AEI buys Adcole Maryland Aerospace

AE Industrial Partners has acquired Marlborough, Massachusetts-based Adcole Maryland Aerospace, a maker of spacecraft components and small satellites. No financial terms were disclosed. PwC served as financial advisor to AEI on the deal while Mesirow Financial did likewise for Artemis Capital Partners.

PRESS RELEASE

Boca Raton, FL – March 2, 2020 – AE Industrial Partners, LP (“AEI”), a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets, announced today that it has acquired Adcole Maryland Aerospace (“AMA” or the “Company”), a long-standing leader in the design, manufacture, test, and integration of critical spacecraft components and small satellites, from Adcole Corporation, a portfolio company of Artemis Capital Partners. Terms of the transaction were not disclosed. AMA represents the eighth platform investment closed by AEI in the last 12 months.

Established in 1957 and based in Marlborough, Massachusetts, AMA has been at the forefront of space exploration since its beginning, providing satellite components that are integral to the mission success of hundreds of low-earth orbit (LEO), geosynchronous (GEO) and interplanetary spacecraft. By combining new space technologies with a proven heritage in space flight, AMA is uniquely qualified to meet the complexity and demands of today’s growing and evolving space industry. The Company’s core capabilities include the design and manufacture of mission-critical, high reliability optical sensors for satellites providing guidance, navigation, situational awareness, and control capabilities. Key products include sun sensors, star trackers, and star cameras. AMA has been an essential part of many space missions including voyages to Mercury, Mars, Jupiter, Saturn, and Pluto, and its customers include the Department of Defense as well as other government agencies and leading private companies in aerospace and defense.

“We have been impressed by AMA’s tenure, reputation, and respected flight heritage in the space industry, and we are excited to partner with a truly premier supplier of mission critical technologies,” said Kirk Konert, a Partner at AEI. “AMA represents the first company of AEI’s space technology platform, which will serve the growing demand from both the U.S. Government and the commercial market for space and satellite vehicles.”

“AMA has remained at the forefront of a constantly evolving industry because we are continually investing in state-of-the-art equipment and processes, while drawing on our deep heritage and industry expertise,” said Don Wesson Jr., General Manager of AMA’s Components Division. “We are excited to build upon our successful heritage and team with a dedicated specialist investor like AEI who will partner with us through our next chapter of growth.”

“AMA is uniquely positioned to lead developments in the space industry,” said Peter Cannito, Operating Partner at AEI. “We look forward to partnering with this talented team and to bringing our passion and resources to better position the Company to take advantage of today’s opportunities in the space and satellite industry.”

PwC served as the financial advisor and Akerman LLP served as the legal advisor to AEI. Mesirow Financial was the financial advisor and Morgan Lewis was the legal advisor for Artemis Capital Partners.

About Adcole Maryland Aerospace
Based in Marlborough, Massachusetts, Adcole Maryland Aerospace (AMA) specializes in the design, manufacture, integration, test, and operation of spacecraft components and small satellites. The Company combines new space technologies with a rich heritage in space flight and proven traditional space hardware to meet the emerging needs of the aerospace industry. AMA’s team of engineers have a diverse range of skill sets and decades of mission experience, and combined with its state-of-the-art cleanroom facility, enable the Company to deliver end-to-end space systems that meet exacting quality standards. To learn more, please visit https://www.adcolemai.com.

About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from our deep industry knowledge, operating experience, and relationships throughout our target markets. Learn more at www.aeroequity.com.