Westar Aerospace and Defense Group (“Westar”), a leading defense IT services company announced today $38 million of equity and debt financing led by the Edgewater Funds (“Edgewater”) with participation by Mesirow Financial’s Private Equity Division (“Mesirow Financial”). This investment allows the Company to complete its acquisition of ELMCO Incorporated (“ELMCO”), as well as provides substantial additional growth capacity.
Westar provides services to Department of Defense and defense industry customers in the areas of: simulation and modeling, information technology, systems engineering, acquisition program support, and logistics services. In addition, Westar has product businesses that manufacture aerospace filtration systems and flat panel display capital equipment. The Company was founded in 1986 and has grown consistently to a business with over 800 employees and $106 million in annual revenue.
“With ELMCO as our third acquisition plus the growth capital infusion and management leadership from Edgewater, we’re well on our way to achieve our vision in both revenue and market leadership terms,” according to Rob Topping, Westar’s President. “The Edgewater and Mesirow Financial team is an invaluable contributor to our strategy.”
“We are very excited to have the opportunity to invest in Westar,” said Jim Gordon, Managing Partner at the Edgewater Funds. “Westar fits squarely within Edgewater’s core investment philosophy to invest in high quality growth companies with superior management teams. These factors, as well as Westar’s breadth of services, excellent reputation and longstanding customer relationships help to propel what we feel is an exceptional investment opportunity.”
Westar used CIBC World Markets as its financial advisor for the investment.