VTG (formerly VT Group)is a privately held United States defense and services company, with its origins in a former British shipbuilding group, previously known asVosper Thornycroft.The British part of VTG was integrated intoBabcock Internationalin the early 2010s. In July 2012, The Resolute Fund II, LP, an affiliate of The Jordan Company acquired VTG. In September 2023, VTG received a new majority investment from A&M Capital Partners.
 | |
| Company type | Wholly owned subsidiary |
|---|---|
| Industry | Maritime, Aviation, Information Systems and Technology, Manufacturing and Fabrication, IT, Engineering, Infrastructure & Installation, Unmanned, Logistics & Training, Base Operations, Healthcare, Hospitality, Commercial, Government Solutions, Security & Surveillance, DoD |
| Predecessor | Vosper & Company John I. Thornycroft & Company |
| Founded | 1866 |
| Headquarters | Chantilly, Virginia |
Key people | John Hassoun (CEO) |
| Owner | VT Holdings, Inc. |
| Subsidiaries | VT Milcom Inc. VT Services Inc. VT Aepco Inc. VT Griffin Inc. National Technologies Associates, Inc. Delta Resources, Inc. Intelligent Shift, LLC Advanced Systems Supportability Engineering Technologies and Tools (ASSETT) Next Rev Technologies, Inc. Vana Solutions Clear Cloud |
| Website | vtgdefense |
History
editVT Group plc was a British defence and services company, formerly known as Vosper Thornycroft. The company had diversified from shipbuilding into various engineering and support services, becoming involved in many areas of provision through five main operating groups:VT Communications,VT Education and Skills, VT Services Inc and VT Support Services. VT Group exited the shipbuilding industry in October 2009, after selling its 45% share of the Shipbuilding Joint Venture companyBVT Surface FleettoBAE Systems.Formerly listed on theLondon Stock Exchangeand a constituent of theFTSE 250 Index,the remainder of the firm was acquired by Babcock International Group in July 2010.[1]
The company was formed by the merger of two shipbuilding companiesVosper LimitedofPortsmouthandJ I ThornycroftofWoolston,Southamptonin 1966, at which time the Company became listed on theLondon Stock ExchangeasVosper Thornycroft.[2]Vosper Ltdbuilt small boats andJ I Thornycrofthad a long history of building destroyers and similar sized craft. The company wasnationalisedby theLabourGovernment in 1977, becoming a division ofBritish Shipbuilders.It became a commercial company again after amanagement buyoutin 1985.
Vosper Thornycroft flourished even during lean times for warship building, mainly through successful sales efforts in exports and diversification outside the core shipbuilding business into training and support. In 1998, Vosper Thornycroft acquired the specialist militaryboatbuilderHalmatic, based inPortchester.
In 2001, in their most ambitious diversification project, VT started work on the US$55million superyachtMirabella Vfor former Avis Car Hire Boss Joe Vittoria. At the time of its completion in 2004, Mirabella V was the world's largest single-masted sailing vessel with an overall length of 75 metres and a mast height of approximately 87 metres.[3]
From 2002, the overall business was known as VT Group plc.[2]
Move to Portsmouth Naval Base and creation of BVT Surface Fleet
editFrom its formation in 1966, the company was based at the former Thornycroft shipbuilding yard atWoolstoninSouthampton,Hampshire but in 2003 relocated its shipbuilding operations to new facilities in the famousHMNB PortsmouthNaval Dockyard under the name VT Shipbuilding. In 2008, VT Shipbuilding was merged withBAE Systems'Glasgow-basedSurface Fleet Solutionssubsidiary to formBVT Surface Fleet.[4]The VT Halmaticboatyardsite inPortchesterwas also sold off toTrafalgar Wharf,with Halmatic also moving into Portsmouth Naval Base.
Entry into the nuclear industry
editIn 2008, VT Group acquired BNG Project Services from the government-ownedBritish Nuclear Fuelsfor £75m. As the provider of nuclear decommissioning and waste treatment engineering services, Project Services gave VT Group access to the nuclear industry in the UK and abroad. The business was renamed VT Nuclear Services.[5]
Exit from BVT
editOn 28 January 2009 VT Group announced its intention to sell its share of BVT Surface Fleet to BAE Systems. VT Group'sput optionvalued its share at a minimum of £380 million subject to conditions, however VT Group was expected to make a cash injection into the business to offset difficulties with contracts with Trinidad and Tobago and Oman. Following the sale of VT Group's 45% share, BVT Surface Fleet was renamedBAE Systems Surface Shipsto reflect the total ownership.[6]
Takeover and restructuring
editIn 2010, the British defence and construction companyBabcock Internationalpurchased VT Group for £1.32bn.[7][8]
Babcock integrated the UK portion of VT Group into its own business. In 2012, Babcock sold VT Group, which was by then US-based, to theprivate investment fundResolute Fund II LP, linked to theJordan Company.[9]
In September 2023,VTG received a new majority investment from A&M Capital Partners.
VT Group rebranded as VTG in 2020.[10]
Subsidiaries
editVTG is composed of10 subsidiariesfocused on maritime, aviation, information systems and technology, manufacturing and fabrication, digital transformation, and national security with more than 1500 employees.
References
edit- ^Hasell, Nick (11 May 2010)."Babcock's public service appeal".The Times.London. Archived fromthe originalon 11 June 2011.
- ^ab"Learning 21: About us".Archived fromthe originalon 4 November 2006.Retrieved4 November2006.
- ^Super-Sloop,Yachting World
- ^"BVT Surface Fleet Joint Venture becomes operational"(Press release). BAE Systems plc. 30 June 2008.Retrieved1 July2008.
- ^"VT Group Buys BNG Project Services".Nuclear Engineering International.
- ^Sandle, Paul; Hepher, Tim (28 January 2008)."VT Group to sell stake in shipbuilding JV to BAE".The Guardian.London: Guardian Newspapers. Reuters.Retrieved28 January2009.
- ^Wachman, Richard (23 March 2010)."Babcock and VT agree £1.3bn merger".London: Guardian.Retrieved24 March2010.
- ^Babcock International PLC."Completion of Acquisition"(PDF).Retrieved18 June2011.
- ^"Babcock Int'l to sell VT Services to VT Holdings".MarketWatch: WSJ.14 May 2012.Retrieved24 January2014.
- ^"VT Group rebrands as VTG".29 July 2020.Retrieved27 January2022.
External links
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