An investment consortium including a firm backed by David Rubenstein’s family office has acquired the for-profit subsidiary of LMI, a Virginia-based government consulting group.

The deal, confirmed by Mergers & Acquisitions, was originally reported by the Washington Business Journal.

LMI has an interesting history. It was originally sponsored by the federal government when Secretary of Defense Robert S. McNamara sent a memo to President John F. Kennedy advising that great improvements in logistics management could be made with the establishment of a group of management specialists to aid the Department of Defense. Kennedy agreed and the Logistics Management Institute was born in 1961.

Declaration Partners, a New York-based investment firm backed by Rubenstein’s family office, joined Washington DC-based Capital Meridian Partners and New York-based 22C Capital in the purchase. Washington Business Journal is reporting the sale price to be around $350 million.

The business will retain the LMI name with about 2,100 employees. It will leave behind a non-profit unit consisting of about 10 people.

The deal is expected to close in the third quarter of this year.

KippsDeSanto & Co. advised LMI. Macquarie advised the buyers.