Blue Fire Equity builds out defense-intel holdings with Jovian Concepts acquisition
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By
Nick Wakeman
This is the private equity firm's first acquisition as it targets prime contractors serving classified customers.
Blue Fire Equity has added its first platform to launch its portfolio through the acquisition of Jovian Concepts, a provider of technical services to the U.S. defense and intelligence community.
Terms of the acquisition announced Monday were not disclosed.
Jovian Concepts was founded in 2007 and has focused on delivering engineering, technical, and operational solutions to national security and federal customers.
USASpending.gov does not list any revenue for Jovian, but that is to be expected given that its customer base is highly-classified.
Blue Fire Equity's website says the group invests in companies generating annual revenue of $10 million-to-$20 million and have customers in intelligence, defense and select civilian agencies. The firm also looks companies that are prime contractors.
"Jovian Concepts stands apart from others because of its care for its people, customers, and mission," Farrah Holder, managing partner of Blue Fire, said in a release. "Our priority is to protect and build on its strengths and people-first culture as cornerstones for continued success."
Richard Scheper, president and CEO of Jovian, said the company was drawn to Blue Fire as a private equity investor because of its collaborative approach.
“This partnership maintains our ability to perform at the highest standards for our customers while creating new opportunities for our employees,” he said.
Evergreen Advisors Capital was financial adviser to Jovian, whose legal counsel was Zarren Law Group. Pillsbury Winthrop Shaw Pittman provided legal counsel to Blue Fire.