Bernhard Capital failed to acquire federal and defense segment from VSE for $100m.

Bernhard Capital, a private equity management firm, failed to acquire federal and defense segment from VSE, a provider of aftermarket distribution and maintenance, repair and overhaul services, for $100m. “While today's announcement is unexpected, we intend to continue to pursue the divestiture of the Federal and Defense segment to accelerate our growth strategies as a two-segment aftermarket business. Our decision to terminate the agreement did not come lightly, but we believe it provides a favorable opportunity for our team members and shareholders to move more quickly and effectively toward the sale of this business and its assets,” John Cuomo, VSE Corporation President and CEO.