Veritas Capital Completes Acquisition of McNeil Technologies
NEW YORK -- July 29, 2004 – The Veritas
Capital Fund II, L.P. (“Veritas Capital”) announced
today it has completed the acquisition of McNeil Technologies,
Inc. (“McNeil” or the “Company”),
a leading provider of intelligence, security and other professional
services to the U.S. military, national security, and Homeland
Defense markets. Terms of the transaction were not disclosed.
Since its founding in 1985, Springfield, Virginia-based McNeil
has established a strong presence within the U.S. Department
of Defense (DoD) and the intelligence community through its
four primary business offerings: (1) Language and Intelligence
Services; (2) Information Management; (3) Security Services;
and (4) Consulting Services. National security initiatives
accounted for 75% of McNeil’s 2003 revenues. Approximately
80% of McNeil’s 1,000 employees have security clearance.
Also in the Homeland Security sector, McNeil was one of only
three private contractors selected by the Transportation Security
Administration (TSA) to supply airport passenger and baggage
screeners under a two-year, nationwide pilot program.
“McNeil Technologies is playing a critical role in
the U.S. efforts in Iraq and is well positioned to assist
in U.S. Homeland Security initiatives,” said Robert
B. McKeon, founder and president of Veritas Capital. “We
are especially excited about the company’s prospects
given its strong position in the fast growing market for services
to the Homeland Security market. The company possesses a number
of mission critical services that will play a prominent role
in the infrastructure of our homeland defense.”
McKeon added, “James McNeil and his team have done an
outstanding job establishing and building this company, and
we look forward to working with them by providing the resources
and expertise to further enhance the Company’s growth
prospects.”
James L. McNeil, Founder and CEO of McNeil Technologies,
said, “This is a great opportunity for our company.
Based on its track record of success, I am confident Veritas
Capital will immediately enhance our ability to grow our business
organically and through future acquisitions. Partnering with
Veritas Capital will enhance our standing as an important
services provider to our national security clients.”
Aronson Capital Partners, LLC served as the exclusive advisor
and initiated and structured this transaction on behalf of
McNeil.
About McNeil Technologies
McNeil Technologies is a management consulting company with
18 years of experience and approximately 1,000 employees with
expertise in information management, consulting services,
language services and security services.
Since 1985, McNeil has been a premier provider of critical
professional services and reliable business solutions. Its
trained teams of professionals have backgrounds and credentials
in dozens of areas of expertise.
In 2000, McNeil was named the 247th fastest growing Small
Business in America by Inc. 500. Based in Springfield, Virginia,
McNeil has offices in 14 locations nationwide and an additional
14 worldwide. For more information, please visit www.mcneiltech.com.
About Veritas Capital
Veritas Capital is a private equity investment firm headquartered
in New York. Founded in 1992 by Robert B. McKeon, Veritas
invests in a broad range of companies through middle market
buyouts, growth capital investments and leveraged recapitalizations.
Through its investment funds, Veritas manages equity capital
committed from leading financial institutions, pension funds,
insurance companies, and high net worth individuals and families.
For more information, please visit www.veritascapital.com.
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