Newport Beach-based aerospace consulting company SM & A; wrapped up its sale to New York private equity firm Odyssey Investment Partners LLC for $119.6 million.
Shareholders of SM & A; approved the sale at a special stockholder meeting held on Monday.
Odyssey’s offer for SM & A; was 160% more than what the company was trading at before the deal was announced in October.
The sale caps a contentious year for SM & A;, which works with aerospace companies on contract bids.
Steven Myers, the founder, largest shareholder and former chief executive of SM & A;, threatened a proxy battle with the company’s board after what he deemed to be inappropriate financial management.
Myers initially nominated three board members and himself to run for SM & A;’s board.
The company reached an agreement in May, replacing two directors with ones selected from a pool recommended by major shareholders, including Myers.
Myers supported the sale to Odyssey and sold his stake in SM & A; to the private equity firm.
