Aurora Capital Group is buying National Technical Systems Inc. (Nasdaq: NTSC) for about $267 million.
The purchase price works out to $23 per share. National Technical’s stock closed at $16.58 on Aug. 15, before the deal was announced.
National Technical, headquartered in Tinton Falls, N.J., provides product design consulting and testing services to the aerospace, defense, telecommunications and energy sectors.
The deal requires approval from NTS shareholders.
Aurora is a Los Angeles-based private equity firm that manages more than $2 billion in capital. The firm focuses on making control investments in middle market businesses. In June, the firm agreed to sell Adco Global Inc. to private equity firm Arsenal Capital Partners. Aurora is currently invested in Ames Taping Tools, DuBois Chemicals Inc. and Mitchell International Inc.
Houlihan Lokey served as National Technical’s special committee, while Sheppard Mullin LLP served as legal counsel to the committee. Gibson Dunn & Crutcher LLP acted as Aurora’s legal counsel.