AE Industrial Partners is acquiring CDI Corp. (NYSE: CDI), a provider of engineering technology and managed staffing services, in a premium transaction valued at approximately $155 million. The target will become privately-held at the close of the deal.
Headquartered in Philadelphia, Pennsylvania, CDI provides engineering services to businesses in the energy, chemicals, industrial and aerospace, education, and infrastructure sectors. The target provides its clients with a variety of services, including: outsourced and up-front project planning, infrastructure and ship design, naval and aviation engineering, and construction management. CDI touts municipal and state government agencies among its list of clients, including the U.S. Department of Defense. The target operates from four business segments: enterprise talent, specialty talent and technology solutions, engineering solutions, and MRI. The deal, which comes after the target’s board of directors began seeking sale opportunities in March, is expected to close in the third quarter of 2017.