A massive contractor that helps build a variety of technology products, including a smartphone, car and drone, has been bought by a new private equity firm.
Manpower Martin is one of the largest contractors working on new projects worldwide, according to data from 451 Research.
The company, which builds software for mobile phones, automotive, and other products, has contracts with a number of government agencies including the U.S. Department of Defense, the Federal Aviation Administration and the U,S.
The firm was founded in 2012 by John Mackenzie, a former executive at Hewlett-Packard, the company he co-founded.
In 2017, Mackenzie was tapped to become CEO of the company.
Manpack, which was founded by Mackenzie and is based in Virginia, had revenues of $1.8 billion as of June 30, 2018, according the company’s most recent proxy statement.
The acquisition of Manpack is subject to regulatory approvals.
The acquisition, which will provide the company with $250 million in capital, is expected to close in the second quarter of 2019, according Topper Capital Partners, a private equity group that acquired Manpack for $250.1 million in 2014.