EL SEGUNDO, Calif., Dec. 11 /PRNewswire/ -- Wyle Laboratories, Inc. announced today it has reached an agreement with Littlejohn & Co., LLC as a new financial partner.
Wyle is one of the nation's leading engineering firms specializing in high tech testing, life sciences and technical support services. As part of the agreement, Littlejohn, a private equity firm that invests in businesses with potential for superior growth, will acquire available stock in the privately held Wyle Laboratories, Inc. Littlejohn will also provide growth capital to support the company's growth initiatives.
In making this agreement, Gus Yiakas, chairman and CEO of Wyle, stated that this marks "an exciting new phase" in the long history of Wyle Laboratories. "Eight years ago we took the scientific portion of Wyle Laboratories private and during that time we have tripled its sales to $200 million annually," said Yiakas. "Our partnership with Littlejohn & Company will allow us to continue our growth and move the company toward our billion dollar goal. We look forward to working with Littlejohn and we are excited by its commitment to expanding the business. Our goal is to capitalize on the many opportunities we have under development and to become an even more important provider of high tech services and systems to many of the nation's most important industries."
Among Wyle's major milestones during the past several years include a 10-year award by NASA valued at $1 billion to provide life sciences and services to the shuttle and International Space Station; a 10-year award to provide launch support and other services at Cape Canaveral, Fla.; and the addition of commercial test laboratories in California's Silicon Valley region. The existing senior Wyle managers will continue in their current positions under the agreement.
Littlejohn & Co. LLC, of Greenwich, Conn, is a private investment firm that makes control equity investments in mid-sized companies that can benefit from its operationally oriented investment style. Founded in 1996, the firm manages investment funds totaling $730 million.
"We think this is a great opportunity to partner with the management of Wyle Laboratories and we look forward to working with management to create greater value," said Angus C. Littlejohn, Jr., chairman and CEO of Littlejohn & Company, LLC. "We're impressed with the technical depth of the company, with the management of Wyle and with their strategic plans to grow the business."
Yiakas credited Houlihan Lokey Howard & Zukin, an international investment bank specializing in mergers and acquisitions, financing, board advisory services and other financial advisory services, with helping initiate, structure and negotiate the agreement with Littlejohn.
Wyle, founded in 1949 and now with more than 1,500 employees at 13 major facilities across the nation, is a diversified high tech engineering company. The company provides life sciences services, technical support services, and aerospace and commercial test services. For further information, please contact Dan Reeder of Wyle Laboratories, Inc., +1-310-563-6728. Web site: http://www.wylelabs.com