Aurora Capital Group completes acquisition of National Technical Systems
Los Angeles-based private equity firm Aurora Capital Group has closed its acquisition of National Technical Systems (NTS). A provider of testing, inspection and certification solutions, NTS serves leading corporations and government-sponsored research and testing firms across the nation. The acquisition of all the outstanding securities of NTS was made through an affiliated entity of Aurora at a cash price of USD 23 per share, at a 39% premium to the closing price of NTS on August 15. This was the trading before the announcement was made that NTS had signed a merger agreement with the affiliate of Aurora.
As part of the deal, NTS President and Chief Executive Officer William C. McGinnis and the rest of the management team of NTS will continue to run the firm's operations under the ownership of Aurora.
McGinnis said about the acquisition, "This marks the beginning of a new and exciting chapter in the history of NTS. We see Aurora as a new partner with proven expertise in many of the markets we serve and with the shared goals of delivering world-class technology, innovation and service to our customers and making NTS a thriving, prosperous company. We look forward to working with Aurora and calling upon its expertise and operating resources to help extend our market leadership and build NTS into a significantly larger and more profitable company."
Aurora Capital Group Partner Michael J. Marino said they had been impressed with NTS and believes that company fits the investment practice of the private equity firm. "Aurora has a long track record of supporting industry-leading companies through transformational periods of growth. NTS is a hand-in-glove fit with our governance program and strategic resources, and we are enthusiastic about backing the company as it enters the next phase of its journey," he added.
Aurora Capital Group has more than USD 2 billion of assets under management.