UK’s Ricardo agrees to acquire Control Point
UK-based engineering firm Ricardo has agreed to acquire Control Point in a bid to expand its presence in the US.
As part of the $10.2m deal, Control Point will become a fully owned subsidiary of Ricardo Defense Systems.
Ricardo Defense Systems president Chet Gryczan said: “The acquisition of Control Point offers very valuable synergies with our defence business in the US and international markets.
“As a combined team, we now have an arguably unparalleled range of expertise that will enable us to deliver all aspects of system engineering and integration, software and product development, and full product lifecycle support for our customers.”
The acquisition will bring expanded vehicle engineering capabilities, expertise in distributed software-based systems and fleet management technologies to Ricardo.
Ricardo will also benefit from Control Point’s expertise in command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) systems, and in the integration of electronic systems targeted for combat environments.
Control Point president and CFO Ed Marcarelli said: “Together, we will leverage Ricardo’s full-system trade software and subject matter experts in mobility system designs, to produce high-performance combat vehicle architectures and to build systems that predict and isolate failures to reduce maintenance costs.”
Subject to regulatory approvals, the acquisition is expected to be completed by 1 September this year and will be funded from the existing bank facilities of Ricardo.
Ricardo is involved in the design, engineering, manufacture and through-life upgrade of land-based military vehicles for UK armed forces, as well as those of other friendly nations across the globe.
Its North American defence business operates under Ricardo Defense Systems, facilitating opportunities for collaboration with US manufacturers and government agencies on defence-related vehicle technology development and engineering projects.