Sponsored by TCI International Inc.
15 Sep 22. Belcan Acquires RTM Consulting, a Leading Provider of Resource and Workforce Management Solutions to Service Businesses.
Belcan, LLC (“Belcan”), a global supplier of design, software, manufacturing, supply chain, information technology, and digital engineering solutions to the aerospace, defense, space, automotive, industrial, and government services markets, announced today that it has acquired RTM Consulting (“RTMC” or the “Company”), a leading provider of digital resource management, business optimization, digital transformation, professional education, and other consulting offerings to service businesses. Terms of the transaction were not disclosed.
This acquisition marks the 18th acquisition by Belcan under its ownership by AE Industrial Partners, LP (“AEI”), a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets.
RTMC is a leader in comprehensive resource management consulting, combining decades of operational experience in services and outsourcing with solutions targeted to human capital-intensive service organizations. The Company’s Just-in-Time Resourcing® offers a new approach to maximizing human resource utilization. Headquartered in Cincinnati, Ohio, the Company’s clients include Fortune 500 companies, technology firms, enterprise/IT organizations, marketing agencies, medical device manufacturers, industrial equipment suppliers, and accounting and advisory firms. The service operations of these companies benefit from RTMC’s consulting, training, and digital transformation to produce better service and business outcomes. RTMC also operates the Resource Management Institute (RMI), a unique institute dedicated to the discipline of resource and workforce management including a world-class certification program for resource managers.
“The compelling need to efficiently allocate resources continues to create demand for improved project management tools and technology. In addition, the scarcity of STEM resources heightens the need for next-generation resource development and deployment systems,” said Lance Kwasniewski, CEO of Belcan. “RTMC’s specialized expertise will help Belcan develop world-class technology for our internal delivery teams – ultimately helping our customers. We look forward to working with RTMC’s experienced and knowledgeable team to change the future of resource management.”
“Belcan’s support will enable us to exploit the growth opportunities in our current markets, while expanding into new customers that Belcan currently serves,” said Randy Mysliviec, President and CEO of RTMC. “We are excited to work with the Belcan team to capitalize on these opportunities and help companies realize better business outcomes through effective resource and workforce management.”
Belcan is a global supplier of design, software, manufacturing, supply chain, information technology, and digital engineering solutions to the aerospace, defense, space, government services, automotive, and industrial markets. Belcan engineers better outcomes for customers – from jet engines, airframe, and avionics to heavy vehicles, automobiles, and cybersecurity. Belcan takes a partnering approach to provide solutions that are adaptable, integrated, and value-added, and has been earning the trust of its customers for over 60 years. For more information, please visit www.belcan.com.
About RTM Consulting
RTM Consulting provides strategic and operational advisory services to service organizations. In addition to offering services to support better global resource and workforce management, RTMC also offers a full range of services around project and portfolio management, service business optimization, digital transformation, and training. For more information, please visit www.RTMConsulting.net.
About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investment and the ILPA Diversity in Action initiative. Learn more at www.aeroequity.com.
15 Sep 22. Pexco LLC Acquires Performance Plastics Ltd. Pexco LLC continues expansion with acquisition of Performance Plastics. Pexco LLC, a leading North American specialty plastics manufacturer, is pleased to announce the acquisition of Performance Plastics Ltd. Located in Cincinnati, OH, and founded in 1982, Performance Plastics is a precision injection molder of high performance, tight tolerance components for the most demanding applications within industries such as aerospace, defense, medical & life science, and precision industrial.
Pexco CEO Sam Patel stated, “We are excited to welcome Performance Plastics to the Pexco family of companies. Performance Plastics has an outstanding reputation in the market and is recognized as a leader in the production of thermoplastic parts that are geometrically complex and with tight tolerances. There are few manufacturers who can help customers meet these standards – Performance Plastics’ high performance polymer knowledge and expertise are powerful differentiators.”
Chris Lawson COO of Performance Plastics added, “We are thrilled to bring our expertise to the Pexco family. Our focus on engineering quality and strong work ethic are a great cultural fit, and we look forward to collaborating with the fluoropolymer and other high performance polymer experts under the Pexco umbrella.”
About Pexco LLC
Based in Atlanta, with multiple plants across North America, Pexco is a leader in the design and fabrication of engineered plastic components. It provides standard and specialty parts and components to manufacturers and end users for a broad range of custom applications, including the specialty industrial, fluid handling, lighting, traffic safety, fence, and electrical insulation industries. Pexco offers a full range of custom design, engineering, and fabrication services, including ISO 9001:2015 registration, across its manufacturing operations. For more information, visit www.pexco.com or call (770) 777-8540.
About Performance Plastics
Performance Plastics is a custom injection molder of high performance polymer parts. Based in Cincinnati, OH and founded in 1982, Performance Plastics specializes in tight tolerance thermoplastic components for demanding applications. The company is renowned for its fluoropolymer, Torlon, PEEK and Ultem expertise, proprietary manufacturing processes and exceptional engineering support.
About Odyssey Investment Partners
Odyssey Investment Partners, with offices in New York and Los Angeles, is a leading private equity investment firm with a more than 25-year history of partnering with skilled managers to transform middle-market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes majority-controlled investments in industries with a long-term positive outlook and favorable secular trends. For further information about Odyssey, please visit www.odysseyinvestment.com. (Source: BUSINESS WIRE)
14 Sep 22. Green Eight Capital, Dennis Muilenburg Launch Mission-Driven Aerospace Fund. Green Eight Capital AG, a mission-driven private investment firm, announced today that Dennis Muilenburg, former CEO and Chairman of The Boeing Company (NYSE: BA), has joined its Board of Directors, helping launch the company’s new Aerospace Innovation Fund.
As Green Eight Capital’s second private markets fund, the Aerospace Innovation Fund will direct capital into aerospace and aerospace-adjacent industries to address a global need for reconstituted supply chains, resilient industrial bases, and foundational technologies with the aim of delivering positive impact and generating competitive financial returns for clients.
Mr. Muilenburg will actively support the Aerospace Innovation Fund investment team while also steering Green Eight Capital and supporting the success of its portfolio companies.
“We are excited to have Mr. Muilenburg join us,” said Philipp Maurer, CEO of Green Eight Capital. “He brings more than 35 years of aerospace industry experience and shares our vision of an industry that can—when the right companies get proper backing—be a pillar of future economies, technologies, and livelihoods.”
Mr. Muilenburg served as CEO of The Boeing Company from 2015 to 2019 and championed entrepreneurship at the company with the launch of both HorizonX and NeXt. In addition, he served on the Board of Directors of Caterpillar Inc. (NYSE: CAT) and sat as Chairman of the Aerospace Industries Association’s Board of Governors.
“Building on my experience at Boeing, I wanted to focus on investing in people and how aerospace innovation could solve many of the issues the world is facing,” Muilenburg said. “This sector is technology-rich with great entrepreneurs, leading-edge talent, and quality businesses—all ready to tackle today’s challenges and create extraordinary opportunities for the future. Green Eight is in a strong position to identify top companies and help them push the envelope for growth and purpose while simultaneously rewarding like-minded investors.”
Green Eight is continuing to raise capital for the Aerospace Innovation Fund and will be announcing further additions to its leadership team and Board of Directors. For more information, please reach out to .
About Green Eight Capital
Founded in 2018 as a spinoff from Deutsche Bank, Green Eight Capital is a mission-driven private markets investment firm. The company recently launched the stage-agnostic Aerospace Innovation Fund, a Luxembourg RAIF, to act as a partner to cutting-edge aerospace and defense companies while also generating competitive financial returns for clients. Green Eight Capital has offices in Zurich and New York. To learn more, please visit www.g8c.com. (Source: BUSINESS WIRE)
14 Sep 22. Satellite Mobility Ecosystem Provider, Morpheus Space Raises $28m in Series A Funding. Morpheus Space, the leading provider of in-space mobility systems, today announced the close of a $28m Series A funding round led by space exclusive VC, Alpine Space Ventures. Alpine was joined by Morpheus Ventures, and existing investors – Vsquared Ventures, Lavrock Ventures, Airbus Ventures, In-Q-Tel, Pallas Ventures, and Techstars Ventures who returned from the company’s Seed Round.
Morpheus Space will leverage the financing round to expand and improve its manufacturing capabilities, namely, with a new factory in Dresden, Germany. The decision was prompted by a rapidly increasing demand for electric propulsion devices as brands mobilized around the creation of small satellite focused constellations. In just two years, the number of small satellite launches has jumped up nearly 450% from what it was in 2019, now sitting close to 1,800 annually. As entities continue to mobilize around a commercial future for Space, that number is expected to increase further as smaller space economies and new startups get up to speed on modern satellite mobility protocols and practices. With current constrictions to the supply chain, and the residual effects of COVID, satellite companies have found it increasingly more difficult to find partners that can meet their scaling needs in a short timeframe. The fund raise will enable Morpheus to expand and futureproof its production capabilities to a new level that can comfortably meet current and projected demands.
“The industry has seen significant growth in the last few years, unlike anything we’ve experienced before, and it has presented numerous opportunities for Morpheus to succeed and grow. However, we’ve also seen with our competitors how it presents multiple challenges and lost opportunities for those that cannot keep up. Both the blessings and problems associated with the space industry right now can be attributed to scalability,” said Morpheus Space CEO and co-founder, Daniel Bock.
“To succeed, we need to rely on each other and help solve the problems of our partners to maintain growth. With this funding round, we will be able to produce high quality hardware on a much larger scale that the industry needs and we look forward to how it will open doors for us and others in the future”, asserted István Lőrincz, co-founders and President of Morpheus Space.
After officially launching in 2018 Morpheus completed their seed round in 2020, since then the company has seen their headcount increase by 8x and YoY number of contracts increase by over 250%. Although demand has dramatically improved, the company still runs a small, tight knit operation of mostly engineers and software developers. A portion of the funding will be used to expand staffing across multiple disciplines and levels, with the goal of bringing their final headcount to over 100 people across multiple time zones within the next 6 to 12 months.
“Morpheus Space ‘s closing of their impressive Series A financing round in the context of an uncertain global environment, is a testimony of the team’s stringent technical and commercial execution,” said Bulent Altan, Investment Partner at Alpine Ventures and CEO of Mynaric. “As Alpine Space Ventures, we are proud to be the lead investor in their company’s series-A round enabling the Company to reach the production capabilities required to meet growing customer demand. Looking ahead, the five-year rule for post-mission disposal of LEO satellites, which is being proposed by the FCC, strongly confirms the company’s value proposition. Combined with the ever growing need to be maneuverable in LEO for debris and collision avoidance, we expect the demand for small to medium satellite propulsion to grow significantly. We are excited to support Morpheus Space on their journey.”
Garnering awards from NASA and others, Morpheus Space is one of the premier startups in the mobility space, bringing partners industry leading propulsion and artificial intelligence based satellite routing. In recent months they have worked with several space companies, including Spire Global, Antaris Space and Rocket Factory Augsburg with more on the horizon.
For more information about Morpheus and how to work with them, visit www.morpheus-space.com.
About Morpheus Space:
Morpheus Space is a leading provider of the most scalable and efficient spacecraft electric propulsion systems. Its technology disrupts the New Space industry by introducing Sphere Flow; a fusion between cutting edge electric propulsion and artificial intelligence enabling truly dynamic constellations. The solution package enables satellite service providers to operate entire constellations as one entity by utilizing the world’s smallest and most efficient space propulsion system servicing satellites <1Kg to >1000Kg. The Morpheus Space technology enables each satellite to perform countless orbital maneuvers, which allows the possibility of “objective first” mission planning with 100% automation. This provides a never-before-seen flexibility of satellite networks that is exploited by the A.I. to optimize the constellations and fulfill customer objectives.
(Source: PR Newswire)
13 Sep 22. Defense contractor Raytheon Technologies Corp on Tuesday trimmed its full-year free cash flow forecast, amid inflationary pressures, higher costs and supply chain snags. The Arlington, Virginia-based company said it lowered the outlook to about $4bn from around $6bn, citing a potential impact from legislation requiring capitalization of research and experimentation expenses for tax purposes. The company in July posted lower-than-expected second-quarter revenue, hurt by global supply chain issues that dented production at the aerospace and defense firm. (Source: Reuters)
14 Sep 22. Two senior executives in MilDef increase their holdings in the company. Through the call options issued in 2017 MilDef’s CSO Fredrik Jacobsson and CTO Fredrik Persson have today increased their holding by 881,600 shares each. Following the acquisition of 881,600 shares, Fredrik Jacobsson’s (Chief Sales Officer) holding amounts to 1031,600 shares, corresponding to 2.59 percent of the total number of shares in MilDef Group.1 Following the acquisition of 881,600 shares, Fredrik Persson’s (Chief Technical Officer) holding amounts to 889,600 shares, corresponding to 2.23 percent of the total number of shares in MilDef Group.1 1 Total number of shares includes the number of shares to be issued in relation to the approximately MSEK 80 m issue-in-kind with a subscription price of SEK 71.02, announced in a separate press release dated September 12, 2022 relating to the acquisition of Handheld Group AB.
12 Sep 22. Sigma Defense Backs Artificial Intelligence Startup Diveplane with Series A Investment. Sigma Defense LLC, a portfolio company of Sagewind Capital and leading provider to the national security community, today announced that it has joined Shield Capital, Calibrate Ventures and L3Harris Technologies to raise $25M in Series A funding to back Diveplane, the company keeping humanity in artificial intelligence (AI). The funds provide Diveplane with the opportunity to invest further in its award-winning AI solutions, while facilitating targeted growth to meet increased market demand. As part of the agreement, Philip Bilden, Managing Partner of Shield Capital, will join the Diveplane board of directors.
Sigma Defense delivers next generation technology to the DoD transforming the battlefield for better mission outcomes
Diveplane helps businesses and government organizations concerned with data privacy to better understand and leverage the power of their data through AI tools that are trainable, interpretable and auditable. The company’s solutions are designed around the principles of predict, explain and show, creating user confidence that operational decisions are built on a foundation of fairness and transparency.
Gartner, who has consistently ranked Diveplane as a technology innovator and cool vendor, estimates that the AI software market will reach $62 bn in 2022 alone, and continue to grow at a rate of more than 30 percent through 2027. Diveplane is uniquely poised to capitalize on the market opportunities with its support of multiple real world use cases — prediction, anomaly detection, anonymization, and the creation of synthetic data – all from a single model on one platform.
“As we continue to innovate and deliver next generation technology to the DoD, the greatest opportunity to transform the battlefield is providing artificial intelligence, machine learning and advanced analytics at the edge,” said Matt Jones, CEO of Sigma Defense. “Diveplane’s unique position in the AI market aligns perfectly to our vision of autonomously connecting people, systems and data and discovering new insights from that data faster and more effectively.”
“Chris, Mike, and the Diveplane team are building a leading technology platform to employ the power of AI while protecting privacy and explainability,” said Raj Shah, Managing Partner, Shield Capital. “We are excited to partner with them as their platform is foundational for large organizations to safely implement and scale AI.
“We founded Diveplane with the mission of putting humanity back into AI, and we’re succeeding,” said Mike Capps, co-founder and CEO of Diveplane. “We’re building trusted partnerships, with a product set that provides a holistic capability for fair and transparent decision making and data privacy. This support adds rocket fuel to our business, so we can build on our successful approach to helping companies innovate with our Reactor platform. ”
About Sigma Defense
Sigma Defense Systems LLC is a leading technology company serving the Department of Defense (DoD) providing systems and services for Intelligence Surveillance and Reconnaissance since 2006. The company’s software-focused approach to tactical communications accelerates information collection and sharing for faster decision making and better mission outcomes. Customers turn to Sigma Defense for engineering, program management, and data logistics services for technical solutions that encompass ground, air, and space-based systems and sensors and network and satellite communications. Sigma is headquartered in Perry, GA with satellite offices both CONUS and OCONUS. For more information visit sigmadefense.com, and follow Sigma Defense on LinkedIn for news and updates.
Founded in 2018 by Dr. Michael Capps and Dr. Chris Hazard, Diveplane keeps the humanity in artificial intelligence (AI). The company develops technology that helps businesses and government organizations better understand and leverage the power of their data through AI tools that are trainable, interpretable and auditable. Diveplane is headquartered in Raleigh, North Carolina. For more information on Diveplane and its product suite, please visit www.diveplane.com or follow the company on LinkedIn and Twitter. (Source: PR Newswire)
13 Sep 22. SkyePoint Acquires SNR Government IT Services to Expand its Information Technology Offerings as a Prime Contractor within the Defense Sector. SkyePoint Decisions, Inc. (SkyePoint) announced the purchase of SNR Government IT Services LLC (SNR GITS), a subsidiary of Arrowpoint Corporation of Ashburn, VA, effective September 9, 2022. SkyePoint acquired all assets including its DLA JETS, Army RS3, and Army ITES-3S information technology and cybersecurity services contract vehicles.
SNR GITS, now as a subsidiary of SkyePoint, offers comprehensive information technology services including technical and management expertise supporting applications, software, hardware, infrastructure, and systems in support of Department of Defense (DOD) agencies. As a Division of SkyePoint, SNR GITS will operate as the Defense sector arm for SkyePoint’s continued growth and investment.
SkyePoint President, Frank Sturek, commented, “This acquisition reflects SkyePoint’s determined and unrelenting focus on growth and delivering excellence to our federal government customers. Our ability to provide meaningful solutions to Federal agencies, anytime, anywhere now further expands SkyePoint’s reach to the DOD as a Prime contractor. We look forward to working with our technology and industry services partners to deliver SkyePoint’s proven cybersecurity, IT infrastructure, data analytics, and application development solutions.”
About SkyePoint Decisions:
SkyePoint provides innovative enterprise-wide and targeted solutions for the complex challenges faced by our federal government clients. Our focus is on enabling our client’s ability to deliver their mission – anytime, anywhere, securely as a prime contractor committed to delivery excellence. We combine technical expertise, mission awareness, and an empowered workforce to produce meaningful results. SkyePoint is an established ISO 9001:2015, ISO/IEC 27001:2013, and CMMI for Services Level 3 business with operations across the U.S. For more information, visit the SkyePoint website at www.skyepoint.com.
About SNR GITS
SNR GITS, a division of Arrowpoint Corporation, offers comprehensive IT services including technical and management expertise that supports applications, software, hardware, infrastructure, and systems in support of the Defense Logistics Agency and the Department of the Army. SNR GITS provides services through its Indefinite Delivery / Indefinite Quantity (IDIQ) contract vehicles. (Source: BUSINESS WIRE)
12 Sep 22. Kape Technologies -Tapping into prodigious free cash flow generators. A cybersecurity software provider offers a 12.6 per cent free cash flow yield even though the group is delivering strong organic growth, while a small-cap financial software provider offers a bumper free cash flow yield of 8.8 per cent
- Adjusted cash profit trebles to $88.9m, or up 17 per cent on pro-forma basis
- Bumper operating cash flow deleveraging balance sheet
- Free cash flow yields of 12.6 per cent (2022) and 14.6 per cent (2023)
First-half results from cyber security software provider Kape Technologies (KAPE: 285p) not only delivered strong organic revenue and profit growth, but also bumper operational cash flow. This is enabling the group to pay down borrowings following last December’s $936mn (£807mn) acquisition of ExpressVPN, a leading provider in the digital privacy space with more than 3m active users across 180 countries.
On a pro-forma basis, first-half revenue increased 19 per cent to $306mn, of which 88 per cent was recurring in nature, to lift adjusted cash profit by 17 per cent to $88.9m. The group’s subscriber base rose 6 per cent to almost 7m customers, and the retention rate improved a smidgeon to 82 per cent. The key driver was growth in digital privacy revenues, up almost a fifth to $253m on a pro-forma basis, a reflection of the strong underlying market for cyber security software (which protects data security and privacy against piracy and phishing attacks), and virtual private network (VPN) solutions (which encrypt and secure internet connections). Kape’s average customer is aged 20 to 45, based in the US or Europe (45 per cent and 30 per cent, respectively, of the subscriber base), is tech-savvy and has multiple devices to protect.
The acquisition of ExpressVPN not only added scale to Kape’s existing cyber security product suite (Cyberghost and Private Internet Access are two of its leading brands), but it provides a notable opportunity to cross and up-sell Kape’s privacy products across a larger customer base and wider geographic footprint. Importantly, management is on target to deliver $30mn annualised cost synergies next year as planned, and reiterated 2022 guidance for pro-forma revenue of $610m-$624m and cash profit of $166mn-$172mn.
Moreover, the first-half cash conversion rate of 101 per cent of cash profit enabled net debt to be slashed from $457mn to $392m, and house broker Shore Capital expects closing net borrowings of $322m based on full-year free cash flow of $147m (42c a share). In addition, net debt is expected to halve to $160m by the end of 2023 as $170m of anticipated annual free cash flow (48c a share) is used to deleverage the group’s balance sheet, thus transferring more of the economic interest in Kape from debt to equity holders.
This is simply not being priced in as the shares trade on bumper forecast free cash flow yields of 12.6 per cent (2022) and 14.6 per cent (2023), forward price/earnings (PE) ratios of 8.1 (2022) and 7.1 (2023) and prospective cash profit multiples of 8.8 (2022) and 7.7 (2023) to enterprise valuation, the latter being a 45 per cent discount to the average rating over the past five years. Furthermore, slower-growing rival Avast was recently acquired by NortonLifeLock on 19 times annual cash profit to enterprise valuation, and an exit PE ratio of 24.
Since I covered the annual results, Kape has been de-rated by 30 per cent, a decline that is completely at odds with the ongoing strong operational performance and maintained guidance (‘Profit from cyber security’, IC, 22 March 2022). I first suggested buying the shares, at 47.9p, in my in 2017 Bargain Shares Portfolio, and offering 75 per cent share price upside to my 500p fair valuation, the mis-pricing is a strong buying opportunity. Buy. (Source: Investors Chronicle)
12 Sep 22. Sinequa Announces New Aerospace and Federal Defense Business Unit. Enterprise Search leader Sinequa has today announced a new business practice dedicated to the specific needs of public and private agencies serving the US Aerospace and Defense (A&D) industry. The company also opened today a new office in Huntsville, Alabama, to allow the team to closely align with organizations and Federal agencies and to tap into the region’s burgeoning technology and partner ecosystem.
Located at The Invention to Innovation Center (I2C) on the campus of The University of Alabama in Huntsville, the new office is home to Sinequa’s sales, business development and technical teams serving the aerospace and defense industry. Sinequa’s Bob Lewis will spearhead the company’s A&D business development and expansion of technology services in his new role as Senior Vice President Aerospace & Federal Business Unit. In addition, Sinequa welcomes Colonel David Wallis (U.S. Marine Corps, Ret.) as the new Director of Operations. Wallis brings 27 years of service with the USMC and leadership and IT experience from former positions with Dynetics and AWS to the new position. Sinequa plans to hire additional dedicated talents and further expand operations in the Southeastern part of the U.S. as it continues its expansion in North America.
“Sinequa’s new Aerospace and Federal Defense Business Unit is the first of many strategic growth initiatives we are launching to grow our customer footprint and expand our partner ecosystem, including government contractors and systems integrators,” said Alexandre Bilger, CEO of Sinequa. “Sinequa‘s leadership team, expansion of resources and the new Huntsville office will allow us to deepen relationships with our existing customers such as NASA and Northrop Grumman, develop new partnerships and continue to collaborate with premier integrators like SAIC, while further advancing intelligent search technology to serve this critical market.”
Huntsville, also known as Rocket City, has the second largest concentration of federal agencies in the United States. It is home to the country’s leading aerospace and defense contractors, NASA’s Marshall Space Flight Center, the US Army Missile Defense Agency, Redstone Arsenal, the FBI, and Cummings Research Park.
Organizations like NASA, Airbus, Northrop Grumman, MBDA and other Global 2000 companies rely on Sinequa’s Search Cloud Platform to extract and protect valuable insights from information and reports – including structured and unstructured data across content stores within the organization. Sinequa’s AI-powered search platform, optimized for Microsoft Azure, provides these insights using deep learning, state-of-the-art natural language processing and neural search, and knowledge mining. Sinequa delivers an optimal set of features and capabilities needed to accelerate the building and scaling of any insight application for the most complex and high-value use cases. The platform has been designed from the ground up to respect all security protocols and content access rights without compromise.
Sinequa is already well-integrated in the Huntsville community as the company recently joined the Chamber of Commerce of Huntsville, is a member of the National Space Club and a member of Cyber Huntsville. Sinequa is also a proud contributor to the Nerdettes, an all-girls, high school robotics team from Huntsville, AL, that has competed as a FIRST Tech Challenge (FTC) team for years.
Sinequa’s Search Cloud brings organizations of all sizes the most complete enterprise search ever. Customers employ Search Cloud to connect all content (both text and data), derive meaning, learn from user interactions, and present information in context. This solves content chaos and informs employees through a single, secure interface. They get the knowledge, expertise, and insights needed to make informed decisions and do more, faster. Sinequa helps these organizations accelerate innovation, reduce rework, foster collaboration, ensure compliance, and increase productivity. For more information visit www.sinequa.com (Source: BUSINESS WIRE)
09 Sep 22. MilDef acquires Handheld Group and accelerates the pace in the strategy for profitable growth. MilDef has entered into an agreement to acquire all shares in the company Handheld Group AB (“Handheld”), specialised within the product segment rugged computers for an international customer base. The acquisition accelerates the pace in MilDef’s strategy for profitable growth, adding a complementary product segment, broadening the customer base as well as strengthening MilDef’s international footprint, including increased market presence in prioritised markets, such as the US and Germany. MilDef envisions substantial commercial synergies within several segments, most notably through cross-selling along the companies’ current verticals. The initial purchase price amounts to 350 MSEK, which corresponds to an EV/EBITDA-multiple of approximately 10x, based on Handhelds estimated EBITDA for 2022. The cash consideration amounts to 270 MSEK and is financed within the framework of existing credit facilities whilst the remaining 80 MSEK is paid with newly issued MilDef shares. With the aim of facilitating continued growth through strategic acquisitions, MilDef will explore potential forms of capital raising.
“The acquisition of Handheld serves several purposes for MilDef’s expansion. Product wise, we strengthen areas where MilDef previously have had some gaps, from an organisational perspective MilDef gains access to prioritised geographic markets and operationally both businesses are equipped with competences and capabilities that will complement one another. An aspect that is extra interesting is Handheld’s successful business in the US, where we see good potential to accelerate together through joint forces in this important market. The companies have limited overlaps and complement each other well. Together, we look forward to building something greater and better. It is with great joy that we welcome Handheld’s staff to the MilDef-family”, says Björn Karlsson, CEO MilDef Group. (Source: https://www.marketscreener.com/)
09 Sep 22. MD Helicopters Announces New Ownership and Leadership. MD Helicopters, LLC (MDH) is pleased to announce new ownership and leadership. An investment consortium led by MBIA Insurance Corp., Bardin Hill, and MB Global Partners has acquired the company and established new leadership.
Brad Pedersen will lead the team as MD Helicopters’ President and CEO. Brad brings over 35 years of aerospace experience delivering accelerated growth and financial performance in leadership positions at Boeing Rotorcraft, Sikorsky Aircraft, Breeze-Eastern, and other aerospace and defense companies. Pedersen started his career at Hughes Helicopters and has almost 20 years of Engineering and Leadership experience with the MD Helicopter product lines. Brad has also led the turnaround of several private and publicly owned companies making him the ideal choice to lead MD.
“MD Helicopters has been an iconic name in the rotorcraft industry, and we will build on this rich heritage to serve and support our customers worldwide,” said Pedersen. “Our immediate focus is to dramatically improve Customer Support, foster strong Supplier Relationships, and implement an aggressive Aircraft Sales Plan.”
Pedersen will be supported by a highly experienced Board of Directors comprised of aerospace & defense executives and significant financial expertise:
Edward Dolanski, Chairman of the Board: Fortune 50 business executive with 30+ years of experience leading organizations through performance turnarounds and into sustained growth. Dolanski’s experience includes President, Boeing Government Services, President & CEO Aviall (a Boeing company), and Vice President, Raytheon Aircraft Company (Hawker Beechcraft Customer Support / Aftermarket).
GEN (ret.) Gustave Perna, Board Member (chair, governance & compliance committee): served as Chief Operating Officer for Operation Warp Speed, in which he co-led the partnership of government, academia, and industry to successfully accelerate the development, manufacturing, and distribution of COVID-19 vaccines and therapeutics for the Nation. As Commander of U.S. Army Materiel Command (AMC), one of the Army’s largest commands with over 190,000 military, civilian and contractor employees, he was responsible for installations, logistics, sustainment, and materiel readiness around the world.
Paul “Flip” Huffard, Board Member (chair, audit committee): 30+ year restructuring veteran with extensive financial management experience including as Senior Managing Director at Blackstone’s Restructuring and Reorganization Group.
Anthony McKiernan, Board Member: Chairman and Chief Financial Officer of MBIA Insurance Corp.
Daniel Avitabile, Board Member: President and Chief Risk Officer of MBIA Corp.
John Greene, Board Member: Partner and Portfolio Manager at Bardin Hill Investment Partners
About MD Helicopters
MD Helicopters, LLC (MDH) manufactures high-performance rotorcraft solutions that support operators flying military, commercial, law enforcement, utility, and VIP mission profiles. With thousands of aircraft in service worldwide, MDH has been designing and building aircraft known for their safety, versatility, responsiveness, speed, and reliability since 1947. Our commitment to product sustainment and customer success allows MDH to deliver aircraft unmatched in their performance and reliability. MD Helicopters, LLC is owned by an investment consortium comprised of MBIA Insurance, Bardin Hill Investment Partners LP, and MB Global Partners. To learn more about MD Helicopters, visit us at mdhelicopters.com, or follow us on Facebook, Twitter, Instagram, and LinkedIn. (Source: PR Newswire)
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.