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GTCR eyes sale of Six3 Systems

22 Jul 2013

software2_lrgPrivate equity firm GTCR is reportedly looking to sell national security and defence business Six3 Systems, which has a price tag of $1bn.

The firm has hired Goldman Sachs Group and JP Morgan Chase to manage the sale process, which is currently in the first round of bidding, said Reuters, citing four sources familiar with the matter.

GTCR is hoping to sell the IT business for 12 to 14 times its current EBITDA of $70m, said the sources. Potential buyers include defence sector majors Lockheed Martin, Raytheon, Boeing, TASC and Booz Allen.

Six3 was founded by GTCR and former ManTech International president Robert Coleman.

Earlier this month it was reported that GTCR was targeting $3.25bn for its eleventh fund, which will focus on mid-market companies in North America.

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