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COLORADO SPRINGS, Colo., Oct. 30, 2020 /PRNewswire/ -- The O'Neil Group Company, LLC announced today that it has entered into a definitive agreement on behalf of investors to sell Braxton Science & Technology Group, LLC ("Braxton") and its subsidiaries for approximately $300 million in cash to Parsons Corporation (NYSE: PSN). Headquartered in Colorado Springs, CO, The O'Neil Group Company ("OGC") oversees a diversified portfolio of operating companies and real estate investments, which includes Braxton as a spotlight of its portfolio growth and success over the past decade-plus. The sale of Braxton encompasses 5 of the 7 defense entities making up the defense portion of businesses owned and managed by OGC. OGC will shift its resources to focus on continued growth and investment in businesses, real estate and the community in which it operates.
Braxton, headquartered at the Catalyst Campus for Technology & Innovation in downtown Colorado Springs, added more than 300 employees and grew revenue by 25 times since being acquired by the investment group coordinated by, and subsequently managed by, the O'Neil Group. "This was one of our better exits considering that the original investors realized a 9-times return on their investment," said Keven O'Neil, OGC's owner and CEO.
Braxton operates at the forefront of satellite operations, ground system automation, flight dynamics, and spacecraft and antenna simulation for the U.S. Department of Defense and Intelligence Community. These capabilities position Parsons to Capitalize on the quickly evolving space missions of its national security space customers and address rapid market growth driven by proliferated low earth orbit (LEO) constellations, small satellite expansion, and space cyber resiliency. Braxton has specific domain expertise with the U.S. Air Force's Enterprise Ground Services (EGS) effort: a next generation architecture that will unify spacecraft ground control operations across multiple major government agencies.
"The combination of Braxton's leading defense capabilities, and decades of trusted customer relationships, combined with Parsons' global scale, cross-industry experience, and disruptive mindset creates a leading space technology provider," said Ken O'Neil, President of Braxton. "We're excited to join an organization known for their entrepreneurial spirit, agility, culture of innovation and inclusivity, and successful track record of mergers, acquisitions, and integrations. Parsons is a large company with the operational agility of a smaller organization, which attracted us to them and gives us confidence in our future success together."
About the O'Neil Group Company:
At the O'Neil Group Company, we acquire businesses and grow their profitability for our individual and institutional investment partners. Our proven track record for success is born in part from our passion for business, deep market knowledge and our ability to see opportunities where others cannot.
Investor Relations Contact:
+ 1 719-445-5054
SOURCE The O'Neil Group Company