COLUMBIA, Md., Jan. 11 -- Essex Corp. announced it will acquire The Windermere Group LLC, a private company based in Annapolis, Md.. The acquisition is subject to customary conditions and is expected to close during the first quarter of 2005.
Windermere, with more than 370 employees, provides support to the US intelligence and defense communities, including video and audio surveillance equipment, information assurance and packaging and manufacturing services.
"I believe this acquisition will add depth and breadth to our technical capabilities and will expand our customer base and presence within the intelligence community," said Leonard Moodispaw, CEO and President of Essex.
In connection with the proposed acquisition, Essex has agreed to provide Windermere a bridge loan of $25 million to facilitate the purchase by Windermere of the equity interest of a minority shareholder. The loan is guaranteed by all of the remaining equity holders of the company and its subsidiaries and secured by their equity interests in the company. The loan is repayable with interest in the event that the acquisition is not completed by July 6.
Essex provides advanced optoelectronic imaging and signal processing services and products for US government intelligence and defense customers.
For more information, visit: www.essexcorp.com