LMI, a provider of technology-enabled management consulting, logistics and digital & analytics solutions to the U.S. government, has agreed to sell its for-profit subsidiary to a consortium of investment firms: Declaration Partners (backed by the family office of David M. Rubenstein), Capitol Meridian Partners, and 22C Capital. The for-profit subsidiary will retain the LMI name. The remaining entity will be re-branded as nonprofit NobleReach Foundation™ and be a free-standing independent entity. Terms of the transaction, which is expected to close in Q3 2022, are not disclosed.
Doug Wagoner, LMI president and CEO, said, “This new partnership will better position LMI to innovate and support the missions of its government customers. Declaration, Capitol Meridian, and 22C bring an extensive knowledge of the government marketplace and a deep technology expertise, strengthening our ability to help our customers solve their complex challenges.” He added, “Our people are our greatest asset. This opportunity expands our ability to attract and retain the best talent while maintaining our winning LMI culture.”
“The federal government is in the early stages of a generational digital transformation of IT infrastructure. Under the proven and inspired leadership of Doug Wagoner, LMI is well-positioned to continue to be the technology solutions provider of choice to a range of government agencies,” said Adam Palmer of Capitol Meridian Partners, Elliot Wagner of Declaration Partners, and Eric Edell of 22C Capital.
They added, “We will support Doug and his team as they build on LMI’s rich 60+ year history of relationships in a cross-section of the federal government and accelerate the evolution of the platform into a digital-focused, tech-enabled solutions provider leveraging an in-house technology incubator to better serve its customers.”… Read the full release here.
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