Sotera to become pure-play national security technology solutions provider
HERNDON, Va., Oct. 29, 2014 /PRNewswire/ -- Sotera Defense Solutions (Sotera), a provider of mission-critical http://www.soteradefense.com/capabilities/, technology-based systems, solutions and services for U.S. government programs, today announced that Outdoor Venture Corporation, a prime supplier and contractor of military tent systems, components and accessories to the U.S. Department of Defense, has purchased Sotera's Engineered Solutions (ES) division. Terms of the transaction were not disclosed.
Based in Easton, MD, the ES division delivers services and components for expeditionary systems such as field kitchens and sanitary equipment for the U.S. military. It represents a small legacy portion of Sotera's overall business today.
"We would like to acknowledge the proud past and present achievements of the Engineered Solutions team in support of its U.S. military customers and combat missions," said Deb Alderson, Chairman and CEO of Sotera Defense Solutions. "This transaction allows Sotera to become a leading pure play national security technology solutions provider focused on accelerating its growth in our customer's critical national security, intelligence and law enforcement missions. Sotera's strong recent business momentum is being driven by our long-term success in delivering superior solutions to our customers, which we have seen through a number of recent large prime contract wins. We have built a strong and growing pipeline of new opportunities and are very excited about how well positioned Sotera is for continued growth in the future."
"Outdoor Venture is dedicated to serving our troops with essential field equipment, and this acquisition will enhance our ability to provide offerings, services and components to the U.S. Department of Defense," said JC Egnew, President of Outdoor Venture Corporation. "Engineered Solutions has supported the military for decades and we look forward to working together to deliver for our customers."
About Sotera Defense Solutions
Sotera is a national security technology partner to the United States government known for its agility and innovative solutions that enable national security, intelligence and law enforcement missions. It focuses on delivering essential counterterrorism, cyber operations, intelligence, data analytics, C4ISR and force mobility solutions to the Intelligence Community, Department of Defense, Department of Homeland Security and federal law enforcement agencies charged with ensuring America's safety and security. The company, headquartered in Herndon, VA, has over 40 years of experience working with the U.S. government and employs an extensive talent pool of science and technology professionals.
About Outdoor Venture Corporation
Since 1972, Outdoor Venture Corporation (OVC) has manufactured and supplied a wide range of products including tents, both commercial and military, sleeping bags, and hunting products. The company was also one of the first suppliers of automotive air bags in the United States. OVC has received numerous awards for innovative design changes resulting in millions of dollars of savings to the United States military procurement program. In 2012, OVC expanded its shelter market into the rigid wall shelters area through an acquisition of the assets of a company that manufactured steel insulated panels (SIPs). The SIPs (iPanel®) can be used for the construction of walls, floors, and roofs enabling buildings to be built stronger, faster, and more energy efficient (R Factor 24-27).
Over the next two years, OVC expects to create about 50 primarily engineering and manufacturing jobs in Stearns, KY.
Kentucky Highlands Investment Corporation helped OVC with the above acquisitions by providing transitional financing, technical assistance on how to structure the financing and general business acquisition expertise. It has worked with OVC since the company was founded more than 40 years ago by providing financing and other assistance.
Kentucky Highlands Investment Corporation, founded in 1968 to stimulate economic growth in nine counties in Southern and Eastern Kentucky, now serves 22 counties in the region and has created more than 18,000 jobs. For more information, visit http://www.khic.org.
CONTACT:Matt Talbot 1-703-230-8257
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SOURCE Sotera Defense Solutions
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