Praxis Products Acquired by Technology Service Corporation

Transactions

Share:

Chesapeake Corporate Advisors Serves as Exclusive Financial Advisor

Baltimore, MD – November 2, 2021 — Chesapeake Corporate Advisors (“CCA”) is pleased to announce that it has served as exclusive financial advisor to Praxis Products, LLC in its sale to Technology Service Corporation (“TSC”), an employee-owned, high technology company primarily engaged in providing engineering services and products to the U.S. Government. Their services involve support of systems throughout their life cycles from advanced concept development through operational support.

Praxis Products is a premier solutions provider for SIGINT and wireless applications with advanced capabilities meeting unique mission needs. As a trusted partner of defense and law enforcement agencies, Praxis Products enables TSC to continue its expansion of mission-critical products and solutions.

TSC has supported Federal Government, commercial, and international customers for over 50 years. Their government customers include the U.S. Military Services, Defense Agencies, and the Federal Aviation Administration. TSC maintains offices in 11 locations nationwide.

Charlie Maskell, Managing Partner of CCA commented, “We are delighted that we were able to help the Praxis Products team find the right partner for the Company’s next phase. Mike Zuidema and the CCA team have worked with Praxis Products over the last several years to position the company for combination with the appropriate strategic partner.”

Jeremy Kaufman, the President of Praxis Products said, “As we prepared to bring Praxis Products to market, Charlie and the CCA team worked tirelessly to craft the process and value proposition, which maximized our probability of success in finding the right corporate partner. They really listened to what was important to us as a management team, to our corporate story, and developed unique solutions to the challenges that always arise during these types of transactions. Without CCA as our partner in this process I do not believe we would have achieved the same quality outcome. As a result, I, and the rest of the Praxis Team, could not be more pleased to now be a part of TSC. When we spoke with potential partners in the marketplace it was immediately obvious that TSC shared our corporate values of customer success, personnel success, and technical excellence. Furthermore, TSC’s products and technical competencies mesh very well with our own and will allow us to bring exciting new capabilities to both our present and future customers.”

Bill Dunahoo, a founder of Praxis Products, commented that “Our goal was to find a compelling destination for the FASTRAKTM product line and our outstanding engineers. For many reasons, we are very confident that TSC is the perfect buyer.”

Brandon Wolfson, President/CEO of TSC said “Praxis Products is an exciting addition to the TSC team that brings a wealth of subject matter expertise for wireless and SIGINT solutions, with a complementary set of hardware and software solutions. With their mission-focused mindset and proven understanding of how to engineer and transition solutions for critical needs, they fit well with TSC’s culture and provide support for TSC’s multi-domain, integrated hardware, and software solutions.”

Their family of products, called FASTRAKTM, is critical in solving missions for customers around the world. FASTRAKTM is a single software baseline and open software interface running across multiple hardware configurations to provide unmatched capabilities for detection, collection, precision geolocation and analysis of multiple signals and targets.

The CCA transaction team consisted of Charlie Maskell, Mike Zuidema, and Meghan Daley. Paul Evelius of Wright Constable & Skeen served as legal counsel to Praxis Products. Holland & Knight served as legal counsel to TSC.

About Chesapeake Corporate Advisors

Chesapeake Corporate Advisors, LLC (“CCA”) is a boutique investment banking and corporate advisory firm, founded in 2005, committed to serving investor-owned and closely held emerging growth and middle market companies. CCA provides strategic advisory services (value creation), investment banking services (value realization), and valuation & financial opinions to companies with revenues generally between $10 million and $200 million. For more information about Chesapeake Corporate Advisors, please visit the website at www.ccabalt.com or call 410.537.5988.

Related Insights

Macroeconomic Quarterly Update (Summer 2024)

Macroeconomic Quarterly Update (Summer 2024)

CCA tracks the following 14 economic datapoints, which are some of the common indicators used to monitor the status of the macro economy. A few key takeaways that CCA is monitoring are: Fed officials have kept rates steady despite promising data in recent months. The...

read more

Subscribe to CCA for more Insights & Recent Transactions

Reach Out to a CCA Advisor

Whether you’re curious about your options or are ready to start with the valuation process, our team is here to help!