The O’Gara Group receives funds

CINCINNATI, Ohio - The O’Gara Group, a company created to pursue acquisitions in the security and defense market, has received financial backing from investment firm The Walnut Group. Company officials at The O’Gara Group characterized the financing amount as significant, but declined to release the exact amount. The money is earmarked for future acquisitions. “It is a substantial investment in The O’Gara Group that allows us to begin acquiring other companies,” according to Bill O’Gara, chief executive officer of The O’Gara Group. Already, the company has made one purchase. In September of 2003, it bought Specialized Technical Services, a producer of night vision equipment and a company with about $10 million in annual sales. O’Gara expects to complete an additional acquisition toward the end of this year. For now, O’Gara said its focus is on buying companies that serve the counter-terrorism and low intensity conflict markets, such as the government and businesses with a global presence. Eventually, The O’Gara Group may delve into the commercial security market, O’Gara said, but not the residential or alarm side of the market. The investment in The O’Gara Group marks The Walnut Group’s first funding of a security-based company. Its investment was made through Walnut Investment Partners, L.P.