Sponsored by TCI International Inc.
08 Jul 21. Houlihan Lokey Advises Capco. Houlihan Lokey announced that Capco, LLC has been acquired by Chumash Capital Investments, LLC. The transaction closed on July 2, 2021. Headquartered in Grand Junction, Colorado, Capco, LLC is an industry-leading, vertically integrated provider of mission-critical energetic devices and mechanical systems for military applications worldwide. The company manufactures high volume energetic devices used in airborne countermeasure systems, often as a sole-source prime contractor to the U.S. Department of Defense. The company’s energetic devices are utilized by nearly all U.S. military fixed- and rotary-wing aircraft, including the newest and most advanced fighters. Capco’s mechanical solutions are comprised of highly engineered soldier systems, ordnance components, and non-lethal law enforcement solutions. The company’s products are designed and manufactured to the most rigorous standards to ensure superior performance under life-threatening, zero-fail conditions. As a result, Capco has been a trusted partner to the U.S. Department of Defense for over 50 years.
Chumash Capital Investments, LLC, a wholly-owned investment entity of the Santa Ynez Band of Chumash Indians, directs economic development investments for the Chumash Tribe. It is capitalized to provide for acquisitions of companies and other opportunities that complement the growth strategy for the tribe. CCI continues to build economic security for its tribal members and future generations by maintaining and expanding a portfolio of sophisticated enterprises.
Houlihan Lokey’s Aerospace, Defense & Government (ADG) practice within the global Industrials Group is a leading M&A advisor to aerospace, defense, and government services companies. Since 2020, the team has closed more than 35 transactions worth over $7.2bn in enterprise value. With a staff of approximately 30 investment bankers in Washington, D.C., London, and Los Angeles, Houlihan Lokey’s ADG practice is among the largest dedicated industry banking groups worldwide. In 2020, the Industrials Group was once again ranked as the No. 1 M&A advisor for all U.S. industrial transactions, according to Refinitiv.
08 Jul 21. CONTROP announces acquisition of ESC BAZ, specialists in smart video and observation technology. The acquisition is another step in expanding CONTROP’s activity in the Defense, HLS and advanced paramilitary markets. CONTROP Precision Technologies Ltd. – a company specializing in the field of electro-optics and IR defense and homeland security solutions – announces the acquisition of Israeli company, ESC BAZ, which specializes in smart video and observation technology. The acquisition of the company will expand CONTROP’s portfolio, enabling it to provide end-to-end solutions for the HLS and paramilitary markets.
ESC BAZ has decades of experience in the field of short-term observation and surveillance systems. Through the synergy with CONTROP, the company will strengthen its presence in the international market.
“The acquisition of ESC BAZ is another step in the strategic plan of CONTROP to strengthen its footprint in the defense and HLS markets,” says Hagay Azani, President and CEO of CONTROP. Mr. Azani further noted, “ESC BAZ solutions will enable CONTROP to make its advanced electro-optics technology accessible to law enforcement, border protection and other relevant authorities and to multiply the technological solutions currently offered to the company’s customers in the fields of defense and HLS”.
About CONTROP Precision Technologies Ltd.
CONTROP specializes in the development and production of Electro-Optical Infrared (EO/IR) and precision motion-control systems for surveillance, defense and homeland security.
CONTROP’s main product lines include: high-performance stabilized observation payloads used for day/night surveillance on-board UAS, small UAS and aerostats/balloons, helicopters, light aircraft (A/C), maritime patrol boats, remote weapon stations and ground vehicles; automatic intruder-detection systems for coastal and border surveillance, port/harbor security, the security of sensitive sites, ground-troop security and anti-drone applications; thermal imaging cameras with high-performance continuous zoom lens and state-of-the-art image enhancement features and more.
CONTROP’s products are in daily operational use in many of the most critical surveillance, homeland security and defense programs worldwide.
07 Jul 21. Satellite imagery provider Planet to go public. Satellite imagery provider Planet Labs plans to go public later this year by merging with a special purpose acquisition company, a transaction valued at $2.8bn, the businesses announced July 7.
As the owner and operator of a fleet of imaging satellites on orbit, Planet regularly provides imagery and analysis to the U.S. government and has secured a number of contracts with the Department of Defense and intelligence community. The company operates about 200 satellites, which together capture more than 3 million images of the Earth’s surface every day. According to the press release, Planet generated more than $100m in revenue in fiscal 2020.
Under the deal expected to take place by the end of the year, Planet will merge with special purpose acquisition company dMY Technology Group Inc. IV. Current Planet stockholders will retain 77 percent ownership of the new company. dMY IV will bring in $345m via its trust account and $200m in private investment in public equity (PIPE) proceeds, which will be used to fund operations and new initiatives after paying down Planet’s existing debt and transaction expenses. Key investors include Koch Strategic Platforms, TIME Ventures and Google. The company said the merger will enable it to invest in developing additional software and machine learning-enabled data products.
The post-merger company will keep the name Planet and be listed on the New York Stock Exchange as “PL.”
Since its founding in 2010, Planet has made a name for itself as a prominent provider of commercial satellite imagery. As the government has pushed to use more commercial imagery for its needs, the company has scooped up a number of important contracts. The National Reconnaissance Office has a contract with Planet for daily 3-5 meter resolution images, and Planet is one of just a handful of satellite imagery companies awarded study contracts by the agency. In November, the National Geospatial-Intelligence Agency added Planet data to its Global Enhanced GEOINT Delivery system, a portal that provides unclassified imagery to the federal government and 55 foreign partners.
The announcement follows news earlier this year that BlackSky, another satellite imagery provider with DoD and NRO contracts, was going public via a merger with a special purpose acquisition company. (Source: C4ISR & Networks)
06 Jul 21. Omega Optical Holdings Announces Acquisition of Spectral Systems. Omega Optical Holdings, LLC (Omega or the Company), a leading precision optics platform backed by Artemis Capital Partners (Artemis), the Boston-based private equity firm focused on buying and building exceptional Industrial Technology companies, announced today that it has completed the acquisition of Spectral Systems, LLC (Spectral).
Founded in 1983, Spectral has been a leading designer and manufacturer of mission-critical infrared optical coatings, components, and assemblies – serving blue-chip OEM customers in the life science, analytical instrumentation, aerospace, and defense markets – for almost four decades. During that time, Spectral has built a reputation for superior-quality products, exceptional customer service, and application expertise in the development of best-in-class solutions for its OEM customers.
Spectral strengthens and expands Omega’s existing thin-film optical capabilities into a range of infrared applications and complements Omega’s strategic focus on serving the most challenging applications in high-growth markets – primarily life sciences, aerospace, defense, and industrial technology. Spectral will continue to operate from its existing facilities in Hopewell Junction, NY, Danbury, CT and Jaffrey, NH as a business unit of the newly-formed Omega Infrared division.
“Spectral is recognized as a leading optical supplier for mission-critical infrared applications such as FTIR spectroscopy and intelligence, surveillance, & reconnaissance (ISR) imaging,” said Dr. Michael J. Cumbo, President and Chief Executive Officer of Omega. “The Spectral business enhances our coatings-centric expertise and expands the suite of proprietary products, materials and services we offer to our customers. This acquisition is highly consistent with our strategy and vision for Omega, increasing our scale, proprietary capabilities, engineering talent, and, ultimately, our ability to meet the growing global demand for high-precision, no-fail optical coatings, components, and assemblies. We look forward to welcoming the Spectral team to the Omega family and working together to expand our offerings and accelerate profitable growth,” Dr. Cumbo added.
“This is the start of an exciting new chapter for Spectral, and we are delighted to join the Omega platform,” said Tim Olsen, General Manager of Spectral. “Our customers and channel partners can count on a seamless transition and an unwavering focus on quality, on-time delivery, and exceptional application expertise,” said Mr. Olsen.
According to Frank Wesley, Founder and Co-owner of Spectral, a partnership with Omega was a natural fit for Spectral’s next chapter: “We chose to partner with the Omega team because they embrace our values and bring both an aligned vision and the strategic resources necessary to accelerate our technology roadmap, invest in our people and help our customers succeed.”
Founded in 1969, Omega Optical designs and manufactures precision optical filters, coatings, components and assemblies enabling mission-critical applications for global OEM customers in a wide range of industries, including life sciences, environmental monitoring, aerospace, defense, semiconductor, and more. For more information on Omega Optical, please visit: www.omegafilters.com
Founded in 1983 and headquartered in Hopewell Junction, NY, Spectral Systems is an industry leader in precise infrared optical components, coatings, system integration and services from concept to production that consistently exceeds the customer’s expectations. For more information on Spectral Systems, please visit: www.spectral-systems.com
Headquartered in Boston, MA, Artemis is a specialized private equity firm focused on acquiring and partnering with differentiated Industrial Tech companies, whose people and products enable and accelerate a healthier, safer, more connected, mobile, productive, and equitable world. For more information, please visit: www.artemislp.com. (Source: PR Newswire)
07 Jul 21. Spain’s Grupo Oesía Invests $9m UAV Navigation. Grupo Oesía, a 100% Spanish company specializing in technology development and applied engineering, has carried out a strategic investment operation in the unmanned systems sector, strengthening the position of another Spanish company, UAV Navigation.
This operation represents an investment of about € 7.5M in 4 years with the aim of guaranteeing both the development of a key competence for the future, using Spanish capital, and the participation of UAV Navigation. UAV Navigation is a technology company with a highly qualified team and proven competence in the field of unmanned systems.
This movement and strategic collaboration will be followed by a strategic plan that allows UAV Navigation-Grupo Oesía to achieve an annual turnover of more than €5m in the Autopilot market, within both the civil and military environments.
Luis Furnells, CEO of Grupo Oesía, states, “We are convinced that this collaboration reinforces the company’s potential to provide first-class solutions.”
The President of the company sums up his vision: “To be a great technology company with 100% Spanish and private capital, working for the best and participating in great innovation projects demands great responsibility. Our goal is to consolidate ourselves as a dynamic player and driver of innovation in the Spanish aeronautical industry”. (Source: UAS VISION)
06 Jul 21. BlueHalo Announces the Acquisition of DDES, Expanding its Space Capabilities. BlueHalo (the “Company”) a leading provider of advanced engineering solutions and technology to the national security community, today announced it has entered into a definitive agreement to acquire Design and Development Engineering Services Corporation (“DDES”).
DDES, based in Albuquerque, New Mexico, designs and manufactures space-qualified electronic systems for exquisite, Class-A spacecraft serving the most demanding missions in austere environments across military and national security applications. DDES has decades of experience and critical expertise developing radiation-hardened, space-qualified systems and has developed a reputation of excellence across their customer set who depend on DDES’ high-reliability, high-performance systems.
BlueHalo is a rapidly expanding national security platform with capabilities spanning space superiority, directed energy, missile defense, C4ISR, cyber, and intelligence. The acquisition of DDES will add to BlueHalo’s existing capabilities in space-qualified hardware, laser communications systems, and directed energy, solidifying the Company as a market leader in high-end space systems positioned to address both exquisite and emerging “new space” requirements. With over 250 systems flown on orbit at the combined company, DDES’ technical expertise and impeccable track record will add to BlueHalo’s reputation as a highly differentiated, trusted producer of space-qualified systems for the most demanding missions.
“DDES has established itself as a leader in developing space-qualified hardware and we are incredibly excited to partner with the DDES management team as we expand our space manufacturing capabilities and continue to provide unique, world-class solutions for our customers,” said Jonathan Moneymaker, CEO of BlueHalo. “The alignment of culture between BlueHalo and DDES of inspired engineering of complex solutions will continue to attract the nation’s top talent as we remain focused on missions critical to national security. BlueHalo is leading the transformation of modern warfare and the acquisition of DDES is an important addition as we continue to grow organically into new mission areas.”
Steve Kephart, Glenn Lommasson, Tim Canales, and Rick Ranger, co-founders of DDES, shared, “BlueHalo presents a focused, modern, energetic, and expanding organization engaged in the ultra-demanding space and defense sector. As we considered what the next chapter of the company would look like and how to capitalize on the growing demand signal, the partnership with BlueHalo provided an immediate opportunity for accelerated growth in terms of capability and capacity. DDES complements BlueHalo’s existing capabilities with unique and proven development and manufacturing expertise, and we are eager to join BlueHalo to take on a larger scope of challenges.”
David Wodlinger, a Partner at Arlington Capital Partners, said, “The acquisition of DDES will build upon BlueHalo’s exceptional space capabilities and further expand the Company’s presence in Albuquerque, one of BlueHalo’s core locations and a great community in which we are looking to invest further. BlueHalo continues to make significant investments in engineering talent and specialized facilities in order to better serve important missions in space, and we are delighted to have DDES join the team.”
Henry Albers, a Vice President at Arlington Capital Partners, said, “DDES’ strong customer relationships and deep technical expertise make the company an excellent addition to the BlueHalo platform. With access to BlueHalo’s infrastructure and resources, DDES will have additional scale to better meet the accelerating demand for its high-reliability space systems.”
BlueHalo is purpose-built to provide industry-leading capabilities in the domains of Space Superiority and Directed Energy, Air and Missile Defense and Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR), and Cyber and Intelligence. BlueHalo focuses on inspired engineering to develop, transition, and field next-generation capabilities to solve the most complex challenges of our customer’s critical missions and reestablish our national security posture in the near-peer contested arena. www.bluehalo.com
About Arlington Capital Partners
Arlington Capital Partners is a Washington, DC-based private equity firm that is currently investing out of Arlington Capital Partners V, L.P., a $1.7bn fund. The firm has managed approximately $4.0bn of committed capital via five investment funds. Arlington is focused on middle-market investment opportunities in growth industries including government services and technology, aerospace and defense, healthcare, and business services and software. The firm’s professionals and network have a unique combination of operating and private equity experience that enable Arlington to be a value-added investor. Arlington invests in companies in partnership with high-quality management teams that are motivated to establish and/or advance their Company’s position as leading competitors in their field. www.arlingtoncap.com (Source: PR Newswire)
07 Jul 21. Parsons buys digital security firm BlackHorse for $203m. The acquisition adds critical intellectual property that supports Parsons’ current portfolio. Defence technology solutions provider Parsons has closed the purchase of digital security firm BlackHorse Solutions in an ‘accretive deal’ worth $203m. The agreement to acquire the digital security firm was signed in June. Both the companies are involved in supporting critical security challenges of the US. BlackHorse serves the US Department of Defense (DoD) and customers in the intelligence community.
It provides cyber, electromagnetic warfare (EW) and information operations, autonomous and distributed detection, identification, exploitation, and solutions regarding complex communications.
The completion of this acquisition will expand Parsons’ customer base and proven solutions and products that deal with next-generation military, intelligence, and space operations.
In addition, it will add cyber, digital operations, artificial intelligence / machine learning capabilities and critical intellectual property to Parsons’ portfolio.
Moreover, Parsons will be better positioned to pursue large joint all-domain contract opportunities.
Parsons noted that the BlackHorse transaction aligns with its strategy to acquire companies with revenue growth and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) margins of more than 10%.
Headquartered in Herndon, Virginia, BlackHorse will now operate under Parsons’ federal solutions business segment. It will also bring some 200 employees to Parsons’ unit.
Parsons was advised by Baird and Latham & Watkins and BlackHorse by Raymond James & Associates and Cooley.
In March, Parsons won a multiple award task order contract supporting intelligence missions from the US Defense Intelligence Agency (DIA).
06 Jul 21. Huntington Ingalls to buy Alion Science and Technology for $1.65bn. Huntington Ingalls Industries announced Tuesday an agreement to buy Alion Science and Technology for $1.65bn in cash from Veritas Capital ― the latest in a string of acquisitions for the military shipbuilding titan.
“Today’s announcement, coupled with our previous investments in leading-edge technologies, such as cybersecurity and autonomous systems, reflects our commitment to stay on the cutting edge of critical, high-growth national security solutions and generate significant long-term value for our shareholders,” said HII’s chief executive, Mike Petters.
The announcement noted that Alion provides advanced engineering; research and development services in the areas of intelligence, surveillance and reconnaissance; military training and simulation; cyber solutions; and data analytics. The U.S. Defense Department and intelligence community are its customers, and the Navy represents about one-third of its annual revenues.
The transaction with Veritas, of New York City, is expected to close in the second half of 2021, subject to customary closing conditions. Alion, based in McLean, Virginia, would become part of Huntington Ingalls Industries’ Technical Solutions division. HII, based in Newport News, Virginia, is America’s largest military shipbuilder.
HII said it expects Alion to contribute fiscal 2022 revenue of about $1.6bn and adjusted earnings before interest, taxes, depreciation and amortization of about $135m.
The deal follows HII’s acquisition of Spatial Integrated Systems’ autonomy business in January. Last year, HII acquired Hydroid; launched a a strategic alliance with Kongsberg Maritime; made an equity investment in Sea Machines Robotics of Boston; and broke ground on a new HII Unmanned Systems Center of Excellence in Hampton, Virginia, in September.
(Source: Defense News)
06 Jul 21. Denel is Dead, Long Live Denel Capabilities. Business and government move between phases of centralisation and decentralisation. At this moment in South Africa, it seems as though government is moving towards a decentralised approach for the entities within the Department of Public Enterprises (DPE). Eskom is unbundling into three entities. Elements of Portnet within the Transnet stable are being given independence. The major change is the DPE approach of offering a majority private share in SAA.
DPE could use this current environment to address the future of Denel. Denel has lost a lot of goodwill built up over the last thirty years. It would be optimistic to believe that even 25% of the current Denel order book potential identified in the Aerospace & Defence Masterplan will be realised. DPE needs to intervene with speed if it wants to retain what has been built up over time.
Denel represents massive financial, investment, labour, technology and infrastructure resources. South Africa does not want, or need to lose these resources completely.
Clive Coetzee, over 20 years ago in the document the Privatization of Denel from a Competition Perspective, proposed that the privatization of Denel could contribute to economic growth, via higher investments, lowering of government dissaving and debt, and increase in foreign exchange. Privatization can also contribute to the government’s aim of black empowerment by earmarking shares for black investors.
The option is still available to DPE for the full privatisation of Denel. Unfortunately, government as the shareholder can expect little in the way of payment for the business, which in all likelihood ends up in liquidation. DPE can then look at the disposal of the Denel business units, or sub capabilities to private entities. The key goal in the distribution would be for the country to retain these capabilities. DPE would also be in a position to further the ambitions presented in the Defence Sector Charter as a bonus.
DPE has full insight into the assets and liabilities of the group. The assets are slim, goodwill is moving lower by the day, and DPE will have to stand in for Denel Group liabilities. DPE needs to obtain an agreement from the President, with agreement from the Department of Finance (Treasury), the Department of Trade, Industry & Competition (DTIC), the Department of Science and Technology (DST), the Department of Higher Education, the Department of International Relations & Cooperation (DIRCO) and critically, the Department of Defence & Military Veterans (DoDMV).
DPE needs to manage the distribution of the Denel capabilities in line with the Parable of the Talents. DPE is entrusting the current Denel capabilities to deserving servants of the country in the South African Defence Industry (SADI) family. The chosen SADI entities each need to put their talents to work, and aim to double the value of the property with which they were entrusted. The reward for the SADI entity is additional future ownership. If the designated SADI entity does not achieve growth in the capabilities allocated, then DPE needs to retrieve the property. This is then distributed to another entity that can grow the value of the property.
DPE needs to find entities that 1) value hard work, 2) understand the value of investment and treasure what is given to begin with, 3) value the relationship with the DPE and DTIC, 4) value the task, and then critically 5) value the reward. The target SADI entities need to be opportunity focused entrepreneurial ventures, not corporate entities.
Distribution of Capabilities
The Denel Group capabilities still have the capacity to contribute to the growth of the Aerospace & Defence sector within South Africa. The Aerospace & Defence Masterplan references a number of Denel Group initiatives. The Denel Group can no longer guarantee delivery of these targets. DPE needs to find a willing and able set of custodians for the viable capabilities. DPE needs to understand that it is no longer going to be majority owner, i.e. government minority shareholder.
The new Denel capability custodians should as far as possible be wholly owned South African entities. Ideally, Denel Group capabilities should remain within control of the country. The target custodians need to embody a transformed technical operator, backed by a stable private equity investor. Maybe DPE can inspire a new generation of defence industry related black industrialists. DPE has indicated a potential path with SAA. DPE can assist in meeting the goals of the defence charter, which is languishing with minimal Armscor and SANDF driven orders.
The custodian and the Denel Group organs are not strong enough to make the desired growth legacy on their own. It would be possible for DPE to set a condition to call on the custodians to align the wider industry to unlock greater wealth for future generations. DPE could support a defence cluster approach, enabled by the Denel organs, under the guidance of DTIC. The clusters act similar to the current Special Economic Zones (SEZ), yet are not necessary co-located. A set of DTIC benefits for the clusters need to be identified.
The clusters need to cover all of the current National Conventional Arms Control Committee (NCACC) export monitored sectors. I suggest eight clusters. 1) C4ISR Enabled Awareness Cluster, 2) R21 Aerospace Manufacturing Cluster, 3) N1 Aerospace and Defence Technology Cluster, 4) Eastern Gauteng Defence Mobility Cluster, 5) Fire-Power, Manoeuvre and Protection Cluster, 6) Cape Maritime and Defence Cluster,7) KZN Maritime and Defence Cluster, and a focused element to enhance Armscor business viability 8) Defence Facilities & Asset Management Capability. The DTIC and DIRCO need to work together to ensure that the clusters are supported to extract maximum growth potential from the international market.
Each cluster needs to have at least one institute of higher learning as sector entity for knowledge expansion. The Department of Higher Education can then assist in promoting the clusters with the DTIC. Aligned with this, the Department of Science and Technology need to assist in the innovation and creative generation of future solutions aligned with the cluster identified future needs. Each cluster needs a cluster R&D war chest to be used on a grant and incentive basis. If possible R&D funding could be linked to a minimum of 2.5% of annual defence related turnover within the sector for R&D.
The clusters each need to establish, or partner with, at least one apprenticeship college for ensuring future capabilities. The target is to bring +1,500 new trade apprentices into the market every year. This can be funded by grants from the Defence Industry Skills Development Fund. The Denel Technical Academy and the Paramount Technical Aviation Academy show the way forward. Maybe the Aerospace and Defence sector can unlock value from the education sector similar to the Curro model. The standard engineering apprenticeships can be offset with sector specific training, e.g. Black Hat Cyber Security, User Interface, and Certified Coding in the software environment, or HVAC, cabinet, plumbing and pipe fitting in the maritime sector, or iron monger, glass and ceramic technology for specific land and aviation applications.
The President, the Department of Finance (Treasury), and the Project Vulindlela & Infrastructure Investment teams, needs to engage the identified custodians, investors and cluster leads to plot the short-term, high-value, cluster projects that can impact the country as a whole. The goal is to unlock investment to increase the future GDP impact of the whole SADI community. This entrepreneurial investment approach is able to unlock future defence and commercial export revenue for South Africa.
The following independent Denel entities can be used to gain critical mass for each of the identified clusters, while transforming the industry in line with the Defence Charter:
Denel Aeronautics, Denel Aerostructures, Denel Dynamics, Denel Industrial Properties, Denel Land Systems, Denel Mechem, Denel Overberg Test Range, Denel PMP, Denel S3, Denel Technical Academy, and Denel Vehicle Systems.
Structure follows strategy. The Aerospace and Defence Masterplan provides the vision of “Repurposing Aerospace and Defence to improve South African lives for generations to come.”
The Denel Group may be gone, but it can enable a transformed South African Defence Industry that is a force to be reckoned with. The target should be to enable the creation of at least 10 new majority black owned defence system houses.
SADI entities can be Better Together by watching out for each other, caring for others in the sector and support the local networks.
The Denel Group demise can be the entry into an entrepreneurial approach that is a “pragmatic, affordable and focused response”.
Re-establish a base that is convenient, fit and comes at the right time.
Denel is Dead, Long Live Denel Capabilities.
Written by James Kerr, Orion Consulting CC, which provides Market Entry Strategy and Bid & Proposal services to the Aerospace & Defence related industry and assists international SME mission system product suppliers to gain traction in South Africa. Kerr has assisted various companies to enter, or expand footprint in, the defence industry with air, land and naval systems. He also served as a navigator, and completed an engineering degree, while in the South African Air Force for 13 years.
06 Jul 21. Rohde & Schwarz strengthens position in quantum technology market by acquiring Zurich Instruments AG. The Rohde & Schwarz technology group, a trailblazer in future areas such as 6G and autonomous driving, will now also be active in the field of quantum computing. The July 1, 2021 acquisition of Zurich Instruments AG, a technological leader in test and measurement, will help Rohde & Schwarz further expand its Test & Measurement Division. The Swiss company Zurich Instruments AG will be run as a full subsidiary.
In the coming decades, quantum technologies will significantly shape the high-tech industry. The potential for industry and research is enormous. It is a future trend involving billions in governmental subsidies and industrial investment. Rohde & Schwarz is already active in quantum sensing. Thanks to the acquisition, the company is now positioning its T&M solutions in quantum computing, one of the most promising future technologies in the world.
Zurich Instruments offers cutting-edge test and measurement systems to scientific and industrial research customers. The company has been at the forefront of science since its founding in 2008. A spin-off of the Swiss Federal Institute of Technology in Zurich (ETH Zurich), Zurich Instruments has grown continuously ever since. The company has over 100 employees at its Zurich headquarters and regional offices in China, the USA, France, South Korea, Japan and Italy. In addition to quantum technology, Zurich Instruments has a strong network and extensive experience in academic physics research.
Peter Riedel, President and COO of Rohde & Schwarz, explains: “We are looking forward to developing technological solutions for the future together with Zurich Instruments. We are also strengthening our position in the scientific realm. Rohde & Schwarz and Zurich Instruments already share a passion for advancing science and innovation.”
The test and measurement market for quantum computing holds enormous potential for both companies. Operating and maintaining a large-scale quantum computer requires numerous, specific T&M solutions. Thanks to their complementary products, Rohde & Schwarz and Zurich Instruments will provide complete solutions in the future.
Dr. Sadik Hafizovic, co-founder and CEO of Zurich Instruments, adds: “In Rohde & Schwarz, we found a company that can provide us with access to the latest and best technologies. The size, stability and technological expertise of Rohde & Schwarz offer optimal conditions for us to remain a leader in the rapidly growing quantum computing market and continue to grow as an independent subsidiary.”
For customers at Zurich Instruments, the new constellation means even more future-ready, innovative product roadmaps for lock-in amplifiers, impedance T&M instruments and quantum computing control systems. Continuing the relationships with existing customers and partners is essential to both companies. All functions at Zurich Instruments will remain in place, from development and production to marketing and sales.
Together with Zurich Instruments, Rohde & Schwarz will continue to shape the technologies of the future – for a safer and connected world.
06 Jul 21. SK Group and Plasan jointly acquire Greek company, ELVO – Hellenic Vehicle Industry. The newly-acquired company will become a major manufacturing center for vehicle protection solutions for European countries and other regions.
SK Group – a privately held technology and innovation holding company specializing in global frontline defense, law enforcement solutions, marine infrastructure and property development, and Plasan – a global leader in offering safer vehicle environments and survivability solutions for defense and security forces, have announced their acquisition of ELVO a Greek company with advanced production experience and capabilities in the field of wheeled and tracked vehicles. The jointly-owned company will manufacture advanced vehicles and protection solutions for various customers, in Greece and worldwide.
This acquisition is the result of a fruitful cooperation between SK Group and Plasan, with a long-term strategy of creating a strong base in Europe, headquartered in Greece. The site in Thessaloniki will be transformed into a manufacturing hub serving the global market, and will create many new jobs in the region.
“Following a long and meticulous international tender process, the Greek Government selected our bid and business plan, entrusting us with the future of one of the most accredited local companies in the EMEA region,” says Orly Katsav, Chairwoman of ELVO and Deputy Chairwoman of SK Group. “We have already set our plans in motion, investing in infrastructure, technology and recruiting highly-skilled personnel for key positions. We believe that with our experience in defense industry, exports and manufacturing, we will soon affirm the Greek Government’s choice, leading the company forward.”
“SK Group is world renowned, with decades of proven experience in developing, manufacturing, and marketing solutions for the international defense market,” says Dimitrios Angelopoulos, General Manager of ELVO. “Together with Plasan’s rich experience and technological knowhow in the field of vehicle protection, this will enable ELVO to strengthen its presence in Europe, as well as in other regions. We are pleased with the cooperation with the Greek Government after an extensive evaluation and tender for the purchase of ELVO.”
“Plasan has a successful history with ELVO, having designed and supplied armor hulls in kit form for the Hellenic Army HMMWV – the M1114GR and M1118GR HMMWVs – all of which were assembled by ELVO, and have been serving the Hellenic Armed Forces since 2004,” says Dani Ziv, CEO of Plasan. “We anticipate that our cooperation with the local authorities will continue to be fruitful.”
About SK Group
SK Group is the largest privately-held defense group in Israel, with facilities in the Israel, USA, Asia, Latin America and now in Europe at ELVO. SK is also engaged in real estate and property development. SK Group exports to more than 50 countries worldwide, and has experience in privatization, and transfer of technology, while investing in R&D and new technologies. SK Group includes IWI – a leading firearms manufacturer of small arms systems, Meprolight- a global force in electro-optic systems and laser solutions, Camero-Tech – a world leading pioneer in Sense-Through-The-Wall (STTW) solutions, Uni-Scope – with broad experience in development, production and sales of periscopes for armored vehicles, and more. SK’s companies offer a powerful track record of technology, experience and excellence.
Further information about the SK Group is available at www.sk-g.net
Plasan is a global leader in survivability and armor solutions for defense and security forces. With extensive battlefield experience and expertise in automotive systems and materials, the company delivers solutions to support the most complex requirements. Plasan offers a variety of vehicle protection solutions, including advanced kitted hulls, such as the SandCat family of vehicles, the Hawkei , and other armored tactical vehicles. Its end-to-end capability includes design, development, simulation, testing, production and integration.
Further information about Plasan is available at www.plasan.com
05 Jul 21. Elbit Systems Announces Results of Tenders for Classified Investors for the Purchase of Notes of the Company. Elbit Systems Ltd. (NASDAQ: ESLT, TASE: ESLT) (“Elbit Systems” or the “Company”) announced today, further to its announcement of June 10, 2021 of a potential notes offering in Israel, that three tenders for classified investors (as defined in the regulations under the Securities Law, 1968, “Classified Investors”) were held today for the issuance of three new series of notes – Series B, C and D, of the Company (the “Notes” and the “Institutional Tenders”, respectively).
The Notes were offered to the Classified Investors in units, with each unit consisting of NIS 1,000 principal amount of either Series B, C or D Notes, in three tenders, one for each series, for the annual interest rate that each series of Notes will bear.
As part of the Institutional Tenders, the Classified Investors submitted prior undertakings for the purchase of Notes as follows: Series B Notes in a total monetary amount of approximately NIS 2.25bn (approximately $691m), Series C Notes in a total monetary amount of approximately NIS 436m (approximately $134m) and Series D Notes in a total monetary amount of approximately NIS 765m (approximately $235m).
The Company intends to accept prior undertakings from Classified Investors to purchase 1,500,000 units of Series B Notes at a maximum annual interest rate of 1.08%, 200,000 units of Series C Notes at a maximum annual interest rate of 2.12% and 200,000 units of Series D Notes at a maximum annual interest rate of 2.67%. The aforesaid interest rates will constitute the maximum interest rates in the respective public tenders under the shelf offering report the Company intends to file. The Series B Notes will not be adjusted to any currency or index changes and the Series C Notes and Series D Notes will be adjusted (principal and interest) to changes in the NIS/ U.S. Dollar currency exchange rate, all as will be detailed in the shelf offering report.
It is hereby clarified that the publication of the shelf offering report and the execution of the issuance of the Notes are subject, among other things, to obtaining all the approvals required by law, including the approval of the Tel Aviv Stock Exchange Ltd. for the listing of the Notes and the resolution of the Company’s Board of Directors, and there is no certainty that the offering will take place. It is further clarified that the public offering, insofar as will be executed, will be done in the framework of a shelf offering report, by way of a uniform offer, that the scope of the offer to the public and the rest of its terms will be specified therein and that the final interest rates will be determined in the framework of the public tender, insofar as it will be executed.
Any securities, if offered, will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation “S” promulgated under the Securities Act) without registration under the Securities Act or an exemption from the registration requirements of the Securities Act. Any offering of securities pursuant to the Company’s shelf prospectus dated September 30, 2020 and any shelf offering report, if made, will be made only in Israel. This announcement does not constitute a solicitation or an offer to buy any securities.
05 Jul 21. SAIC acquires Halfaker and Associates in $250m cash deal. The acquisition is expected to increase SAIC’s digital transformation portfolio. Science Applications International (SAIC) has completed the previously announced acquisition of Halfaker and Associates for $250m in cash. The acquisition, which was first announced last month, will allow the company to better support the government’s healthcare mission while enhancing SAIC’s digital transformation portfolio.
Halfaker and Associates’ acquisition will enable SAIC to create, modernise, integrate, as well as secure mission-critical systems for customers of the federal government.
SAIC CEO Nazzic Keene said: “We are excited to welcome the employees of Halfaker and Associates to SAIC as we continue to establish our company as a leading provider of innovative technology solutions in support of government digital transformation.
“Together, we will reinforce SAIC’s commitment to helping our customers achieve their healthcare objectives through a more diverse talent base and greater access to strategic customers and contracts for the department of defence and other federal government agencies.”
Halfaker is a provider of digital services, data analytics, cybersecurity, and Cloud solutions. Its customer base includes the US Department of Veterans Affairs (DVA), Department of Defense (DoD), Department of Health and Human Services (HHS), and the Centers for Medicare and Medicaid Services (CMS).
It also serves as an IT provider on the Veterans Affairs’ Transformation Twenty-One Total Technology Next Generation (T4NG) acquisition programme.
SAIC Defense and Civilian Sector president Bob Genter said: “Halfaker brings new customers and solutions to SAIC, as well as a proven track record of delivering advanced end-to-end digital solutions that transform and empower customer decision-making through modernisation and optimisation.
The latest acquisition follows SAIC’s purchase of Unisys Federal in a cash deal valued at $1.2bn and acquisition of US-based software company Koverse in April this year. (Source: army-technology.com)
05 Jul 21. Rapid break-up of Cobham fuels debate over private equity in UK. Advent’s disposals shrink defence stalwart’s British footprint amid alarm over power of buyout groups. Advent has sold large parts of Cobham’s business, more than half of what it bought by value. Two years ago the defence group Cobham became a cause célèbre in the debate about foreign takeovers of British companies as the outraged family of its illustrious founder and former executives warned its new American private equity owners would break up the company. But investors still went on to back Advent International’s £4bn purchase and Boris Johnson’s government eventually waved through the deal with an official promise of tight scrutiny of the US private equity group. Today, 18 months after taking control, Advent has sold large parts of the business — more than half of what it bought by value. While the operations have continued under their new owners, the disposals have left Cobham — one of Britain’s most historic aerospace groups and whose pioneering refuelling technology gave Royal Air Force planes the range they needed to carry out missions in the Falklands war of 1982 — without any UK manufacturing sites. The buyout group’s ability to execute such a rapid restructuring, despite assurances made to the government, has raised alarm among the original opponents of the deal. “Just 18 months after Advent declared a long-term commitment to Cobham, it has largely dismantled the company and sold off the parts,” Nadine Cobham, whose late husband Michael Cobham ran the company and was the son of the founder Alan Cobham, told the Financial Times. Seen through the unsentimental lens of an American investment firm, Cobham’s wide-ranging businesses were always likely to be worth more on their own than bundled together. But the speed of the defence group’s dismantlement will fuel the debate about the role of private equity in the UK economy and the ownership of key technologies, at a time when buyout groups are announcing approaches to UK-listed companies at the fastest pace in two decades. Some traditional fund managers complain that buyout groups are “raiding” the stock market for cheap deals. Cobham said last week that it was considering an offer for the FTSE 250 listed defence group Ultra Electronics. Private equity’s traditional financial model would require Advent to sell Cobham within about five years. The private equity firm calculated there would be few buyers for the company as a whole given its disparate operations, from training military pilots to air-to-air refuelling to antenna systems, people with knowledge of the matter said Soon after taking control, it started to separate Cobham’s units so they would “operate effectively on a more independent basis”, it said in its annual report. While Advent plans to invest in the remaining Cobham units, including in research and development, they are also likely to be sold separately, the people said. Cobham made its first disposal in June 2020, selling Axell Wireless, which supplies distributed antenna systems, to Rcapital, a turnround investor. Axell Wireless went into administration in December, but has since been bought out. Then, in September, Cobham sold the UK operations of its Aviation Services business, which trains military pilots, to Draken International. The sales continued into the new year with its sale in January of Cobham Aerospace Connectivity, a provider of antennas and radios, to America’s TransDigm Group for $965m. And in February, it sold the company’s crown jewel, the air-to-air refuelling business Cobham Mission Systems, to Eaton Corporation for $2.83bn. All of the businesses have continued to operate in the UK under their new owners. Advent, which agreed to a number of commitments when it bought Cobham, also said it had maintained “compliance with all undertakings given to the UK government”. The undertakings included honouring the terms of existing contracts, notifying the Ministry of Defence in advance if there was a material change to the company’s ability to supply key services and promising not to withdraw certain services for an agreed period. Finally, Advent had to give the MoD notice if it decided to sell all or part of Cobham. In addition, the undertakings would be independently audited. The original agreement allowed for the sale of all or part of the Cobham business and did not transfer to new owners. Advent, however, is understood to have made it a condition of the sales that the new owners would give similar undertakings to the government for a limited time period. The Financial Times also understands that Kwasi Kwarteng, business secretary, has met with the new owners to discuss the economic considerations arising from the sale and received assurances from them on safeguarding UK jobs and investment. Despite the assurances, the reality is that “all of the major technologies that Cobham had, no longer reside with us”, said Gordon Page, a former chief executive and chair at the company, who opposed the Advent takeover in 2019. “None of my original worries have gone away and for all this to happen in just two years’ time runs a coach and horses through what they said to the government,” he added. Supporters of the deal pointed out that, despite Cobham’s British heritage, less than a fifth of its workforce was based in the UK at the time of the takeover. More than half of its revenues were US-based. Nick Cunningham, analyst at Agency Partners, said the “key question is, should the government care about these technologies being under UK control or not? “When you have virtually free capital around for private equity and other leveraged buyout groups, how do you prevent these key UK assets being broken up and sold to overseas buyers? What is needed is a comprehensive industrial strategy.” Advent has already taken back some of its investment. By December 2020 it had reclaimed $1.4bn in “preferred equity” that helped fund the buyout, corporate filings show. The takeover left Cobham with $3bn in net debt, more than 5.5 times its earnings before interest, tax, depreciation and amortisation and a huge rise from just $72m when it was a publicly traded company, its accounts for the year to December show. That led to interest costs of $183m in the first year of Advent’s ownership. Advent said: “Cobham has performed strongly under Advent, despite the pandemic, with 6 per cent like-for-like revenue growth in 2020. “More than $350m has been spent on research and development and strategic investments. The business is now more focused on high-tech electronics and has won significant contracts in commercial satellites, government space programmes and next generation defence electronics.” Under Advent’s ownership, Cobham has won some important contracts, including a $500m-plus deal to provide electronics to America’s Raytheon. Advent has also bought a business, Tods Aerospace, a manufacturer of composite aerospace structures, for an undisclosed sum. However, the buyout group’s ownership of Cobham will probably attract further scrutiny if the company does make an offer for Ultra. It told the market that a deal would create a “global defence electronics champion”. Sandy Morris, analyst at Jefferies, believes a move on Ultra would probably be even more controversial, given its role as a supplier of submarine hunting equipment to the MoD. It will also trigger renewed debate about the valuation of UK defence stocks. According to Morris, the UK equity market is “not very good at judging what defence businesses are worth to another company”. UK defence stocks trade between 10-20 per cent discounts to their US peers, he added, even though large parts of their businesses are in the US. However, the UK government stressed it had “worked with Advent to closely monitor the undertakings given in relation to the Cobham disposals. This includes advance notification of planned sales”. It added: “The UK remains firmly open for business, and we are committed to protecting the livelihoods of British workers and investment in the UK.” (Source: FT.com)
28 Jun 21. Gilat’s Wavestream Receives million$ For LEO Constellations Gateway Support. Gilat Satellite Networks Ltd. (Nasdaq: GILT, TASE: GILT) has received $9m in orders for support of gateways of Low Earth Orbit (LEO) constellations. Gilat’s subsidiary, Wavestream, was selected as the vendor of choice to supply Gateway Solid State Power Amplifiers (SSPAs) to a leading satellite operator to support the LEO constellation gateways. The orders were received as part of the previously announced contract. Wavestream is proceeding according to plan with orders that now exceed 800 Gateway-Class SSPAs. Wavestream’s PowerStream 160Ka is designed specifically for networks using wide bandwidth uplinks and high order modulation schemes, thus best addressing the stringent requirements of Non-Geostationary Satellite Orbit (NGSO) constellations installed in remote locations.
“The high-volume manufacturing of these highly-complex Gateway-class SSPAs is proceeding at an unprecedented production rate, with all deliveries expected in the next 12 months,” said Bob Huffman, Wavestream’s General Manager. “Our manufacturing capacity, product reliability, and experience with high-power Ka-Band SSPA technologies stand alone in the NGSO Gateway market, and we are honored to be trusted to deliver more than 1,000 of these units for the entire program.” (Source: Satnews)
29 Jun 21. Extra Bharti Cash Fully Funds OneWeb + Insider Trading Allegations Class Action Against Certain Intelsat Shareholders Heading To Court In July. Bharti Global has invested an extra $500m (€420.5m) into satellite constellation OneWeb and that means the business is now fully funded at $2.4bn. Bharti’s influx of extra cash means that the company now owns 38.6 percent of the business. The other key investors, Eutelsat, the UK government and Softbank, are each holding 19.3 per cent of the company. The new money from Bharti came as a result of a Call Option to investors. This current shareholding might change if one or other of the remaining investors decides to respond positively with more money.
The news comes just ahead of OneWeb’s next batch of 36 satellites that are due to be launched on July 1 by Arianespace from Russia’s Vostochny Cosmodrome.
OneWeb’s Executive Chairman, Sunil Bharti Mittal, said, “OneWeb represents a unique opportunity for investors at a key moment in the commercialisation of Space. With its Global ITU LEO Spectrum priority, Telco partnerships, successful launch momentum and reliable satellites, OneWeb is ready to serve the vital needs of high-speed broadband connectivity for those who have been left behind. Nation states can accelerate their universal service obligations, Telcos, their backhaul and Enterprise and Governments can serve remote installations.”
Neil Masterson, CEO of OneWeb, added, “The completion of our funding puts OneWeb in a powerful position. We have significantly lower entry cost of any LEO. We benefit from $3.4bn of pre-Chapter 11 investment by the original shareholders, making new OneWeb a three-times lower cost Constellation. With the forthcoming launch we will have completed 40 per cent of our Network. We are intently focused on execution and just ten more launches will enable us to deliver global coverage. Investors have backed the extraordinary efforts of the OneWeb team to deliver more of the global connectivity the World needs.”
The insider trading allegations against certain Intelsat shareholders and a key member of staff is coming to court in July.
A Class Action is being heard in the US District Court (Northern District of California, at Oakland) by Judge Jeffery White. The Action revolves around allegations that Intelsat shareholders Silver Lake Group LLC and BC Partners LLP, some senior partners at the two businesses who were also directors at Intelsat and some of their investment funds, and David McGlade, chairman at Intelsat, made use of inside information in order to sell shares in Intelsat prior to a near-total collapse in the share’s value.
The Action alleges that the defendants made unlawful use of non-public material and collectively gained some $185m in profits over the sale of Intelsat stock. The listed defendants sold $246m of Intelsat stock in an alleged overnight ‘fire sale’ on November 5th 2019.
A Motion to Dismiss is scheduled for July 23 and the two main defendants filed their Motions to Dismiss on June 14th. Mr. McGlade’s lawyers filed their Motion to Dismiss on March 31st.
The sale of shares (and described as “the quintessential insider trading case” by the Plaintiffs) was on and around the period that (then FCC Chairman) Ajit Pai told Intelsat senior staff that the FCC would back an auction of C-band frequencies handled by the FCC, and not to support the C-Band Alliance’s (CBA) preferred private method of an auction organized by the CBA.
Senator John Kennedy of Louisiana, no supporter of the C-Band Alliance’s plan to itself manage the sale of satellite spectrum, speaking at a Senate Appropriations Committee hearing on June 16th, 2020, said, “On November 5th, 2019, the CEO of Intelsat met with one of [the FCC’s] senior lawyers, [and] two of the biggest Intelsat shareholders sold $246m of their own stock. Shortly thereafter, the FCC announced that it was going to conduct a public auction… and the price of Intelsat stock dropped more than 75% from like 25 bucks to six bucks…. Something happened in that meeting.”
On November 18, 2019, the FCC formally rejected Intelsat’s ‘private sale’ proposal. Furthermore, FCC Chairman Pai appeared to foreclose any future prospects, wholly conveying his support for a public, rather than private auction of the C-Band spectrum. The market’s reaction to this news was quick and harsh – Intelsat’s stock fell over 40 percent on extremely heavy trading, closing down from $13.41 per share on November 18th, 2019 to $8.03 per share. The Intelsat total share price collapse continued over the following few days declining 77 percent in barely two weeks.
As was later revealed, however, certain insider shareholders were allegedly able to sell a large chunk of Intelsat shares (collectively 10 million shares) just before this massive stock plunge, and allegedly capitalizing on their inside knowledge that Intelsat’s proposals were viewed negatively by the FCC.
The July 23 Motions to Dismiss will see the Court hear submissions from all the parties, including the McGlade submission.
BC Partners, in its Motion to Dismiss, argues that it has not broken any rules and not used non-public information and stated that meetings between the FCC and Intelsat (and the CBA) were “routine” and that the FCC was scrupulous that no material non-public information was disclosed at the November 5th meeting with Intelsat’s executives. The “plaintiff’s claims solely rely on a set of vague allegations from two confidential witnesses (“CWs”) who were not present at the Nov 5 meeting, who never communicated with BC Partners about it, and whose tales lack any indicia of personal knowledge or reliability,” says BC’s Motion.
McGlade’s defence is that he did not possess material non-public information and knew nothing of the key FCC meetings and in particular had no knowledge of the key November 5 meeting. His lawyers argue that McGlade only sold a portion of his shareholding as he “tagged along” with the sale by Silver Lake and BC Partners. His lawyers state that at the time of the sale, McGlade held more than $80m-worth in shares and that he joined the block sale (by Silver Lake and BC Partners) “because it permitted him to liquidate a small portion of his holdings while retaining the vast majority of his shares pending the FCC’s ultimate decision.”
McGlade’s defence statement continues saying that as a result in the near-total collapse of Intelsat’s share price, he personally lost “well over $81m.” Under the terms of a Shareholders Agreement and its Tag-Along provision, he sold 14 percent of his holdings and retained the 86 percent balance that was eventually sold in the summer of 2020 for less than $600,000. Judge White will determine whether the Action is dismissed or can go forward. (Source: Satnews)
15 Jun 21. tpgroup Full results for the year ended 31 December 2020.
tpgroup, the provider of mission-critical solutions for a more secure world, announces its audited results for the year ended 31 December 2020.
Financial and operational highlights
Revenue up 20% to £59.0m (2019: £49.4m)
- Organic growth, excluding Sapienza, of 9% (£3.5m), with Consulting & Programme Services up 30%, whilst Technology & Engineering reduced by 4%
- Added £6.1m revenues from the full year effect of the Sapienza1 and the acquisition of Osprey Consulting2
Adjusted operating profit of £3.7m (2019: £6.2m)
- Margin erosion due to project execution timings, resource utilisation and supply chain issues materially caused by the coronavirus (“COVID-19”) pandemic
- Investments made across the business and to strengthen AI and software products, focused on positioning tpgroup to execute on compelling market opportunity to drive future growth
- £0.1m of profit contributed by acquisition of Osprey Consulting
Operating losses of £4.8m (2019: £1.0m)
- Lower adjusted operating profit
- Impairment charge £1.4m (2019: £nil)
- Earn-out provision of £0.5m (2019: £1.6m) relating to Sapienza and Osprey
Statutory loss after tax of £10.0m (2019: £2.0m)
- Higher operating losses
- Losses on discontinued operations of £5.0m (2019: £0.1m)
Closing cash of £7.4m (2019: £6.6m)
- £2.0m cash used in the acquisition of Osprey
- Settlement of earn-out payments, £0.9m for Sapienza
- £2.3m invested in software and AI technologies, business systems, IP and infrastructure
- HSBC bank facility of £7.0m fully drawn
Order intake of £71.5m (2019: £62.5m)
- Existing business, including Sapienza, £64.3m (2019: £62.5m)
- Opening order book of £5.3m acquired with Osprey
- Additional £1.9m of new orders post-acquisition from Osprey
Group closing order book up 22% to £69.3m (2019: £56.8m)
- Organic growth of £6.7m (12%)
- Includes additional £5.8m from Osprey
Talks regarding the disposal of the Company’s maritime engineering business continue. No formal agreement has yet been reached. The Company will provide a further update in due course.
Phil Cartmell, tpgroup’s Chief Executive Officer, commented, “Through this period, we were able to grow our revenue by 20%, due to a strong opening order book, continuity of critical programmes, the addition of Osprey and Sapienza, and the continuing capture of new contracts, despite the backdrop of global uncertainty caused by the Covid-19 pandemic. We trust that the uncertain trading conditions of 2020 will eventually stabilise, and so we have taken the opportunity to prepare the Group to continue revenue growth and return to improving profit levels. We have invested in our business in Europe and secured new work in the Middle East and the United States. There is substantial pent-up demand from new and existing customers in these geographies to meet with the team and we hope to satisfy this once travel restrictions are lifted. In addition, we have focused on our growing activities in consulting and software with the acquisition of Osprey and the sale of TPG Engineering. The industries in which TP Group operates are investing heavily while rapidly digitising and integrating, leading to significant opportunity for our business. As a result, the Group is well prepared for the future and we are confident our excellent consulting, digital and technology capabilities will enable us to meet the exciting opportunities before us.”
Additional narrative to the results will be published in the Group’s Annual Report and Accounts which is expected to be published and sent to the Company’s shareholders on or around 21 June 2021 and will be available to view on the Company website here
1 Sapienza Consulting Holdings B.V. acquired April 2019
2 Osprey Consulting Services Ltd. acquired 25 August 2020
07 Jul 21. Thales shortlists bidders for signalling business -sources. Thales TCFP.PA has shortlisted Japan’s Hitachi Rail 6501.T, Switzerland’s Stadler Rail SRAIL.S and Spain’s CAF in the sale of its rail signalling business, people close to the matter said.
The French defence and aerospace group, partially owned by the French state, is seeking to streamline its operations, after investors often questioned the diversity of its portfolio of assets.
The proceeds will help bolster the finances of the maker of equipment ranging from anti-jamming devices for fighter jets to airliner navigation beacons after the pandemic dented sales and profits last year.
Thales has asked for binding bids to be submitted by the end of this week and if its price expectations are met it could select a buyer in late July or early August.
Thales and the bidders declined to comment or were not immediately available for comment.
Valuation estimates range from 1.5bn to 2.5bn euros due to the unclear stage of its restructuring and future growth prospects, people close to the matter said earlier this year. (Source: Google/Reuters//https://www.nasdaq.com/)
TCI International, Inc., is a wholly-owned subsidiary of SPX Corporation. TCI provides turn-key solutions for spectrum management and monitoring, direction finding, geolocation and communications intelligence to civilian, government, military and intelligence agencies as well as antennas for communications and high-power radio broadcasting. TCI is headquartered in Fremont, California, USA. For more information, visit www.tcibr.com.