Virginia
Businesses in the News
Mergers
and Acquisitions
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ITS Services Inc., a Springfield-based
provider of IT services, and Science & Engineering
Associates Inc. of New Orleans, a government services
solutions firm, plan to merge. The combined firm
will rank among the top 50 technology companies
serving the federal government. (01/22/04,
PRNewswire)
United States Marine Repair,
a subsidiary of Arlington-based defense contractor
United Defense Industries Inc., purchased the
Honolulu Shipyard for $16 million. The purchase
will make U.S. Marine Repair the largest private
supplier of repair and overhaul services for
naval vessels at Pearl Harbor. (01/20/04,
Business Wire)
Highland Hospitality Corp.,
a McLean-based real estate firm, acquired the
238-room Hilton Tampa Westshore Hotel for $29.5
million from RLJ Development, and assumed a $17
million mortgage on the asset as part of the agreement.
(01/09/04, PRNewswire)
McNeil Technologies, a management consulting
company headquartered in Springfield, acquired
Research and Evaluation Associates of Chapel
Hill, N.C. The company performs contracting
work with the Department of Labor similar to
work McNeil does for the Department of Energy.
The acquisition advances McNeil’s services
in policy research and program evaluation. (01/09/04,
Press release)
SRA International, a Fairfax IT services
provider to the federal government, agreed to
purchase ORION Scientific Systems, a New Beach,
Calif.-based provider of services and products
for national security and homeland defense.
(01/08/04, Press release)
New River Valley Radio Partners of Blacksburg
and Bedford Radio Partners reached agreement
to sell seven radio stations serving the Blacksburg
area to Cumulus Media, an Atlanta-based radio
company, for $7 million, payable at Cumulus’
option in cash or as shares of Class A common
stock. Cumulus also received $300,000 in working
capital as part of the transaction. (01/07/04,
Business Wire)
LandAmerica Financial Group, a real
estate services company headquartered in Richmond,
acquired Burbank’s Calif.’s Southland
Title Corp., the state’s largest independent
title and escrow company. LandAmerica previously
purchased Gateway Title in Southern California
in October. (01/06/04, Press release)
Bowers & Associates, a civil engineering
firm based in Leesburg, merged with Vollmer
Associates, a national engineering company headquartered
in New York. Bowers will operate as a division
of Vollmer. (01/05/04, Press release)
Stanley Associates, an Alexandria-based
IT services firm, acquired Fuentez Systems Concepts,
a Charleston, S.C. IT company. The acquisition
combines the network engineering and technical
support of Stanley with the advanced systems
engineering of Fuentez. (01/06/04, PRNewswire)
Hilb, Rogal & Hobbs. Co., an insurance
and risk management company, bought Casey, Wolfe
& Martin, a Dallas-based insurance firm.
(01/05/04, Business Wire)
SI International, a Reston-based
information technology firm, acquired MATCOM
International Corp., an IT and software
solutions company headquartered in Alexandria.
The move advances SI’s plans to broaden
its customer base and strengthen available services
for federal government clients. (12/18/03,
PR Newswire)
Highland Hospitality Corp.,
a McLean real estate investment trust, bought
three hotels for a total of $70.7 million -
the 250-room Portsmouth Renaissance Hotel
& Conference Center; the 300-room Sugar
Land Marriott Hotel & Conference Center,
Sugar Land, Texas; and the 176-room Virginia
Beach Town Center Hilton Garden Inn, Virginia
Beach. (12/22/03, PR Newswire)
Digital Support Corp.,
an information technology company based in Chantilly,
was bought by TechTeam Global, an IT and outsourcing
services firm in Southfield, Mich. DSC provides
TechTeam entrée into government markets
and expansion in data systems integration services.
The purchase price included $6.3 million, plus
another possible $2.5 million if certain conditions
of income and other objectives are met. (12/31/03,
PRNewswire)
Highland Hospitality Corp.
acquired the 351-room Hyatt Regency Savannah
Hotel in Savannah, Ga. for $50 million. Highland
intends to complete an overhaul of some of the
property’s facilities this year. (1/02/04,
PRNewswire) The company also bought the
252-room Plaza San Antonio Marriott for $32.5
million. (12/30/03, PRNewswire)
First Community Bancshares,
a $1.7 billion bank holding company based in
Bluefield, acquired PCB Bancorp of Johnson City
, Tenn., in an expansion of the company’s
operations in East Tennessee. PCB Bancorp has
$172 million in assets with total deposits of
$150 million. (1/02/04, Business Wire)
