By Rich Laden email@example.com
Colorado Springs defense contractor Vectrus is expanding again, agreeing to pay $112 million to acquire a Virginia-based company that specializes in providing management and technology services for federal and defense industry clients.
Vectrus is buying Zenetex of Herndon, Va., near Washington D.C. It's the third acquisition for Vectrus since it was spun off in 2014 from Exelis, a defense and aerospace company.
Vectrus, a publicly held company that helps manage Department of Defense facilities and operations around the world, expects to finalize the acquisition this week, according to a Vectrus news release.
Its purchase expands the company's "integrated capabilities in logistics and supply chain, security, advanced engineering, IT (information technology) and international readiness solutions," the release says.
The deal also allows Vectrus to expand its content at client installations, facilities and bases via the addition of "mission-critical support services for vital defense aviation programs."
The privately held Zenetex has a long history of serving the U.S. Navy, intelligence community and foreign militaries, which account for over 80% of the company's revenue, the news release says.
"Zenetex broadens our reach into the intelligence community and expands our engineering and digital technology offerings, which is critical as we expand our capabilities to help our clients' transition to a more instrumented and converged approach to supply chain and facility management," Chuck Prow, Vectrus' president and CEO, said in the release.
Vectrus officials couldn't be reached for additional comment.