Versar, Inc. acquires Professional Protection Systems, Ltd

Published:  04 February, 2010

Versar, Inc (NYSE Amex: VSR) announced today that it has acquired Professional Protection Systems, Ltd. (PPS).

PPS, located in Milton Keynes, United Kingdom, manufactures and sells proprietary personal protective equipment to the nuclear industry, including protective suits, decontamination showers, and emergency shelters.  PPS markets its products in over 30 countries and will expand Versar’s International presence in the protective equipment market.

The PPS acquisition will add approximately $5 million in annualized gross revenue to Versar’s base business and provide a strong platform to cross-market Versar’s and PPS’s combined product line in the United States and to International clientele.  The acquisition, completed primarily with cash, a note and an earn-out component, is expected to be accretive in the first year.

Dr. Ted Prociv, President and CEO of Versar, said, “The PPS acquisition is a high margin business with numerous synergies and upside that will make a positive impact to our ongoing business in the protective equipment market.  Revenue growth via acquisition has been a priority in our strategic planning and will continue to complement our organic growth.”

PPS’s management will remain intact and report to Peter Cooper, Versar’s National Security Group Senior Vice President.  Mark Whitcher, PPS’s Managing Director adds, “The opportunity to join forces with Versar was very compelling and will allow us to immediately leverage our joint distribution network and grow the business more rapidly than we could have alone.”

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