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Snow Phipps Group Acquires ITSolutions

Snow Phipps Group, LLC, a New York-based private equity firm, today announced they have completed the acquisition of ITS Holding Company (“ITSolutions”), along with Mr. Stefan Lalos, Co-Founder and CEO of ITSolutions, from funds managed by The Edgewater Funds as well as current and former employees of ITSolutions. NEW YORK, July 7 /PRNewswire/ — Snow Phipps Group, LLC, a New York-based private equity firm, today announced they have completed the acquisition of ITS Holding Company ("ITSolutions"), along with Mr. Stefan Lalos, Co-Founder and CEO of ITSolutions, from funds managed by The Edgewater Funds as well as current and former employees of ITSolutions.  Mr. Lalos will continue to lead the company as CEO.

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ITSolutions, headquartered in Silver Spring, Maryland, is a leading information technology services provider to U.S. government civilian, national security, and intelligence agencies.  ITSolutions provides infrastructure operations, network engineering and architecture, information assurance, specialized relocation and engineering, program management, software development, and strategic planning to its customers with a focus on end-to-end IT solutions and complementary consulting services.

"We are very pleased to announce our partnership with ITSolutions," said Ian Snow, Snow Phipps’ Managing Partner.  "ITSolutions fills a valuable role providing outstanding service to government agencies. ITSolutions is led by a strong management team with a solid base of business and highly attractive growth prospects."

"We have enjoyed a terrific relationship with Edgewater and look forward to partnering with Snow Phipps in the next phase of our development," said Mr. Lalos.  "We are delighted to share our vision and build our business with the support of Snow Phipps.  We look forward to the strategic guidance they will provide to take advantage of the opportunities for both organic and acquisition oriented growth."

"Stefan Lalos and his team have built a company that is differentiated by its superior customer service and its strategic market positions," said Leif Soderberg, Snow Phipps Operating Partner.   "We have worked diligently to identify the right investment opportunity in the federal IT services marketplace and believe that our partnership with Stefan and Leif will result in the future growth and continued success of ITSolutions," added Snow Phipps Investment Partner Sean Epps.   

Mr. Soderberg will join ITSolutions as Non-Executive Chairman of the Board of Directors.  Mr. Soderberg brings extensive defense industry knowledge and experience to the position with more than 10 years at Motorola, Inc. in a range of senior positions including running  their Defense business and as Chief Strategy Officer and Head of Corporate Development.  Prior to joining Motorola, Mr. Soderberg was a Partner at McKinsey & Company, where he spent 15 years as a Management Consultant.

BB&T Capital Markets: Windsor Group acted as the exclusive financial advisor to ITSolutions.

About Snow Phipps Group, LLC
Snow Phipps is a New York-based private equity firm founded by Ian Snow and Ogden Phipps that seeks to acquire middle market businesses in attractive industries by leveraging the expertise of exclusive Operating Partners who are seasoned industry executives.

About ITSolutions, LLC
Established in October 2001, Interactive Technology Solutions (ITSolutions) is a privately held management and information technology consulting company.  ITSolutions employs over 500 professionals located in the Washington, DC metropolitan area. ITSolutions has consulted with over 19 government agencies and private companies by providing customers with expertise and solutions in the areas of program and project management, strategic planning, infrastructure operations, call center consulting, and network engineering and operations.

CONTACT: Steven Bruce, Pen Pendleton, Monica Everett, all of The Abernathy MacGregor Group, +1-212-371-5999

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