VSE Corporation Announces Mutual Agreement to Terminate the Sale of the VSE Federal and Defense Segment to Bernhard Capital Partners
28 9월 2023 - 6:30AM
Business Wire
VSE Corporation (NASDAQ: VSEC, "VSE", or the "Company"), a
leading provider of aftermarket distribution and maintenance,
repair and overhaul (“MRO”) services for air, land and sea
transportation assets for commercial and government markets,
announced today that it has entered into a mutual agreement to
terminate the agreement to sell the VSE Federal and Defense segment
to Bernhard Capital Partners (“BCP”), which was originally
announced on May 1, 2023.
The parties mutually agreed to terminate the agreement.
Necessary approvals and closing conditions to effectuate the
divestiture are no longer expected to be completed in a reasonable
amount of time, for reasons unrelated to VSE or BCP. No party will
be required to pay any termination fee as a result of the mutual
decision to terminate the agreement, and the parties will each bear
their respective costs and expenses. The VSE Federal and Defense
segment will remain in discontinued operations as the assets are
held for sale.
“While today's announcement is unexpected, we intend to continue
to pursue the divestiture of the Federal and Defense segment to
accelerate our growth strategies as a two-segment aftermarket
business,” stated John Cuomo, President and CEO of VSE Corporation.
“Our decision to terminate the agreement did not come lightly, but
we believe it provides a favorable opportunity for our team members
and shareholders to move more quickly and effectively toward the
sale of this business and its assets.”
“Since the May 2023 announcement of the strategic repositioning
of VSE, we have generated strong earnings and robust above-market
revenue growth in both our Aviation and Fleet segments and acquired
a market-leading aerospace distribution and MRO business,
furthering the strategic focus on high-growth, higher-margin
commercial aftermarket business opportunities. We look forward to
sharing new business updates and our third quarter results in the
coming weeks," Mr. Cuomo concluded.
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair
services for air, land and sea transportation assets for commercial
and government markets. Core services include MRO services, parts
distribution, supply chain management and logistics, engineering
support, and consulting and training services for global
commercial, federal, military and defense customers. VSE also
provides information technology and energy consulting services. For
additional information regarding VSE’s services and products, visit
www.vsecorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains statements, which are included in
accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and may involve known and
unknown risks, uncertainties and other factors that may cause VSE’s
actual results and performance in future periods to be materially
different from any future results or performance suggested by the
forward-looking statements in this document. Although we believe
the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, we can give no assurance that
actual results will not differ materially from these expectations.
“Forward-looking” statements, as such term is defined by the SEC in
its rules, regulations and releases, represent our expectations or
beliefs, including, but not limited to, statements relating to
future business opportunities and conditions, as well as the
expected timing of any sale of the Federal and Defense segment or
the assets related thereto, the anticipated benefits of any
disposition of the Federal and Defense segment or the assets
related thereto and the use of the proceeds therefrom, the
anticipated benefits of the strategic repositioning of the Company
and the related strategic repositioning to the Company’s future
financial results. Without limiting the generality of the
foregoing, words such as “may,” “will,” “expect,” “believe,”
“anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,”
“project,” “could,” “estimate,” “might,” “continue,” “seeking” or
the negative or other variations thereof or comparable terminology
are intended to identify forward-looking statements. These
statements, by their nature, involve substantial risks and
uncertainties, certain of which are beyond our control, and actual
results may differ materially depending on a variety of important
factors, including, but not limited to, our ability to execute upon
any sale of the Federal and Defense segment or any assets related
thereto, our strategic repositioning of the Company, risk related
to the performance of the aviation aftermarket, global economic and
political conditions, prolonged periods of inflation and our
ability to mitigate the impact thereof, our dependence on
third-party package delivery companies, risks related to technology
security and cyber-attack, risks related to our outstanding
indebtedness, and the other factors identified in our reports filed
with the SEC including our Annual Report on Form 10-K for the year
ended December 31, 2022. All forward-looking statements made herein
are qualified by these cautionary statements and risk factors and
there can be no assurance that the actual results, events or
developments referenced herein will occur or be realized. Readers
are cautioned not to place undue reliance on these
forward-looking-statements, which reflect management’s analysis
only as of the date hereof. We undertake no obligation to update or
revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes to future
operating results.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230926444472/en/
Michael Perlman VP, Investor Relations & Communications
(954) 547-0480 investors@vsecorp.com
VSE (NASDAQ:VSEC)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
VSE (NASDAQ:VSEC)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024