PAR focuses on core business with sale of two subsidiaries

NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR) is making moves to focus its business on the restaurant industry, announcing it will sell both subsidiaries that comprise its government operating segment for a combined $102 million. PAR sold PAR Government Systems Corp. (PGSC) to Booz Allen Hamilton, Inc., (NYSE: BAH) in a deal that closed on June 7. The company will also sell Rome Research Corporation (RRC) to NexTech Solutions Holdings, LLC (NTS) in a transaction expected to close by the end of the second quarter. “Today’s announcement represents a milestone in advancing PAR’s goal to become the world’s largest technology provider to enterprise foodservice,” PAR CEO Savneet Singh said in a release. “The sale of our government operating segment to notable strategic buyers Booz Allen Hamilton and NexTech Solutions provides a clear fit for these businesses, allows for a seamless transition, and sets up both PGSC and RRC for continued success.” The sales are part of PAR’s efforts to divest what it considers non-core assets and reinvest capital in areas where it will receive better returns, Singh added. The company’s release did not break down the sale price for each subsidiary and did not address the transition of employees at either PGSC or RRC after the sale. Baird and Gibson, Dunn & Crutcher LLP advised PAR, while Jefferies LLC and King & Spalding LLP advised Booz Allen Hamilton. PAR provides hardware, software, loyalty, drive-thru, and back-office products and solutions to the restaurant industry, with installations in more than 95,000 restaurants in over 110 countries.