Houlihan Lokey Advises Intrepid

Houlihan Lokey is pleased to announce that Intrepid, LLC, has been acquired by Systems Planning and Analysis, Inc. (SPA), a portfolio company of Arlington Capital Partners (ACP). The transaction closed on March 14, 2025.

Based in Huntsville, Alabama, Intrepid connects SPA to the top two mission priorities for the U.S. Army: integrated battle management and enterprise modernization. As the lead Systems Engineering and Technical Assistance partner on the Integrated Battle Command System program since its inception, Intrepid has played a central role in shaping the Army’s warfighting posture for the foreseeable future, including strengthening homeland missile defense and countering offensive threats in the Indo-Pacific multidomain battlespace. Intrepid’s core capabilities in enterprise modernization deliver system agility, accelerate auditability, and enable multidomain operations for a range of defense-based clients.

SPA is a global, independent analytical and technical innovation firm supporting complex national security programs and defense priorities. SPA’s portfolio of differentiated capabilities and tools delivers comprehensive support to the most critical programs for combatting threats, influencing long-term strategic priorities and shaping policies at the highest levels. SPA’s employees are subject-matter experts in numerous domains, including land, undersea, surface, and air warfare operations; intelligence community, radar, and sensor systems; unmanned systems and counter systems; defense industrial base and economic security; space systems; ballistic missile systems; cybersecurity analysis and policy; and hypersonics. Awards include GovCon Contractor of the Year in 2022, Washington Post Top Workplace consecutively since 2014, and Department of Labor HIRE Vets Gold Medal for the past seven consecutive years. SPA is a portfolio company of ACP.

ACP is a Washington, D.C.-area private investment firm specializing in government-regulated industries. The firm partners with founders and management teams to build strategically important businesses in the government services and technology, aerospace and defense, and healthcare sectors. Since its inception in 1999, ACP has invested in more than 175 companies and is currently investing out of its $3.8 billion Fund VI.

Houlihan Lokey served as the exclusive financial advisor to Intrepid and marketed, structured, and negotiated the transaction on its behalf. This deal marks Houlihan Lokey’s seventh transaction in the Huntsville market since 2020, collectively valued at more than $1.3 billion. These transactions have covered the DoD’s highest priority markets, including hypersonics, electronic warfare, space, and missile defense.

Houlihan Lokey’s government technology and services team is part of Houlihan Lokey’s broader Aerospace, Defense & Government practice, which has a staff of approximately 30 investment banking professionals in Washington, D.C., London, and Los Angeles and is among the largest dedicated industry banking groups worldwide.

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