Akima to Acquire Pinnacle Solutions

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Apr 10, 2023, 18:30 ET

Transaction will broaden Akima's support to aerospace and defense missions with differentiated training capabilities and technology solutions

HERNDON, Va., April 10, 2023 /PRNewswire/ -- Akima, LLC, a premier provider of products and services to federal agencies, today announced that it has entered into a definitive agreement to acquire Pinnacle Solutions, Inc. (Pinnacle), a leading provider of innovative training and sustainment products and services to defense customers around the globe.

Leveraging a highly skilled workforce, Pinnacle provides aviation operations and maintenance services; flight operations and training services; and develops state-of-the-art training products and services for air, ground, unmanned, and maritime platforms. The specialized capabilities offered by Pinnacle will complement Akima's portfolio and drive significant value for customers through broader delivery of operations and training capabilities.

"Akima and Pinnacle share a deep commitment to exceeding customer expectations and delivering exceptional value to our customers, employees, and shareholders," said Bill Monet, President and CEO of Akima. "Combining Akima's experience and technical expertise with Pinnacle's differentiated mission readiness capabilities will enable us to solve our customers' toughest challenges through innovative technology solutions."

Headquartered in Huntsville, Alabama, Pinnacle was founded in 2008 by Mike Durant, a retired Army aviator who was shot down while piloting an MH-60 Black Hawk during the Battle of Mogadishu in 1993. Mr. Durant serves as chairman on the company's board of directors.

"I founded Pinnacle with a vision for a company where mission-driven employees could bring their innovation, responsiveness, and flexibility to bear on our customers' most critical aerospace challenges," said Durant. "Joining Akima, which has a portfolio of complementary businesses and a similar culture, allows that vision to continue and serves the best interests of our employees and customers."

"This announcement represents an important milestone for Pinnacle and is a testament to our tremendous success and strong market position," said Tina Tucker, President and CEO of Pinnacle Solutions. "We look forward to leveraging Akima's expertise supporting critical missions across the federal government, enabling us to deliver stronger outcomes for our customers and increased opportunities for our employees."

Following the closing of the transaction, Pinnacle will operate as a wholly owned subsidiary of Akima. The transaction is subject to customary closing conditions and regulatory requirements. Terms of the transaction were not disclosed.

About Pinnacle Solutions
Headquartered in Huntsville, Alabama, Pinnacle is an innovative, solution-focused company providing advanced simulation and training solutions; flight operations and training services; training content development in virtual reality, augmented reality, and web-based systems; aircraft maintenance; and technical publications development and sustainment a wide variety of customers, including all Department of Defense components; Special Operations Forces; international militaries; and educational institutions. To learn more visit www.pinnaclesolutionsinc.com.

About Akima
Akima is a global enterprise with 9,500 employees, delivering solutions to the federal government in the core areas of facilities & ground logistics; information technology; aerospace solutions; protective services; systems engineering; mission support; furniture, fixtures & equipment (FF&E); and construction. As a subsidiary of NANA, an Alaska Native Corporation owned by more than 15,000 Iñupiat shareholders, Akima's core mission is to enable superior outcomes for our customers' missions while simultaneously creating a long-lived asset for NANA consistent with our Iñupiat values. In 2022, Akima ranked #29 on Washington Technology's Top 100 List and #56 on Bloomberg Government's BGOV200 List of top federal contractors. To learn more about Akima, visit www.akima.com.

Forward-Looking Statements Disclosure
Certain statements contained in this press release and in comments by our management include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning the acquisition of Pinnacle Solutions, Inc. and related matters, prospective performance and opportunities, post-closing operations and the expected benefits of the acquisition, as well as any other statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "could," "should," "forecasts," "expects," "intends," "plans," "anticipates," "projects," "outlook," "believes," "estimates," "predicts," "potential," "continue," "preliminary," or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. These forward-looking statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

SOURCE Akima