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LMI to Sell For-Profit Subsidiary

LMI, a provider of technology-enabled management consulting, logistics and digital & analytics solutions to the U.S. government, has agreed to sell its for-profit subsidiary to a consortium of investment firms: Declaration Partners (backed by the family office of David M. Rubenstein), Capitol Meridian Partners, and 22C Capital. 

The for-profit subsidiary will retain the LMI name. The remaining entity will be re-branded as nonprofit NobleReach Foundation™ and be a free-standing independent entity. Terms of the transaction, which is expected to close in Q3 2022, are not disclosed.

Doug Wagoner, LMI president and CEO, said, “This new partnership will better position LMI to innovate and support the missions of its government customers. Declaration, Capitol Meridian, and 22C bring an extensive knowledge of the government marketplace and a deep technology expertise, strengthening our ability to help our customers solve their complex challenges.” He added, “Our people are our greatest asset. This opportunity expands our ability to attract and retain the best talent while maintaining our winning LMI culture.”

“The federal government is in the early stages of a generational digital transformation of IT infrastructure. Under the proven and inspired leadership of Doug Wagoner, LMI is well-positioned to continue to be the technology solutions provider of choice to a range of government agencies,” said Adam Palmer of Capitol Meridian Partners, Elliot Wagner of Declaration Partners, and Eric Edell of 22C Capital.

They added, “We will support Doug and his team as they build on LMI’s rich 60+ year history of relationships in a cross-section of the federal government and accelerate the evolution of the platform into a digital-focused, tech-enabled solutions provider leveraging an in-house technology incubator to better serve its customers.”

Founded in 1961 to help the Department of Defense resolve complex challenges, LMI provides digital services, advanced analytics, logistics, and management advisory services across the federal government, including the Department of Defense, the Department of Homeland Security, and the health and intelligence communities.

The Honorable Lisa Disbrow, LMI’s chair, commented, “The evolution and separation of LMI and NobleReach Foundation™ is a necessary force multiplier that accelerates the opportunity to realize LMI’s mission and charter—driving greater value for employees, government, and society through two unique, exceptional organizations.”

KippsDeSanto & Co. served as the M&A advisor to LMI, and Macquarie served as M&A advisor to the investors. The investors were also advised by Latham & Watkins, Sidley Austin, and Paul Weiss on various aspects of the transaction.

This change prompted some promotions within LMI’s Homeland Security team, including Scott Recinos to senior vice president, and Audra Upchurch and Melissa Wright to vice presidents.

From 2009 until May 2019, Scott supported the United States Border Patrol (USBP) as the chief engineer for its program management office, which plans, designs, constructs, and maintains USBP border security technology and tactical infrastructure. Scott oversaw the engineering planning and design of this multibillion-dollar portfolio and managed the development and maintenance of USBP’s design standards for tactical infrastructure.

Audra has spent her career helping federal clients accomplish their missions. After over a decade as an environmental specialist Audra transitioned into various management roles at LMI.

Prior to LMI, Melissa spent more than eight years in strategy and operations at Deloitte, supporting delivery of budgetary, financial, and program management solutions to DHS and federal civilian agencies. In her final role, she served as account manager of a customer portfolio worth more than $100 million.

Read the announcement at LMI

Homeland Security Todayhttp://www.hstoday.us
The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.

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