFirst has an award-winning history supporting customers with core capabilities that include Network Engineering; Agile Software Development, Testing & Quality Assurance; Cybersecurity & Information Assurance; Intelligence & Analytics; Program & Acquisition Management; and Engineering & Logistics. For more information, please refer to the BayFirst website at www.bayfirst.com.
About Kingswood Capital Management, LP
Kingswood Capital Management, LP is a private investment firm primarily focused on investing in businesses in transition. In addition to access to capital, Kingswood brings relevant industry relationships and a broad network of internal and external operating resources that can strengthen the businesses it partners with and enhance value. Kingswood has extensive experience with complex transactions where it provides tailored solutions that ensure the best outcome for all constituents. For more information, please refer to the Kingswood website at www.kingswood-capital.com.