New Mountain Capital has acquired Camber. The company provides consulting services to the federal government in numerous fields, including information technology, engineering, training, and management. New Mountain acquired at least 70% of the company in an all equity deal.
The economic downturn has caused many PE firms to look for companies with a steady income stream from customers that won't be affected by the recession, like Uncle Sam. In the second half of 2008, there are over 40 deals involving companies that derive a portion of their revenue from government. Comparable deals to the Camber acquisition include The Carlyle Group's $2.5 billion acquisition of Booz Allen Hamilton's government contracting business and the Audax Group's acquisition of Andrews International.