Press Release
October 1, 2020

Holland & Knight Advises DLH in Health Technology Acquisition and Related $95 Million Financing

TYSONS, Va. (September 8, 2020) – Holland & Knight advised DLH Holdings Corp. (NASDAQ: DLHC), a leading provider of innovative healthcare research, services and solutions to the federal government, in its $32 million acquisition of privately-held Irving Burton Associates, LLC (IBA). DLH financed the acquisition through an amendment to its existing secured credit facility. The acquisition was announced on Oct. 1.

Virginia-based IBA employs approximately 115 employees and provides research, systems development and other technology-enabled solutions to the Defense Health Agency, Telemedicine & Advanced Technology Research Center of the U.S. Army's Medical Research and Development Command, and other agencies within the U.S. Department of Defense.

DLH, which is headquartered in Atlanta, has approximately 2000 employees serving numerous federal government clients throughout the United States and abroad.

Financing for the acquisition was provided by a credit facility comprised of a syndicated term loan of $70 million and revolving credit facility of $25 million. First National Bank of Pennsylvania acted as agent, and F.N.B. Capital Markets and M&T Bank acted as joint lead arrangers.

Holland & Knight Partner Adam August and Associate Lauren Benny represented DLH in the financing and acquisition.

More information about the transaction can be found here.

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