Although financial terms of the deal were not disclosed, Behrman Capital typically invests $25m to $100m of equity in businesses with revenue ranging from $30m to $200m, according to its website.
Tresys is based in Columbia, Maryland and offers services and products that address computer network defense, focusing primarily on platform security, assured information sharing and security engineering.
The company has built its business at the intersection of Linux and information security, two of the fastest growing markets in the IT sector, and is a widely-recognised expert in Security Enhanced Linux, Behrman said in a statement.
Tresys began as a security engineering services provider and today also offers products and tools to support a range of cybersecurity purposes.
“Tresys has successfully bridged the gap between the high-assurance government and critical infrastructure markets,” Behrman Capital managing partner Grant Behrman said in the statement.
“We are confident that its current capabilities and infrastructure, product portfolio and outstanding customer relationships will provide a strong foundation for substantial operational and financial growth.”
Tresys CEO Gary Latham added, “Under Behrman’s ownership, we will be able to more fully develop our sales and marketing organisation, continue to expand our technology portfolio and achieve the scale to compete as a prime contractor for critical cybersecurity initiatives in government and critical infrastructure.”
Behrman operating partner Peter Pace will serve as the chairman of the Tresys board of directors as part of the deal.
Goodwin Procter acted as legal counsel to Behrman Capital for the transaction.
Womble Carlyle Sandridge & Rice acted as legal counsel to Tresys. While White Peak Capital acted as the company’s financial advisor.
Behrman recently hit the headlines when Canada Pension Plan Investment Board committed $654m to a newly created $1bn fund Behrman set up to buy five of its own portfolio businesses from Behrman Capital III, which closed in 2001.
The Behrman Capital PEP fund allows investors in Behrman Capital IV to see their investments fully mature, while around 25 per cent of aggregate commitments to PEP are devoted to bolt-on deals in the existing portfolio and select new platform investments.
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