Tag Archives: Aerospace

CIRCOR International Enters Definitive Agreement to be Acquired by KKR for $1.6 Billion

KKR

BURLINGTON, Mass. & NEW YORK–(BUSINESS WIRE)–CIRCOR International, Inc. (“CIRCOR” or the “Company”) (NYSE: CIR), one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets, today announced that it has entered into a definitive agreement to be acquired by investment funds managed by KKR, a leading global investment firm, in an all cash transaction valued at approximately $1.6 billion, including the assumption of debt.

Under the terms of the agreement, KKR will acquire all outstanding shares of CIRCOR common stock for $49 per share in cash, representing a 55% premium to the Company’s closing stock price on June 2, 2023.

“Our agreement with KKR marks the successful culmination of a strategic review process conducted by the Board, supported by external advisors and the management team,” said Helmuth Ludwig, CIRCOR’s Board Chair. “As part of our comprehensive strategic review, initiated in March 2022, we engaged in extensive dialogue with a number of parties that expressed interest in acquiring all or parts of the Company. We believe that this transaction and the immediate cash value it will provide to CIRCOR’s stockholders best achieves the Board’s goal of unlocking the significant incremental value within CIRCOR for its stockholders. This transaction is a testament to the dedication of CIRCOR’s talented team and we are grateful for their tireless efforts and commitment to making CIRCOR an industry leader.”

“This transaction will create significant value to our stockholders, reflecting the dedication of our team in executing on our strategic priorities, the strength of our family of brands and the deep relationships we have built with our customers,” said Tony Najjar, President and Chief Executive Officer of CIRCOR. “We believe that having the support and resources of an experienced investor like KKR will help us expand our presence in the flow control space and support our mission to deliver the highest-quality products and services to our customers, many of which play a critical role in protecting national security.”

“CIRCOR stands out as an innovative and trusted solution provider, manufacturing mission-critical flow control products for industrials, aerospace and defense customers. We believe the Company is in a strong position to grow and benefit from the attractive tailwinds in those markets. We look forward to working closely with Tony and his talented team to drive further growth and value through new product development, aftermarket expansion, strategic acquisitions and allowing all CIRCOR employees to have the opportunity to participate in the benefits of ownership of the Company,” said Josh Weisenbeck, a KKR Partner who leads KKR’s Industrials investment team.

KKR is making its investment in CIRCOR through its North America Fund XIII. The investment builds on KKR’s recent experience investing in flow control technologies and aerospace and defense industry suppliers globally, including Ingersoll Rand (formerly known as Gardner Denver), Flow Control Group, Hensoldt, and Novaria Group.

Following the close of the transaction, KKR will support CIRCOR in expanding its equity ownership program to allow all employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 50,000 non-management employees across nearly 30 companies.

Transaction Approvals and Timing

The Board of Directors of CIRCOR (the “Board”) has unanimously approved the transaction and recommends that CIRCOR shareholders vote in favor of the transaction. The transaction is expected to close in the fourth quarter of 2023, subject to the receipt of approval from the Company’s shareholders and certain required regulatory approvals, as well as the satisfaction of other customary closing conditions.

The Board will have the right to terminate the merger agreement to enter into a superior proposal, subject to the terms and conditions of the merger agreement.

Once the transaction is complete, CIRCOR will be a privately held company wholly owned by KKR’s investment funds and will no longer have its common stock listed on any public market.

Advisors

Evercore, J.P. Morgan Securities LLC, and Ropes & Gray LLP are serving as advisors to CIRCOR. KKR is advised by Citi and Kirkland & Ellis LLP.

About CIRCOR International, Inc.

CIRCOR International, Inc. is one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. The Company has a product portfolio of market-leading brands serving its customers’ most demanding applications. CIRCOR markets its solutions directly and through various sales partners to more than 14,000 customers in approximately 100 countries. The Company has a global presence with approximately 3,100 employees and is headquartered in Burlington, Massachusetts. For more information, visit the Company’s investor relations website at http://investors.circor.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Additional Information and Where to Find it

This press release relates to the proposed acquisition of CIRCOR by Cube BidCo, Inc. (“Parent”). This press release does not constitute a solicitation of any vote or approval. In connection with the proposed transaction, CIRCOR plans to file with the U.S. Securities and Exchange Commission (the “SEC”) and mail or otherwise provide to its stockholders a proxy statement regarding the proposed transaction. CIRCOR may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the proxy statement or any other document that may be filed by CIRCOR with the SEC.

BEFORE MAKING ANY VOTING DECISION, CIRCOR’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY CIRCOR WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION.

Any vote in respect of resolutions to be proposed at a CIRCOR stockholder meeting to approve the proposed transaction or related matters, or other responses in relation to the proposed transaction, should be made only on the basis of the information contained in CIRCOR’s proxy statement. Stockholders may obtain a free copy of the proxy statement and other documents CIRCOR files with the SEC (when available) through the website maintained by the SEC at www.sec.gov. CIRCOR makes available free of charge on its investor relations website at investors.circor.com copies of materials it files with, or furnishes to, the SEC.

The proposed transaction will be implemented solely pursuant to the Agreement and Plan of Merger, by and among CIRCOR, Cube Merger Sub, Inc. and Parent, dated as of June 5, 2023 (the “Merger Agreement”), which contains the full terms and conditions of the proposed transaction.

Participants in the Solicitation

CIRCOR and certain of its directors, executive officers and certain employees and other persons may be deemed to be participants in the solicitation of proxies from CIRCOR’s stockholders in connection with the proposed transaction. Security holders may obtain information regarding the names, affiliations and interests of CIRCOR’s directors and executive officers in CIRCOR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 15, 2023. To the extent the holdings of CIRCOR’s securities by CIRCOR’s directors and executive officers have changed since the amounts set forth in CIRCOR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Investors may obtain additional information regarding the interests of participants in the solicitation of proxies from CIRCOR’s stockholders in connection with the proposed transaction, which may, in some cases, be different than those of CIRCOR’s stockholders generally, by reading the proxy statement relating to the proposed transaction when it is filed with the SEC and other materials that may be filed with the SEC in connection with the proposed transaction when they become available. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov and the investor relations page of the CIRCOR’s website at investors.circor.com.

Cautionary Statement Regarding Forward Looking Statements

This press release includes forward-looking statements that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those implied by the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of the Company and members of its senior management team and can typically be identified by words such as “believe,” “expect,” “estimate,” “predict,” “target,” “potential,” “likely,” “continue,” “ongoing,” “could,” “should,” “intend,” “may,” “might,” “plan,” “seek,” “anticipate,” “project” and similar expressions, as well as variations or negatives of these words. Forward-looking statements include, without limitation, statements regarding the proposed transaction, similar transactions, prospective performance, future plans, events, expectations, performance, objectives and opportunities and the outlook for the Company’s business; the commercial success and potential growth of the Company’s products; the Company’s ability to expand its presence in the flow control space; the timing of and receipt of required regulatory filings and approvals relating to the transaction; the expected timing of the completion of the transaction; the ability to complete the transaction considering the various closing conditions; and the accuracy of any assumptions underlying any of the foregoing. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include: uncertainties as to the timing of the merger; uncertainties as to how many of the Company’s stockholders will vote their stock in favor of the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to the consummation of the proposed transaction, including the ability to secure regulatory approvals and stockholder approval on the terms expected, at all or in a timely manner; the effects of the transaction (or the announcement or pendency thereof) on relationships with associates, customers, manufacturers, suppliers, employees (including the risks relating to the ability to retain or hire key personnel), other business partners or governmental entities; transaction costs; the risk that the merger will divert management’s attention from the Company’s ongoing business operations or otherwise disrupts the Company’s ongoing business operations; changes in the Company’s businesses during the period between now and the closing; certain restrictions during the pendency of the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; risks associated with litigation relating to the proposed transaction; inability to achieve expected results in pricing and cost cut actions and the related impact on margins and cash flow; the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the remediation of the material weaknesses in the Company’s internal controls over financial reporting or other potential weaknesses of which the Company is not currently aware or which have not been detected; the uncertainty associated with the current worldwide economic conditions and the continuing impact on economic and financial conditions in the United States and around the world, including as a result of COVID-19, rising inflation, increasing interest rates, natural disasters, military conflicts, including the conflict between Russia and Ukraine, terrorist attacks and other similar matters, and other risks and uncertainties detailed from time to time in documents filed with the SEC by the Company, including current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K. All forward-looking statements are based on information currently available to the Company and the Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by applicable law. The information set forth herein speaks only as of the date hereof.

Contacts

For CIRCOR
Scott Solomon
Senior Vice President
Sharon Merrill Associates, Inc.
(857) 383-2409
CIR@investorrelations.com

For KKR
Julia Kosygina
(212) 750-8300
media@kkr.com

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Ratos company Semcon signs new framework agreement with GKN Aerospace Sweden AB in Trollhättan

Ratos

Semcon has entered a new framework agreement with GKN Aerospace. The agreement is for services spanning Semcon’s entire offering, such as design, simulation and calculations, software development, and aftermarket solutions.

The aviation and aerospace industries are facing huge challenges, not least in terms of sustainability. With many years of experience and deep specialist knowledge, GKN Aerospace manufactures components for these industries, including launch rockets and the majority of the world’s aircraft engines. This is a field that is constantly under development.

“We are proud of the trust to support GKN Aerospace on their continued journey. Together, we look forward to developing tomorrow’s technology that will really make a difference,” says Markus Granlund, CEO at Semcon.

Semcon has a broad offering with expertise in many of GKN Aerospace’s business areas – everything from calculation, simulation and production methodology to digital information solutions for service and maintenance.

“It is gratifying that Semcon’s competence and experience from a wide range of industries benefit the aviation and aerospace industry. I am convinced that the collaboration will strengthen both Semcon and GKN Aerospace. The development of new technology is crucial in the transition towards to a more sustainable society,” says Anders Slettengren, Chairman of the Board at Semcon and Executive Vice President, Ratos.

The framework agreement runs indefinitely from December 2022 and includes services in both of Semcon’s business areas: Engineering & Digital Services and Product Information.

For more information, please contact
Josefine Uppling, VP Communication, Ratos
+46 76 114 54 21, josefine.uppling@ratos.com

Per Nilsson, Corporate Communication and Marketing Director, Semcon
+ 46 73 973 72 00, per.nilsson@semcon.com

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 30 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Satellite imaging specialist ICEYE raises EUR 120 million in a Series D round

Tesi

Finland-based ICEYE has secured EUR 120 million in growth funding in a Series D round. The company develops radar imaging satellites, and the existing constellation of 16 satellites makes it already a market leader.

The imaging data collected from the synthetic aperture radar (SAR) satellites is also the base for the company’s information service, with which customers can assess their impact on the environment and vice versa. This way, they can plan preparations for and actions taken after natural disasters, allocate humanitarian aid and monitor the effects of climate change.

With the recent funding round, ICEYE has secured in total EUR 270 million in growth funding since 2015. Tesi made the initial investment in the company in 2018.

Read more:

Further information:

Juha Lehtola, Director, Venture Capital investments
+358 400 647 671
juha.lehtola@tesi.fi

 

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 2.1 billion euros. www.tesi.fi | @TesiFII

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Sierra Space Secures Record $1.4 Billion Series A Growth Investment and Achieves $4.5 Billion Valuation

General Atlantic

Investment led by General Atlantic, Coatue and Moore Strategic Ventures, with participation from funds and accounts managed by BlackRock Private Equity Partners and AE Industrial Partners

• Sierra Space secures $1.4 billion Series A capital raise; represents largest aerospace and defense capital raise globally in 2021, second-largest private capital raise globally in the aerospace and defense sector ever
• Growth capital accelerates the realization of Sierra Space’s vision of enabling humanity to build civilizations in space, while enhancing life on Earth
• Sierra Space is building the first commercial business platform in space; investment accelerates development of the company’s revolutionary Dream Chaser Spaceplane and expandable LIFE Commercial Space Station
• Dream Chaser Spaceplane, a family of vehicles for cargo, crew and national security applications, is in advanced stage of development and production and is under a multi-billion-dollar contract with NASA to perform cargo resupply missions to the International Space Station starting late next year
• Sierra Space is uniquely positioned to drive and capitalize on rapidly expanding low Earth orbit (LEO) economy via its differentiated and technologically advanced products

November 19, 2021

Sierra Space, a leading commercial space company with 1,100 employees, more than 500 missions and over 30 years of space flight heritage, announced today a $1.4 billion Series A investment of primary capital, the first capital raise for the company and the second-largest private capital raise globally in the aerospace and defense sector ever.

Sierra Space aims to build the future of space transportation, commercial space destinations and infrastructure, and enabling technologies that will help to build a vibrant, growing commercial space economy. As the LEO economy reaches a critical inflection point – driven by the convergence of the increasing commercialization of space, renewed public interest and defense considerations – Sierra Space is developing foundational infrastructure to support this growing ecosystem. By opening up affordable access to space, Sierra Space hopes to enable existing businesses, entrepreneurs, researchers and governments to create exciting breakthroughs that can empower humanity to begin new civilizations in space and benefit life on Earth.

The round is led by General Atlantic, Coatue and Moore Strategic Ventures, with participation from funds and accounts managed by BlackRock Private Equity Partners, AE Industrial Partners, and various strategic family offices. The funding will accelerate the development of the company’s revolutionary Dream Chaser® Spaceplane, the world’s only orbital commercial spaceplane. Dream Chaser is designed to be a reusable orbital spaceplane, uniquely capable of a smooth 1.5 low-g re-entry and able to land on commercial runways virtually anywhere on Earth.

Dream Chaser is in advanced-stage development under a multi-billion-dollar NASA contract to perform cargo resupply missions to the International Space Station. Dream Chaser has three variants leveraging flexible design and performance versatility to address cargo, crewed or national security space requirements across domestic and international commercial, civil government and defense customer segments.

This investment will also support the development of the company’s Large Integrated Flexible Environment (LIFE™) Habitat, a modular, three-story commercial habitation, business and science platform. Dream Chaser and LIFE Habitat are critical components for Orbital Reef, the visionary new commercial space station that Sierra Space is developing in partnership with Blue Origin.

“We are building the next generation of space transportation systems and in-space infrastructures and destinations that will enable humanity to build and sustain thriving civilizations beyond Earth,” stated Tom Vice, CEO of Sierra Space. “Equally as important, Sierra Space is building the next platform for business. Space provides a unique environment that will enable new breakthroughs in critical areas such as pharmaceuticals, semiconductors, fiber optics and energy that will directly enhance our life on Earth.”

Bill Ford, Chairman and CEO of General Atlantic, said, “General Atlantic and our fellow co-investors are proud to support Sierra Space in its vision to define the future of the commercial space economy. The company has harnessed advanced technologies and a culture of innovation to develop products that have transformative potential, and that position Sierra Space as an emerging leader in the new space age. We look forward to providing active partnership to Sierra Space and its management team to accelerate its growth and magnify its global impact.”

Fatih Ozmen, Chairman of the Sierra Space Board of Directors and CEO of founding company Sierra Nevada Corporation (SNC), commented, “We have worked hard for years to nurture the Sierra Space business from its genesis in 2008 to today, where it has significantly grown to hold a very unique and strategic position in the rapidly expanding commercial space sector. Sierra Space now has the right scale, and with its leading-edge technologies and turnkey capabilities is poised to significantly accelerate growth with this investment. Eren and I are excited to welcome this established and experienced team of investors as our new partners at this inflection point for Sierra Space. Together, we have a game-changing strategy and resources that position the company to lead the new space race and seize the growing market in the new space economy.” Fatih and Eren Ozmen own SNC, the majority owner of Sierra Space, and will both serve on the Sierra Space board.

About Sierra Space

Sierra Space products and programs are working towards a more accessible space economy. The company is rapidly advancing toward the launch of the world’s only winged commercial spaceplane, the Dream Chaser. As the next generation of space transportation, the Dream Chaser will perform cargo supply and return missions for NASA, set to begin in late 2022, delivering up to 12,000 pounds of cargo to the International Space Station (ISS) at a time. The return journey will carry critical data, generated by ISS researcher experiments, enabling earth-bound scientists to benefit from much faster access to these unique results. Dream Chaser is a reusable spaceplane, uniquely capable of a smooth 1.5 low-g re-entry for crew and cargo transportation with the ability to land on existing commercial runways worldwide.

Sierra Space is the developer of the Large Integrated Flexible Environment (LIFETM) Habitat, a modular, three-story commercial habitation and science platform. The unique structure will provide opportunities for multiple businesses including manufacturing, pharmaceuticals, and other sectors, to optimize zero gravity benefits. The LIFE habitat will be able to be deployed in low-Earth orbit, on the lunar surface, or lunar orbit, and as a transport vehicle to Mars. Both Dream Chaser and LIFE habitat will launch using conventional rocket propulsion systems.

The Dream Chaser spaceplane and LIFE platform are central components of the joint partnership Orbital Reef commercial space station and mixed-use business park being developed in partnership with Blue Origin.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $78 billion in assets under management inclusive of all products as of June 30, 2021, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com

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Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

Kimberly Schwandt
Sierra Space 720-407-3223 kimberly.schwandt@sncorp.com

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Sierra Space Secures Record $1.4 Billion Series A Growth Investment and Achieves $4.5 Billion Valuation

General Atlantic

Investment led by General Atlantic, Coatue and Moore Strategic Ventures, with participation from funds and accounts managed by BlackRock Private Equity Partners and AE Industrial Partners

• Sierra Space secures $1.4 billion Series A capital raise; represents largest aerospace and defense capital raise globally in 2021, second-largest private capital raise globally in the aerospace and defense sector ever
• Growth capital accelerates the realization of Sierra Space’s vision of enabling humanity to build civilizations in space, while enhancing life on Earth
• Sierra Space is building the first commercial business platform in space; investment accelerates development of the company’s revolutionary Dream Chaser Spaceplane and expandable LIFE Commercial Space Station
• Dream Chaser Spaceplane, a family of vehicles for cargo, crew and national security applications, is in advanced stage of development and production and is under a multi-billion-dollar contract with NASA to perform cargo resupply missions to the International Space Station starting late next year
• Sierra Space is uniquely positioned to drive and capitalize on rapidly expanding low Earth orbit (LEO) economy via its differentiated and technologically advanced products

November 19, 2021

Sierra Space, a leading commercial space company with 1,100 employees, more than 500 missions and over 30 years of space flight heritage, announced today a $1.4 billion Series A investment of primary capital, the first capital raise for the company and the second-largest private capital raise globally in the aerospace and defense sector ever.

Sierra Space aims to build the future of space transportation, commercial space destinations and infrastructure, and enabling technologies that will help to build a vibrant, growing commercial space economy. As the LEO economy reaches a critical inflection point – driven by the convergence of the increasing commercialization of space, renewed public interest and defense considerations – Sierra Space is developing foundational infrastructure to support this growing ecosystem. By opening up affordable access to space, Sierra Space hopes to enable existing businesses, entrepreneurs, researchers and governments to create exciting breakthroughs that can empower humanity to begin new civilizations in space and benefit life on Earth.

The round is led by General Atlantic, Coatue and Moore Strategic Ventures, with participation from funds and accounts managed by BlackRock Private Equity Partners, AE Industrial Partners, and various strategic family offices. The funding will accelerate the development of the company’s revolutionary Dream Chaser® Spaceplane, the world’s only orbital commercial spaceplane. Dream Chaser is designed to be a reusable orbital spaceplane, uniquely capable of a smooth 1.5 low-g re-entry and able to land on commercial runways virtually anywhere on Earth.

Dream Chaser is in advanced-stage development under a multi-billion-dollar NASA contract to perform cargo resupply missions to the International Space Station. Dream Chaser has three variants leveraging flexible design and performance versatility to address cargo, crewed or national security space requirements across domestic and international commercial, civil government and defense customer segments.

This investment will also support the development of the company’s Large Integrated Flexible Environment (LIFE™) Habitat, a modular, three-story commercial habitation, business and science platform. Dream Chaser and LIFE Habitat are critical components for Orbital Reef, the visionary new commercial space station that Sierra Space is developing in partnership with Blue Origin.

“We are building the next generation of space transportation systems and in-space infrastructures and destinations that will enable humanity to build and sustain thriving civilizations beyond Earth,” stated Tom Vice, CEO of Sierra Space. “Equally as important, Sierra Space is building the next platform for business. Space provides a unique environment that will enable new breakthroughs in critical areas such as pharmaceuticals, semiconductors, fiber optics and energy that will directly enhance our life on Earth.”

Bill Ford, Chairman and CEO of General Atlantic, said, “General Atlantic and our fellow co-investors are proud to support Sierra Space in its vision to define the future of the commercial space economy. The company has harnessed advanced technologies and a culture of innovation to develop products that have transformative potential, and that position Sierra Space as an emerging leader in the new space age. We look forward to providing active partnership to Sierra Space and its management team to accelerate its growth and magnify its global impact.”

Fatih Ozmen, Chairman of the Sierra Space Board of Directors and CEO of founding company Sierra Nevada Corporation (SNC), commented, “We have worked hard for years to nurture the Sierra Space business from its genesis in 2008 to today, where it has significantly grown to hold a very unique and strategic position in the rapidly expanding commercial space sector. Sierra Space now has the right scale, and with its leading-edge technologies and turnkey capabilities is poised to significantly accelerate growth with this investment. Eren and I are excited to welcome this established and experienced team of investors as our new partners at this inflection point for Sierra Space. Together, we have a game-changing strategy and resources that position the company to lead the new space race and seize the growing market in the new space economy.” Fatih and Eren Ozmen own SNC, the majority owner of Sierra Space, and will both serve on the Sierra Space board.

About Sierra Space

Sierra Space products and programs are working towards a more accessible space economy. The company is rapidly advancing toward the launch of the world’s only winged commercial spaceplane, the Dream Chaser. As the next generation of space transportation, the Dream Chaser will perform cargo supply and return missions for NASA, set to begin in late 2022, delivering up to 12,000 pounds of cargo to the International Space Station (ISS) at a time. The return journey will carry critical data, generated by ISS researcher experiments, enabling earth-bound scientists to benefit from much faster access to these unique results. Dream Chaser is a reusable spaceplane, uniquely capable of a smooth 1.5 low-g re-entry for crew and cargo transportation with the ability to land on existing commercial runways worldwide.

Sierra Space is the developer of the Large Integrated Flexible Environment (LIFETM) Habitat, a modular, three-story commercial habitation and science platform. The unique structure will provide opportunities for multiple businesses including manufacturing, pharmaceuticals, and other sectors, to optimize zero gravity benefits. The LIFE habitat will be able to be deployed in low-Earth orbit, on the lunar surface, or lunar orbit, and as a transport vehicle to Mars. Both Dream Chaser and LIFE habitat will launch using conventional rocket propulsion systems.

The Dream Chaser spaceplane and LIFE platform are central components of the joint partnership Orbital Reef commercial space station and mixed-use business park being developed in partnership with Blue Origin.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $78 billion in assets under management inclusive of all products as of June 30, 2021, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com

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Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

Kimberly Schwandt
Sierra Space 720-407-3223 kimberly.schwandt@sncorp.com

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Sierra Space Secures Record $1.4 Billion Series A Growth Investment and Achieves $4.5 Billion Valuation

Ae Industrial Partners

Sierra Space Secures Record $1.4 Billion Series A Growth Investment and Achieves $4.5 Billion Valuation

Investment led by General Atlantic, Coatue and Moore Strategic Ventures, with participation from funds and accounts managed by BlackRock Private Equity Partners and AE Industrial Partners

  • Sierra Space secures $1.4 billion Series A capital raise; represents largest aerospace and defense capital raise globally in 2021, second-largest private capital raise globally in the aerospace and defense sector ever
  • Growth capital accelerates the realization of Sierra Space’s vision of enabling humanity to build civilizations in space, while enhancing life on Earth
  • Sierra Space is building the first commercial business platform in space; investment accelerates development of the company’s revolutionary Dream Chaser® Spaceplane and expandable LIFE Commercial Space Station
  • Dream Chaser Spaceplane, a family of vehicles for cargo, crew and national security applications, is in advanced stage of development and production and is under a multibillion-dollar contract with NASA to perform cargo resupply missions to the International Space Station starting late next year
  • Sierra Space is uniquely positioned to drive and capitalize on rapidly expanding low-Earth orbit (LEO) economy via its differentiated and technologically advanced products

November 19, 2021– LOUISVILLE, Colo.— Sierra Space, a leading commercial space company with 1,100 employees, more than 500 missions and over 30 years of space flight heritage, announced today a $1.4 billion Series A investment of primary capital, the first capital raise for the company and the second-largest private capital raise globally in the aerospace and defense sector ever.

Sierra Space aims to build the future of space transportation, commercial space destinations and infrastructure, and enabling technologies that will help to build a vibrant, growing commercial space economy. As the LEO economy reaches a critical inflection point – driven by the convergence of the increasing commercialization of space, renewed public interest and defense considerations – Sierra Space is developing foundational infrastructure to support this growing ecosystem. By opening up affordable access to space, Sierra Space hopes to enable existing businesses, entrepreneurs, researchers and governments to create exciting breakthroughs that can empower humanity to begin new civilizations in space and benefit life on Earth.

Dream Chaser is in advanced-stage development under a multibillion-dollar NASA contract to perform cargo resupply missions to the International Space Station. Dream Chaser has three variants leveraging flexible design and performance versatility to address cargo, crewed or national security space requirements across domestic and international commercial, civil government and defense customer segments.

This investment will also support the development of the company’s Large Integrated Flexible Environment (LIFE™) Habitat, a modular, three-story commercial habitation, business and science platform. Dream Chaser and LIFE Habitat are critical components for Orbital Reef, the visionary new commercial space station that Sierra Space is developing in partnership with Blue Origin.

“We are building the next generation of space transportation systems and in-space infrastructures and destinations that will enable humanity to build and sustain thriving civilizations beyond Earth,” stated Tom Vice, CEO of Sierra Space. “Equally as important, Sierra Space is building the next platform for business. Space provides a unique environment that will enable new breakthroughs in critical areas such as pharmaceuticals, semiconductors, fiber optics and energy that will directly enhance our life on Earth.”

Bill Ford, Chairman and CEO of General Atlantic, said, “General Atlantic and our fellow co-investors are proud to support Sierra Space in its vision to define the future of the commercial space economy. The company has harnessed advanced technologies and a culture of innovation to develop products that have transformative potential, and that position Sierra Space as an emerging leader in the new space age. We look forward to providing active partnership to Sierra Space and its management team to accelerate its growth and magnify its global impact.”

Fatih Ozmen, Chairman of the Sierra Space Board of Directors and CEO of founding company Sierra Nevada Corporation (SNC), commented, “We have worked hard for years to nurture the Sierra Space business from its genesis in 2008 to today, where it has significantly grown to hold a very unique and strategic position in the rapidly expanding commercial space sector. Sierra Space now has the right scale, and with its leading-edge technologies and turnkey capabilities is poised to significantly accelerate growth with this investment. Eren and I are excited to welcome this established and experienced team of investors as our new partners at this inflection point for Sierra Space. Together, we have a game-changing strategy and resources that position the company to lead the new space race and seize the growing market in the new space economy.” Fatih and Eren Ozmen own SNC, the majority owner of Sierra Space, and will both serve on the Sierra Space board.

About Sierra Space

Sierra Space products and programs are working towards a more accessible space economy. The company is rapidly advancing toward the launch of the world’s only winged commercial spaceplane, the Dream Chaser. As the next generation of space transportation, the Dream Chaser will perform cargo supply and return missions for NASA, set to begin in late 2022, delivering up to 12,000 pounds of cargo to the International Space Station (ISS) at a time. The return journey will carry critical data, generated by ISS researcher experiments, enabling earth-bound scientists to benefit from much faster access to these unique results. Dream Chaser is a reusable spaceplane, uniquely capable of a smooth 1.5 low-g re-entry for crew and cargo transportation with the ability to land on existing commercial runways worldwide.

Sierra Space is the developer of the Large Integrated Flexible Environment (LIFETM) Habitat, a modular, three-story commercial habitation and science platform. The unique structure will provide opportunities for multiple businesses including manufacturing, pharmaceuticals, and other sectors, to optimize zero gravity benefits. The LIFE Habitat will be able to be deployed in low-Earth orbit, on the lunar surface, or lunar orbit, and as a transport vehicle to Mars. Both Dream Chaser and LIFE Habitat will launch using conventional rocket propulsion systems.

The Dream Chaser Spaceplane and LIFE platform are central components of the joint partnership Orbital Reef commercial space station and mixed-use business park being developed in partnership with Blue Origin.

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Inmarsat shareholder group supports combination with Viasat to create a new global communications innovator

Apax

The shareholder group of Inmarsat (“Inmarsat” or the “Company”) – which comprises Canada Pension Plan Investment Board (“CPP Investments”), Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”), Warburg Pincus LLC (“Warburg Pincus”) and funds advised by Apax Partners LLP (“Apax”), (together, the “Consortium”) acting through their jointly-owned entity, Connect BidCo – today welcomes the announcement of a definitive agreement between Viasat, Inc. (NASDAQ: VSAT) (“Viasat”) and the shareholders of Inmarsat to combine and create a leading global communications innovator with enhanced scale and scope to affordably, securely and reliably connect the world.

The proposed combination integrates two businesses headquartered in the United Kingdom (“U.K.”) and United States, respectively, which together generate $4.1 billion in annual revenues[1] and operate a premier fleet of 19 in-orbit satellites with 10 more spacecraft under construction for planned launch in the next three years. It brings together two organisations with highly complementary technology assets, resources, capabilities and service portfolios.

Together, Viasat and Inmarsat are positioned to deliver an improved communication offering to customers globally. The combined business will have the resources to accelerate innovation, delivering enhanced quality of service (speed, bandwidth, flexibility, reliability, low latency, coverage, security), product choice, and greater value to existing and new customers. Together, Viasat and Inmarsat will enable the availability of advanced new services in mobile and fixed segments, driving greater customer choice in broadband communications and narrowband services (including Internet of Things or “IoT”).

The Consortium has accepted Viasat’s offer for the entire ordinary share capital of Inmarsat and will retain a significant minority stake in the combined company. Under the terms of the agreement, Inmarsat shareholders will receive $4.0 billion composed of $850 million in cash, subject to adjustments, and approximately 46.36 million newly issued Viasat shares, which represent a 37.5% ownership on a fully diluted basis, valued at $3.1 billion, based on the closing price of $67.00 per Viasat share on November 5, 2021.

The Consortium expects the combined company to build on the strategic and operational progress achieved at Inmarsat to date, and by remaining significant minority shareholders, it is backing a transaction which presents strong industrial logic. Under the Consortium’s ownership, Inmarsat has invested to enhance its go-to-market, product and network capabilities, including the recent launch of GX-5 and the upcoming launches of the I-6 satellites serving the Company’s L-band business for the next 15 years.

Inmarsat has an exceptional presence in the growing global mobility segment and is at the forefront of network design, including its recently announced multi-dimensional mesh network. The Company is preparing to expand its global network later this year with its most powerful and advanced commercial communications satellite ever.

Viasat plans to build on Inmarsat’s presence in the U.K. and is committed to preserving and growing the investment of the combined company in U.K. space communications, as well as supporting the recently published National Space Strategy. The combined company will cooperatively engage with the U.K. government with a view to operating in the U.K. consistent with the commitments previously made by Inmarsat/Connect BidCo and expects continued constructive engagement across the U.K.’s thriving innovation ecosystem. It further intends to work closely with the U.K. government to bring additional space capabilities and other advanced technologies to the country as well as long-term, highly skilled engineering and related jobs for U.K.-based employees. Viasat plans to preserve and grow Inmarsat’s London headquarters, as well as its footprint in Australia and Canada and across Europe, the Middle East and Africa and Asia Pacific.

Rajeev Suri, Chief Executive Officer of Inmarsat, said: “I am pleased our shareholders have supported a combination that enables Inmarsat to join forces with Viasat, a recognized global innovator in space and broadband communications. With our shareholders backing, Inmarsat has successfully returned to strong growth, weathered the pandemic and renewed its technology capabilities. I want to thank our shareholders for enabling Inmarsat to enter this transaction from a position of strength, as well as for their vote of confidence in the combination by becoming equity holders in the combined group.”

The transaction is subject to customary closing conditions including Viasat shareholder approval and regulatory approvals.

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KKR to Acquire Novaria Group from Rosewood Private Investments and Tailwind Advisors

KKR

All Employees to Become Owners in Company

FORT WORTH, Texas–(BUSINESS WIRE)–Nov. 25, 2019–

KKR, a leading global investment firm, today announced it has entered into an agreement to acquire Novaria Group, a leading manufacturer of specialty aerospace hardware, from Rosewood Private Investments and Tailwind Advisors. The transaction, the financial details of which were not disclosed, is being funded through KKR’s Americas XII Fund.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191125005243/en/

Headquartered in Fort Worth, Texas, Novaria Group is a premier independent supplier of complex, highly engineered components and specialty processes for the aerospace and defense industry. Founded in 2011 by CEO Bryan Perkins, Novaria Group aims to improve the aerospace supply chain with an emphasis on better technology, processes and infrastructure. Today, the company serves more than 500 customers.

“Our team has been in search of a differentiated platform in the commercial aerospace sector and are thrilled to have found our partner in Bryan Perkins and his team at Novaria Group,” said Josh Weisenbeck, KKR Member and senior leader on KKR’s Industrials investment team. “We look forward to working together to scale the company and build an aerospace engineered parts supplier that is uniquely focused on excellence in quality and customer service.”

“Since our founding, Novaria Group has always prided itself on being a customer-focused supplier of aerospace parts. Importantly, KKR shares this vision of improving the aerospace supply chain through delivering value to our customers and, through their innovative employee ownership and engagement model, extending the shareholder value we will create through this business strategy to our employees,” said Bryan Perkins, Novaria Group CEO.

Since 2011, KKR’s Industrials team has focused on employee engagement as a key driver in building stronger businesses. The strategy’s cornerstone has been to allow all employees to take part in the benefits of ownership by granting them the opportunity to participate in the equity return alongside KKR. Beyond sharing ownership, KKR also supports employee engagement by investing in training across multiple functional areas and by partnering with the workforce to give back to the community.

“We are extremely excited to support Novaria Group on the next leg of its journey. Similar to what we have done at KKR’s other industrials portfolio companies in the U.S., we plan to implement a broad-based employee ownership and engagement model at Novaria Group to recognize the employees and ultimately position the company to better serve its customers,” said Pete Stavros, KKR Member and Co-Head of Americas Private Equity.

“We’ve enjoyed working with the Novaria management team over the past five years. Since our initial investment in Novaria, we have supported numerous additional acquisitions and substantial organic growth. We are thrilled that Bryan and his team have found a new equity partner to take Novaria to even greater achievement,” said G.T. Barden, Rosewood Private Investments.

This transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close by 1Q 2020. Fully committed financing has been led by lead arrangers KKR Capital Markets and RBC Capital Markets LLC. KKR was advised in the transaction by Kirkland & Ellis LLP, Deloitte and AeroDynamic Advisory. Novaria Group was advised in the transaction by Lazard, Riveron, and Foley & Lardner LLP.

About Novaria Group
Novaria Group is a cohesive family of precision aerospace & defense component companies, a sum made greater by the value of its parts, that consistently delivers optimum performance and sustainable growth. With deep industry knowledge, demonstrated integrity and an abiding regard for human capital, Novaria Group provides its business units unmatched access to unique innovations and best practices. Investing and strategically operating in defined segments of the precision component sector, Novaria Group deploys its significant leadership experience to improve the operational and business capabilities and capital resources of small to mid-market commercial aerospace manufacturing firms. Since our founding in 2011, we have been building a new kind of precision aerospace & defense components supplier, developing robust business processes and long-standing customer relationships, while making organizational and operational improvements designed to sustain and expand our business.

For more information about Novaria Group, please visit www.novariagroup.com.

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

For more information about KKR’s Industrials team and the employee engagement model, please visit the KKR Industrials page on LinkedIn, @KKR_Industrials on Twitter and KKR Industrials on YouTube.

Source: KKR

Novaria Group:
Marissa Kelly
817-381-3813
media@novariagroup.com

KKR:
Kristi Huller or Cara Major
212-750-8300
media@kkr.com

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The Carlyle Group Closes Forgital Acquisition

Carlyle

Milan/Vicenza – Global investment firm The Carlyle Group (NASDAQ: CG) announced that it has completed the acquisition of a 100% controlling stake in Forgital, an Italian based manufacturing company producing large forged and machined components for use in the aerospace and industrial sectors, from members of the founding Spezzapria family and minority shareholder Fondo Italiano d’Investimento, managed by Neuberger Berman.

The purchase agreement, which values Forgital at approximately 1 billion Euros, was first announced on 29th May 2019. Equity for the transaction will come from Carlyle Europe Partners V (CEP V), a European-focused upper-mid market buyout fund and Carlyle Partners VII (CP VII), a US-focused buyout fund.

Established in 1873 with headquarters in Vicenza, Italy, Forgital is a specialist manufacturer of machine-finished forged and laminated rolled rings, made from several different materials, including steel, aluminium, titanium and nickel-based alloys used in several applications across many industries, including aerospace, oil & gas, construction, mining and power generation. Forgital employs over 1,100 people across 9 facilities in Italy, France and United States and through its dedicated global salesforce.

Carlyle will drive the Company’s further international expansion and strengthen its presence in the aerospace sector with Luca Zacchetti, appointed as Group CEO, effective from today. Luca Zacchetti, 58 years old, was CEO at Rhiag Group, the pan-European leader in distribution of aftermarket and spare parts, for over seven years and previously worked for almost five years at AVIO GROUP, a worldwide leader manufacturer of aero-engine components, with the role of Managing Director becoming CEO in 2007. His career includes also positions of Chairman and CEO of Tecnoforge Group and Operating Partner at Alpha Private Equity.

Filippo Penatti, Managing Director, Carlyle Europe Partners advisory team, commented: “We are excited with the appointment of Luca as CEO. We worked well and successfully together in two prior Carlyle investments, including AVIO. His experience in the aerospace industry together with his passion for Forgital’s business will contribute to fueling the Group’s platform development.”

Derek Whang, Principal on Carlyle’s Aerospace, Defense and Government Services team, said: “We look forward to partnering with Luca and all Forgital employees as we embark on this next chapter. The Company has a tremendous heritage and we are committed to upholding Forgital’s exceptional track record and delivering its mission critical parts to all customers.”

Luca Zacchetti, Forgital’s new CEO, added: “I am delighted to join Forgital, a Group with an outstanding reputation for advanced technology, high quality products and world-class customer service. I look forward to contributing to its further international expansion alongside the company’s talented team.”

For more information:

The Carlyle Group:

Barabino & Partners
Marina Riva- Federico Steiner, Tel:+39 02.72.02.35.35
Email: m.riva@barabino.it; f.steiner@barabino.it

Roderick Macmillan
+44  (0)207 894 1630

Email: roderick.macmillan@carlyle.com
About Forgital

Founded in 1873 in Vicenza, Italy by the Spezzapria family, Forgital is the leading European vertically integrated forging company, with 9 facilities in Italy, France and the USA, c. 1,100 employees worldwide and a global network of sales agencies.

Forgital specializes in forging, laminating and machining of rolled rings, with advanced capabilities across a range of materials including: carbon steels, alloy steels, stainless steels, aluminium, nickel, cobalt, copper and titanium alloys.

For more information on Forgital, please visit https://www.forgital.com/

 

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.

Web: www.carlyle.com

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Proposed sale of Ontic for $1,365 million to CVC Fund Vll

Transaction unanimously supported by the BBA board as being in the best interests of shareholders

BBA Aviation plc, a market-leading provider of global aviation support and aftermarket services, is pleased to announce that it has entered into an agreement for the sale of Ontic, a leading provider of high-quality, OEM-licensed parts for legacy aerospace platforms, to CVC Fund Vll, for an enterprise value of $1,365 million, subject, inter alia to shareholder approval and regulatory consents.

Transaction highlights

  • Sale of Ontic for an enterprise value of $1,365 million, on a cash-free, debt-free basis
  • Transaction multiple meaningfully above BBA’s trading multiple of 11.4x FY18 underlying EBITDA
  • Transaction unanimously supported by the BBA Board as being in the best interests of shareholders
  • Transaction will enable enhanced focus and investment in the company’s market-leading Signature business, which the board believes to be a significant source of future shareholder value creation
  • Transaction should allow for a capital return to shareholders expected to be between $750 million and $850 million, to help ensure that the net debt of the retained group remains near the lower end of the stated target range of net debt to underlying adjusted EBITDA of 2.5 to 3.0 times at 31 December 2019, on a covenant basis
  • Transaction is conditional upon approval by BBA’s shareholders and various other approvals (including the consent of certain group lenders or replacement of certain financial indebtedness, and consent to the release of applicable security by the group’s pension trustee)
  • Completion is expected in Q4 2019

Mark Johnstone, BBA Aviation CEO, commented: “We are delighted that we have reached an agreement to sell our Ontic business to CVC Fund Vll for $1,365 million, delivering compelling value for BBA shareholders. While maintaining a strong balance sheet, we also expect to return between $750 and $850 million to shareholders and will evaluate how best to structure this return after consultation with our shareholders.

“Ontic was acquired by BBA in February 2006 for $67 million and has grown successfully through the acquisition of licences, organic and inorganic growth, and a disciplined approach to investment. This success has been based on trusted partner relationships with key aviation original equipment manufacturers. It now supports more than 39,000 legacy aircraft, through its portfolio of over 165 licences for more than 7,000 parts and over 1,200 customers worldwide.

“I would like to take this opportunity to thank all of our Ontic employees for their contribution to BBA Aviation over the years, and wish them well in the next stage of their journey.

“The Ontic disposal will allow BBA to focus on its core Signature business, the leading global FBO operator and service provider for the B&GA market. BBA shareholders will continue to benefit from Signature’s ability to outperform the B&GA market through the cycle, as well as its ability to take advantage of its significant opportunities for future growth.

“We remain committed to delivering long-term sustainable value from Signature, a strongly free cash generative business, which after funding investment requirements, should underpin both progressive dividends and ongoing returns of capital to shareholders.

“The ERO disposal process is ongoing and we expect to update the market in due course. Disposal proceeds would provide an opportunity to further enhance our proposed return of capital.”

James Mahoney, Senior Managing Director, CVC Capital Partners commented: “Ontic is a growing, highly resilient business and a leading player in what we believe to be a very attractive market. We see multiple opportunities to develop the business further and look forward to working closely with Ontic’s excellent management team to take the company to the next level.”

 

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