The OÃ¢â‚¬â„¢Gara Group receives funds
CINCINNATI, Ohio - The OÃ¢â‚¬â„¢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 OÃ¢â‚¬â„¢Gara Group characterized the financing amount as significant, but declined to release the exact amount. The money is earmarked for future acquisitions.
Ã¢â‚¬Å“It is a substantial investment in The OÃ¢â‚¬â„¢Gara Group that allows us to begin acquiring other companies,Ã¢â‚¬Â according to Bill OÃ¢â‚¬â„¢Gara, chief executive officer of The OÃ¢â‚¬â„¢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. OÃ¢â‚¬â„¢Gara expects to complete an additional acquisition toward the end of this year.
For now, OÃ¢â‚¬â„¢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 OÃ¢â‚¬â„¢Gara Group may delve into the commercial security market, OÃ¢â‚¬â„¢Gara said, but not the residential or alarm side of the market.
The investment in The OÃ¢â‚¬â„¢Gara Group marks The Walnut GroupÃ¢â‚¬â„¢s first funding of a security-based company. Its investment was made through Walnut Investment Partners, L.P.