The McLean Group · Transaction Announcement
The McLean Group Advises Fuel Consulting on Its Acquisition by B/CORE, a NewSpring Capital Company
Tysons Corner, VA · March 9, 2026
TYSONS CORNER, Va., March 9, 2026 — B/CORE, a national security technology company that converts emerging technology into deployed mission capability for the Intelligence Community (IC) and Department of War (DoW), today announced it has acquired Fuel Consulting, LLC. The acquisition adds 20 years of embedded IC expertise to B/CORE, strengthening the company's ability to move from concept to operational capability across new problem sets.
For two decades, Fuel Consulting, founded by Heidi Gerhards, has built a trusted presence inside some of the most critical directorates in the IC. The firm's team averages 27 years of experience, with many members serving alongside customers for over a decade. Fuel brings deep expertise in organizational transformation and technology insertion. B/CORE brings the speed, engineering depth, and delivery architecture to turn those insights into deployed solutions.
"At B/CORE, we believe culture is a force multiplier. What Heidi has built is rare. She created a company grounded in trust, humility, and mission-first execution. That's why her team has been welcomed into some of the most important spaces in the IC. We are gaining mission-fluent operators who understand why the problem matters, not people who build in the abstract. The combination of deep mission context and rapid technology adaptation is what the IC needs right now."
Chad Kim · CEO, B/COREFuel helps agencies lead complex transitions, implement governance and performance frameworks, and apply new technologies in ways that show clear mission impact. Together, Fuel's mission advisors and B/CORE's technologists close the gap between operational need and working capability faster than either organization could alone.
B/CORE combines technical depth with mission experience to solve hard problems across the IC and DoW. The addition of Fuel extends that reach to the mission professionals who define requirements and validate outcomes.
"I've always led Fuel with a mission-first mentality. Our focus has been helping agencies put technology to work in ways that advance the mission and show real impact. B/CORE operates with the same urgency and the same commitment to mission intimacy. Together, we will deepen those relationships and move faster for our partners."
Heidi Gerhards · Founder, Fuel ConsultingGerhards joins as a senior leader within B/CORE, working across the organization to strengthen customer relationships and accelerate mission delivery.
About the Companies
About B/CORE
B/CORE is a national security technology company that converts emerging technology into deployed mission capability for the Intelligence Community and Department of War. The company pairs mission-fluent technologists with deep domain experts to move from operational need to fielded solution at a speed the traditional contracting model was never designed to match. B/CORE was formed through the acquisitions of Bridge Core, GeoYeti, teKnoluxion, 2Twelve Solutions, and Fuel Consulting, with capabilities spanning AI/ML, data engineering, DevSecOps, secure hybrid cloud, and multi-INT analytics. The company is headquartered in Reston, Virginia. B/CORE is a NewSpring Holdings platform company. Visit bcore.com.
About Fuel Consulting
Founded by Heidi Gerhards, Fuel Consulting built a trusted presence inside some of the most critical directorates and mission centers in the Intelligence Community. For nearly two decades, Fuel's team of experienced, cleared professionals has helped agencies lead complex transitions, implement governance and performance frameworks, and operationalize advanced capabilities in ways that show clear mission impact.
About NewSpring Holdings
NewSpring Holdings is NewSpring's majority investment strategy focused on sector-specific platform builds. Founded in 1999, NewSpring partners with operators of high-performing companies in dynamic industries to drive growth through acquisitions and proven organic methodologies. The firm manages over $3.5 billion across five distinct strategies covering growth equity and control buyouts to mezzanine debt. Visit newspringcapital.com.
NewSpring Federal Investment Strategy
NewSpring Holdings' expansion into the Federal sector reflects a strategic, multi-platform investment approach focused on scaling companies that deliver critical services and solutions to address the needs of the U.S. Government. Since 2023, NewSpring Holdings has established three distinct federal platforms: B/CORE, C Speed, and Xpect Solutions, each providing differentiated technical solutions. NewSpring Holdings has formed a Federal Advisory Board to provide strategic guidance and develop mission-aligned solutions for its federal partners.
About The McLean Group
The McLean Group is a middle-market investment bank providing objective strategic and financial advice on mergers and acquisitions, business & asset valuation, and growth capital. For over 30 years, The McLean Group has served clients in the Defense, Government & Intelligence, Security, Critical Infrastructure, Maritime, Technology & Software, Facility Services, Unmanned Systems, and Public Safety markets. The firm's 50+ professionals bring deep industry experience and relentless execution to every engagement.
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