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North Charleston military container business sold |
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Tuesday, 07 October 2008 |
SCBIZ Daily Staff
CHARLESTON -- Gichner Systems Group, based in Dallastown, Pa., announced Monday its acquisition of Charleston Marine Containers Inc., a company on the former Navy base that manufactures specialty container systems for the U.S. military.
Terms of the sale were not disclosed. Gichner, which supplies tactical shelters to the military, said in a news release that the company will remain at its current location and continue operating under the same name.
“The acquisition of CMCI is a key element of Gichner’s growth plan,” company President and CEO Thomas Mills said. “The employees and operations in Charleston are impressive.”
The acquisition of Charleston Marine Containers will add 240,000 square feet of manufacturing capacity to the company’s rolls, Mills said, bringing total space to more than 600,000 square feet.
The acquisition also will bring total annual revenue to almost $100 million, with a funded contract backlog of about $70 million.
Altus Capital Partners LLC and Dunrath Capital Inc., along with Gichner management and other investors, provided the equity for the acquisition. Altus Capital and Dunrath Capital, as co-equity investors with Gichner management, acquired Gichner in August 2007.
“We expect many new products to evolve as a result of the combined research and engineering talent of the newly merged companies,” said Steve Beitler, senior managing director of Dunrath Capital and a retired Army officer.
Charleston Marine Containers previously was owned by Bermuda-based Sea Containers Ltd. The parent company filed for bankruptcy in October 2006 to achieve a financial restructuring process, according to Sea Containers’ Web site.
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