Reston, Va.-based MAXIMUS announced March 9 it has signed a definitive agreement to acquire Acentia, a portfolio company of the Snow Phipps Group LLC, based in Falls Church, Va. The all-cash transaction is valued at approximately $300 million and is expected to close during the company’s fiscal 2015 third quarter and is subject to certain closing conditions.
“Acentia introduces new contract vehicles and capabilities that complement our existing business process management offerings and capabilities for government markets,” MAXIMUS CEO Richard A. Montoni said. “It also increases our ability to leverage technology, innovation, subject matter expertise and business development resources. By offering our U.S. federal customers a broader continuum of services from IT to business process management, we will be better positioned to meet increased demand for full-service providers at the federal level. The Acentia acquisition provides MAXIMUS with an additional growth platform, which is an important step in our long-term strategy to continue to grow our U.S. federal business and drive long-term shareholder value.”
“MAXIMUS is an outstanding company with a strong employee- and customer-centric culture,” Acentia CEO Todd Stottlemyer said. “I am excited about the opportunities this combination will present to Acentia’s employees and, very importantly, to helping our customers continue to meet their mission-critical challenges on programs of national significance. I cannot think of a better partner for Acentia and our employees than MAXIMUS.”
“MAXIMUS has been eyeing the federal health market for aggressive expansion and found the ideal candidate with Acentia’s large health care customer presence and attractive IDIQ portfolio,” KippsDeSanto & Co. Managing Director Robert D. Kipps said.
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