LA-based private equity firm Aurora Capital Group has acquired National Technical Systems (NTS), a provider of testing, inspection and certification solutions.
Aurora acquired NTS through an affiliated entity, which acquired all of the outstanding securities of NTS for USD23.00 per share in cash, which represents a premium of approximately 39 per cent to NTS's closing stock price on 15 August 2013.
NTS's shares of common stock have ceased trading on the Nasdaq Global Stock Market.
Michael J Marino, partner of Aurora Capital Group, says: "We have long been impressed with the capabilities that NTS and its founders have built over decades of technological leadership and believe that NTS is an excellent fit with Aurora's investment practice. Aurora has a long track record of supporting industry-leading companies through transformational periods of growth. NTS is a hand-in-glove fit with our governance program and strategic resources, and we are enthusiastic about backing the company as it enters the next phase of its journey."
NTS president and chief executive William C McGinnis, says: "This marks the beginning of a new and exciting chapter in the history of NTS. We see Aurora as a new partner with proven expertise in many of the markets we serve and with the shared goals of delivering world-class technology, innovation and service to our customers and making NTS a thriving, prosperous company. We look forward to working with Aurora and calling upon its expertise and operating resources to help extend our market leadership and build NTS into a significantly larger and more profitable company."
NTS operates one of the largest networks of test laboratories in North America. Its customers include corporations and government-sponsored research and testing entities. McGinnis, along with the rest of his management team, will continue overseeing NTS's operations under Aurora's ownership.
Senior financing for the transaction was provided by Golub Capital.
