Sponsored by TCI International Inc.
www.tcibr.com
————————————————————————-
25 May 23. Maury Microwave, Inc. (“Maury” or the “Company”), a leading provider of RF calibration, measurement, emulation and modeling solutions backed by Artemis Capital Partners (“Artemis”), announced today that it entered into a definitive agreement to acquire Wireless Telecom Group, Inc. (NYSE American: WTT) in a transaction that is expected to close in the third quarter of 2023, subject to the approval of Wireless Telecom Group Shareholders and the satisfaction of other customary closing conditions.Since its founding in 1985, Wireless Telecom Group, Inc. (“WTT”)’s test and measurement business – comprised of Boonton, Holzworth, and Noisecom – has served as a trusted technology solutions partner to many of the world’s leading manufacturers in the wireless technology chain. Across aerospace, defense, satellite communications, semiconductor, quantum and directed energy applications, WTT’s technology portfolio enables its customers to push the boundary of radio frequency (“RF”) and microwave technology.The Boonton, Holzworth and Noisecom brands expand Maury’s test and measurement technology portfolio into high performance phase noise analysis, RF synthesis, signal generation, noise generation and RF power measurement. WTT’s customer base and technologies complement and strengthen Maury’s heritage in mission-critical defense and satellite communications programs of record as well as increased access to high growth applications including radar, electronic warfare, quantum computing, and directed energy systems. WTT will continue to operate from its headquarters in New Jersey as a division of Maury and continue to be led by its current general manager, Daniel Monopoli and his senior leadership team.Bill Pezza, Executive Chairman of the Board at Maury Microwave, said, “This proposed transaction represents a significant step forward in our strategic plan. The combination of Maury and WTT, including its prominent test and measurement divisions Boonton, Holzworth, and Noisecom, will enable us to provide even more comprehensive solutions and superior service to our customers. We are excited to welcome the talented team from WTT to the Maury organization and look forward to a future of innovative growth together.”Michael Howo, CEO at Maury Microwave, expressed his enthusiasm for the deal, “We have long appreciated the leadership position of the Boonton, Holzworth and Noisecom brands, high-performance solutions and long-term customer relationships and we have always been interested in finding market opportunities where we could partner. We look forward to contributing additional engineering and sales resources and technical value to the Company’s core capabilities and help drive the next phase of growth.” Morgan, Lewis & Bockius LLP is serving as legal counsel to Maury Microwave. CDX Advisors is serving as exclusive financial advisor and Bryan Cave Leighton Paisner is serving as legal counsel to Wireless Telecom Group.About Maury Microwave Corporation:Headquartered in Ontario, CA, Maury Microwave, Inc. designs and manufactures state-of-the-art RF measurement and interconnect solutions that enable the world’s wireless communication technologies and networks to get better, faster, and stronger.
For more information, please visit https://www.maurymw.com/About Wireless Telecom Group, Inc.:Wireless Telecom Group, Inc. is a global designer and manufacturer of advanced RF and microwave communication technology. Comprised of three primary divisions: Boonton, Holzworth, and Noisecom, the Group delivers comprehensive solutions for a diverse set of markets including aerospace, defense, telecommunications, medical, semiconductor, and beyond. Boonton is recognized worldwide as a provider of high-performance electronic test equipment, pioneering the latest tools and techniques for testing, measuring, and analyzing complex electronic signals. Holzworth Instrumentation is a global provider of phase noise analysis and frequency generation systems, driving advancements in high-performance test and measurement solutions. Noisecom is a pioneer in the development of noise generation for RF and microwave signals, creating innovative solutions for a broad range of testing requirements. (Source: PR Newswire)
25 May 23. Terran Orbital Announces $37.1m Registered Direct Offering. Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), a global leader in satellite-based solutions primarily serving the aerospace and defense industries, today announced that it has entered into a definitive securities purchase agreement for the purchase and sale of 29,000,000 shares of the Company’s common stock (or common stock equivalents) and warrants to purchase 29,000,000 shares of common stock at a combined purchase price of $1.28 per share of common stock (or common stock equivalent) and accompanying warrant in a registered direct offering. The warrants will have an exercise price of $1.43 per share, will be exercisable commencing six months following issuance, and will have a term of exercise equal to five years following the initial exercise date. The closing of the offering is expected to occur on or about May 30, 2023, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering are expected to be approximately $37.1m, before deducting the placement agent’s fees and other offering expenses payable by the Company. Terran Orbital intends to use the net proceeds of this offering for general corporate purposes including capital expenditures, working capital, research and development and general and administrative expenses.
The securities described above are being offered by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-271093) that was declared effective by the Securities and Exchange Commission (the “SEC”) on April 18, 2023. A prospectus supplement related to the offering will be filed with the SEC and may be obtained, when available, on the SEC’s website, located at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 865-5711 or e-mail at .
About Terran Orbital
Terran Orbital Corporation is a leading manufacturer of satellite products primarily serving the aerospace and defense industries. Terran Orbital provides end-to-end satellite solutions by combining satellite design, production, launch planning, mission operations, and on-orbit support to meet the needs of the most demanding military, civil, and commercial customers. Learn more at www.terranorbital.com (Source: BUSINESS WIRE)
25 May 23. Qinetiq – Excellent operational performance across the Group.
- Orders up 41%, a record-high of £1.7bn, growing our backlog to £3.1bn
- Revenue is up 20% and profit is up 30%; up 11% and 12% respectively on an organic basis, excluding the impact of the write-down in FY22
- Cash performance remains strong with 106% conversion
- Statutory operating profit of £172.8m, an increase of 40%
- Returns are healthy with underlying EPS up to 26.5p and the full year dividend up 5% to 7.7p
The defence & security context is heightening market demand for our distinctive offerings
- We now see an addressable market of more than £30bn per year
- We have delivered a step-change in our global growth platform with two strategic acquisitions in the US and Australia, both are performing well and the integrations are on-track
FY24 expectations unchanged, upgraded long-term guidance
- We are targeting high single digit organic revenue growth at 11-12% margin
- We have increased the scale of our ambition to grow the company to approx. £3bn revenue by FY27, including further strategic acquisitions
- This upgraded guidance will approximately double our revenue and profit over the next 4 years, a 20% improvement to our previous guidance
Steve Wadey, Group Chief Executive Officer said:
“We have delivered an excellent set of results characterised by a record order intake and strong operational performance across the Group. The integration of the two strategically significant acquisitions of Avantus and Air Affairs gives us a compelling global platform from which to grow.
We are operating in an uncertain world and the heightened threat environment is increasing demand for our distinctive offerings, which are closely aligned to our customers’ priorities. We are now seeing an increased addressable market presenting opportunities for further growth and enhanced shareholder returns.
As a result we have accelerated our global ambition to build an integrated global company with c.£3bn revenue by FY27. We move forward into FY24 with optimism due to our track-record of performance and confidence in our strategy. We are proud of the critical role we play serving the national security interests of our customers.”
25 May 23. Qinetiq, the UK defence technology group specialising in robotics, cyber and high-energy laser weapons, is on the hunt for acquisitions as it seeks to double its revenues to around £3bn in the next four years. The FTSE 250 company set out the new target as it reported record level orders and double-digit increases in full-year profit and revenues to the end of March, buoyed by the heightened geopolitical tensions in the wake of the war in Ukraine. Underlying pre-tax profit for the year to end March jumped 33 per cent to £189.7mn, with revenues up 20 per cent to £1.6bn. Orders were 41 per cent higher at £1.7bn. The company said it wants to grow the company to around £3bn of revenues by 2027, including through further acquisitions. Qinetiq sealed two acquisitions last year, including the purchase of Avantus Federal, a cyber and data firm serving US federal agencies, in a deal worth about $590mn. The company last year signed a deal to help Australia develop a laser weapon to help it counter missile threats. It is already spearheading a plan to develop a hypersonic missile-killing directed energy weapon in the UK called Dragonfire, with partners including Leonardo UK and MBDA, the missile company. Qinetiq was demerged from the UK Ministry of Defence in 2001. Its main customers are the UK, American and Australian governments, which make up more than 90 per cent of its revenues. “Our customers are realising that technology and innovation is the way to overmatch their adversaries,” said chief executive, Steve Wadey. “All of our countries, the US, the UK and Australia are increasing their investment in research and development.” During the year, the company also renewed a 10-year, £260mn maritime agreement with the UK’s Submarine Delivery Agency to deliver capabilities in stealth and support to the Royal Navy’s surface and subsurface fleet, including the country’s nuclear deterrent. Qinetiq, Wadey added, has increased the size of its “addressable market” from £20bn to £30bn given recent pledges of higher defence spending by its three main government customers. The US has requested the largest ever research and development budget at $145bn, increasing 40 per cent since 2020. Wadey said he expects the recent agreement between the US, UK and Australia to supply Canberra with nuclear-powered submarines to help boost Qinetiq’s long-term growth strategy. Shares in the company were trading up 1 per cent at 374p on Thursday. (Source: FT.com)
24 May 23. Space Robotics Startup GITAI Raises US$30m in Funding. GITAI USA Inc. and GITAI Japan Inc. (GITAI), the world’s leading space robotics company, has completed a Series B Extension round of funding totaling 4bn yen (approximately US$30mi) to accelerate and expand their business and technology development in the US.
The funds raised in this round will be primarily used to achieve the following objectives:
GITAI’s Lunar City Construction Desert Demonstration
- Enhancing the Technology Readiness Level (TRL) of GITAI’s Lunar Robotic Rover and Lunar Inchworm Type Robotic Arm.
- Expanding the Engineering Model/Flight Model Manufacturing Facilities in the US.
- Further expansion of employment in the US.
“We are thrilled to further expand our operations in the US,” said Sho Nakanose, GITAI’s Founder & CEO. “While SpaceX and BlueOrigin are reducing the cost of transportation to space by 100 times, we at GITAI are taking on the challenge of reducing labor costs by 100 times. We will provide the most labor for the Moon and Mars and build infrastructure such as solar panels, communication antennas, fuel generators, and habitation modules.”
In this round, GITAI raised funds through a third-party allotment from the following companies and funds, mainly from existing investors:
- Global Brain CVC Funds
o EP-GB L.P. (SEIKO EPSON CORPORATION / Epson X Investment Corporation / Global Brain Corporation)
o JGC MIRAI Innovation Fund L.P. (JGC JAPAN CORPORATION / JGC HOLDINGS CORPORATION / Global Brain Corporation)
o KURONEKO Innovation Fund L.P. (YAMATO HOLDINGS CO., LTD. / Global Brain Corporation)
o KDDI Open Innovation Fund III L.P. (KDDI CORPORATION / Global Brain Corporation)
- DCI Venture Growth Fund (Daiwa Corporate Investment Co., Ltd.)
- The Dai-ichi Life Insurance Company, Limited
- ANRI III Investment Limited Partnership
- ANRI I-II-III Annex Investment Limited Partnership
- NVC No.1 Limited Liability Partnership (NVenture Capital / NEC Capital Solutions Limited)
- JIC Venture Growth Fund 2 Investment Limited Partnership (JIC Venture Growth Investments Co., Ltd.)
- Electric Power Development Co.,Ltd.（J-POWER）
- Mitsubishi UFJ Capital Ⅸ, Limited Partnership (Mitsubishi UFJ Capital Co., Ltd.)
About GITAI:
GITAI is the world’s leading space robotics startup, aiming to provide safe and affordable labor in space and reduce operational costs by 100 times. GITAI is developing highly capable, safe, and reliable robots to help build and maintain satellites, space stations, lunar bases, and cities on Mars. (Source: PR Newswire)
24 May 23. Fleet Space Technologies has raised $50m in its latest fundraising round to take the company’s valuation to more than $350m.
The business said the investment was spurred by its pioneering technology that uses satellites to detect the location of minerals beneath the earth’s surface.
It added its “revolutionary” ExoSphere product — which works in conjunction with ground sensors — that has more than 30 clients globally, including Rio Tinto, Barrick Gold and Core Lithium.
Chief executive Flavia Tata Nardini hailed her company’s ability to succeed in the face of difficult financial conditions.
“When we completed our Series B funding round in 2021, the market was already contracted due to the global pandemic,” she said.
“Since then, the investment climate has become even more challenging, so to secure funding on this scale now is a huge achievement for us and a fantastic vote of confidence from our new and existing investors.”
The investment was led by Australasian venture capital firm and existing investor Blackbird, with Grok Ventures, Alumni Ventures, and Hostplus also participating.
Fleet said ExoSphere has both accelerated the targeting process for mining companies and reduced their environmental impact.
“Each new ExoSphere deployment also generates a wealth of valuable subsurface data, which Fleet interprets using AI and machine learning to produce new analytics products for exploration teams,” added the company.
“Fleet’s roadmap for these products includes predictive drill targeting models, lithology models, and other multi-physics models, giving exploration teams greater certainty, faster.
“In parallel, the company is also iterating its Geode ground sensors to make them smaller, lighter, and capable of acquiring multiple data types simultaneously to further enhance the insights ExoSphere can deliver.”
South Australia Premier Peter Malinauskas called Fleet a “genuine Australian success story” that was now a key player in the nation’s space sector.
“I’ve followed the company’s fortunes closely over the years and know just how much time, effort, talent and dedication has gone into this success, which has now been richly and deservedly rewarded with this new funding round,” he said. ”
“It’s truly remarkable to witness Fleet’s exponential expansion, and their achievement of growing a team of 100 highly skilled staff is a testament to their vision and ability to attract top talent. I look forward to seeing Flavia, Matt and their team, and their investors, take Fleet Space Technologies to the next level and help secure Australia’s place in the global space industry.”
It comes after Space Connect reported last month how Fleet Space agreed to a $6.4m contract with Defence Space Command for the use of its commercial low-Earth orbit satellites.
The contract will see the Adelaide company’s commercial Centauri satellites used to develop and demonstrate an LEO SATCOM system.
The program is a collaboration between the Defence Science and Technology Group, Fleet Space Technologies, the University of South Australia, Rice Satcom, and SmartSat CRC.
“We’re excited to collaborate with Defence Space Command and our partners to deliver new capabilities from low-Earth orbit,” said Fleet co-founder Matt Pearson.
“This is only the beginning, and we envision Australian satellites supporting national security across land, air, sea, and space by connecting our people, our assets and by enabling radical ideas in autonomy and emerging technologies.
“We’re investing heavily in advanced manufacturing, high-tech engineering talent, and have a laser focus on delivering innovative solutions at scale for our customers worldwide.” (Source: Defence Connect)
25 May 23. COHORT PLC (“Cohort” or “the Group”) Full Year Trading Update.
Cohort, the independent technology group, today announces an unaudited trading update for its financial year ended 30 April 2023.
Summary
- Trading performance for the year ended 30 April 2023 is slightly ahead of expectations on higher revenue.
- Strong net funds of c.£15m, ahead of expectations (30 April 2022: £11.0m; 31 October 2022: net debt £0.6m).
- Strong order intake of c.£218m (2022: £186.7m).
- Closing order book of over £325m (30 April 2022: £291.0m)
- Order book underpins c.£145m (84%) of current market revenue expectations for the year ended 30 April 2024 (2023: £113m, 69%).
The Group also announces today that it will be changing its segmental reporting practice. Future financial reports and announcements will cover two new segments:
- Communications and Intelligence, comprising the businesses EID, MASS and MCL, and;
- Sensors and Effectors, comprising Chess Dynamics, ELAC Sonar and SEA.
Further details, including a presentation of historic results for the new segments, are provided below. The first application of this change will be for results for the year ended 30 April 2023, including this Full Year Trading Update.
FY23 year-end update
As we signalled last year, the Group has returned to growth, and we expect to deliver a record trading profit performance for the year ended 30 April 2023. The Group has seen growth in both new reporting segments.
In Communications and Intelligence, strong demand from the UK MOD has offset a continuing weak performance in Portugal where we have seen further order slippage. Weaker performance at EID, accounted for the slight deterioration in the net margin percentage of this segment, when compared with last year.
The Sensors and Effectors segment saw strong growth across all its constituent businesses. This included increased work at ELAC Sonar on the Italian Submarine programme, which is trading at a low margin whilst the programme makes its way through its design phase. As expected, Chess improved its performance despite closing out a small number of project issues and we expect this improvement to continue into the coming financial year.
The closing net funds position was much stronger than we expected and arose from timing of working capital flows in Communications and Intelligence and the improved cash performance of the Chess business within Sensors and Effectors.
The order intake is 1.2x the annual revenue (2022: 1.3x) and the order book of the Group continues to grow and lengthen with deliveries out to 2032. The order intake performance was over 15% higher than last year.
The year end order book underpins c.£145m (84%) of the current consensus market revenue expectations for 2024, an improvement on the year just finished. Since the year end, we have secured further orders including an order for £26m (announced 9 May 2023), further improving our visibility for the coming financial year.
Outlook for FY24
The on-going conflict in Ukraine and the tensions in the South China Sea and around Taiwan have provided drivers for increased investment in defence, both in NATO and further afield. We continue to see demand for our products and services from our domestic customers, especially the UK, and overseas.
In Sensors and Effectors, we expect growth in this coming year, driven by continued performance improvement at Chess and increased delivery of systems for UK and export naval customers. We expect the net margin percentage of this segment to improve in the coming year.
In Communications and Intelligence, we expect certain long-delayed communication system orders for the Portuguese Navy to be secured which should enable EID to improve its performance materially. Elsewhere in this segment, we expect the high level of UK MOD sales we have seen in the current financial year to drop back to a more normal historical level. Overall, we expect the Communications and Intelligence sector to trade in line with 2022/23.
We maintain our expectations for the coming financial year.
Notice of FY23 results
It is the Group’s intention to issue its preliminary announcement for the year ended 30 April 2023 in late July 2023.
Andrew Thomis, Chief Executive of Cohort, said: “Cohort’s performance was slightly above our expectations for the year. Strong order intake, record closing order book and strong closing net funds provided a good start to the new financial year, and we expect to continue our organic growth in 2023/24 and beyond.”
Segmental reporting re-presentation
The Board believes that the revised segmental reporting, which amalgamates the existing six business units into two reporting segments, will provide a clearer understanding of the underlying performance of the Group, as well as a simplified reporting structure. These new segments will provide sufficient scope for expansion as the Group continues to grow, both organically and through acquisition, whilst ensuring the business units can continue to operate as standalone entities, retaining their agility and flexibility.
The two new reporting segments are:
- Communications and Intelligence, comprising EID, MASS and MCL, and;
- Sensors and Effectors, comprising Chess, ELAC and SEA
These segments represent the Group’s core specialisms and the business units have been grouped accordingly to reflect their complementary technologies and products.
23 May 23. Avon provides scant protection for investors.
Helmet delivery delays lead to weaker sales
- Shares slide on muted outlook
- Headway made with reducing costs
Even in hindsight, Avon Protection’s (AVON) decision in 2020 to offload its milkrite business – a provider of rubber equipment used in dairy production – for £180mn makes some sense. The company was keen to focus on providing protective equipment to the military and emergency services operators, and there was no real crossover between the divisions.
The problem for investors has been that the exercise of this plan has been awful. The £75mn acquisition of 3M’s ballistic protection business was clearly a mistake, given the subsequent failure of the body armour it made in tests by the US military.
The body armour business continues to lose money as it is being wound down (it declared an operating loss of $5.5mn on revenue of $14.6mn in the first half) but the company expects to complete its remaining obligations to the division’s customers by its September year-end.
However, Avon’s half-year results show that other parts of the business are also underperforming. Revenue fell by 4.6 per cent to $116.2mn. Deliveries of helmets to the US Department of Defense have been slower than expected and softer demand for masks means respiratory equipment sales are also lower.
Meanwhile, a need to build inventory meant it suffered a cash outflow from operations, and when continued dividend payments and higher financing costs are added, net debt rose by 38 per cent to $71.8mn. The company maintained its interim dividend but has put its dividend policy under review and is not doing any more share buybacks.
Perhaps it should have stuck with the cows. In the three years prior to the milkrite sale, the company’s operating profit averaged £18.9mn. It has lost money in three of the four years since, and the outlook for this year isn’t looking great, either.
Although new chief executive Jos Sclater’s team has made progress in cutting costs, revenue is set to fall by 9 per cent year on year.
Avon’s shares fell by 11 per cent in early trading and have lost 80 per cent of their value since their all-time high just under three years ago.
House broker Peel Hunt kept its buy recommendation unchanged, arguing that although the timing of orders is tough to call, the new management has delivered “tangible improvements”. That may be so, but until expected orders turn into revenue the risks remain to the downside. And even after their slump, Avon’s shares trade at about 18 times forecast earnings. Given the company’s recent track record, this doesn’t look like enough of a bargain to change our hold recommendation. Last IC View: Hold, 115p, 22 Nov 2022. (Source: Investors Chronicle)
23 May 23. Virgin Orbit auctions $36m in remaining assets as company folds. Richard Branson’s bankrupt satellite launch firm, Virgin Orbit, on Tuesday revealed that it was closing for good after a $36.4 million asset sale, including an agreement to sell the bulk of its Long Beach, California, headquarters to small-launch firm Rocket Lab USA Inc. (RKLB.O).
Rocket Lab, the seasoned small-rocket company whose headquarters is less than a mile from Virgin Orbit’s, won the bankrupt rocket company’s primary manufacturing site for $16 million during an auction held on Monday, according to a court filing disclosing the results of a weeks-long Chapter 11 bid process.
The purchase agreement includes machinery and equipment that had been used to manufacture Virgin Orbit’s flagship LauncherOne rockets, which air-launched from the belly of a modified Boeing 747. It is subject to the bankruptcy court’s approval during a hearing scheduled for Wednesday.
In a statement thanking its employees, investors and other stakeholders, Virgin Orbit said it will sell its assets to a total of four winning bidders and cease operations.
“The combined total proceeds were determined by a rigorous and competitive auction which maximizes value for the estate and minimizes the remaining duration of the Company’s restructuring,” the statement said. “Virgin Orbit’s legacy in the space industry will forever be remembered.”
Founded by billionaire Branson to send small satellites into space, Virgin Orbit laid off 85% of its some 750 employees in March and filed for Chapter 11 bankruptcy protection in early April after the company struggled to secure long-term funding following a failed launch from Britain in January.
Most of the roughly 100 employees who remained at the company through the bankruptcy proceedings will be laid off within the next week, a person familiar with the company’s final plans said.
Virgin Orbit also plans to sell its aircraft assets, including the modified Boeing 747 “Cosmic Girl” carrier aircraft, to hypersonics firm Stratolaunch for $17 million, the filing said. Stratolaunch had been a designated stalking horse bidder for those assets earlier in May.
Virgin Orbit’s primary launch site in California’s Mojave Desert will be sold to rocket engine and spacecraft startup Launcher Inc. A spokeswoman for Vast Space, a space station firm backed by cryptocurrency bnaire Jed McCaleb that acquired Launcher earlier this year, declined to comment because the deal has not yet closed.
This month, Virgin Orbit said it had received more than 30 letters of interest from prospective bidders for its assets, a higher amount than the company expected, a person familiar with the process told Reuters at the time.
Tuesday’s filing said Virgin Orbit decided “not to continue the Auction” regarding the company’s inventory of LauncherOne rocket engines, the core of its launch business.
“No Successful Bidder or Next-Highest Bidder has been selected for such Assets at this time,” the filing said. Discussions on what to do with the rocket engines are ongoing, a spokeswoman said. (Source: Reuters)
23 May 23. NAI Group Acquires KSM Electronics and Names Brian Strauss as Chief Executive Officer. NAI Group (“NAI”), a global leader in the engineering and manufacturing of advanced high-performance interconnect solutions for mission-critical industrial technology, medical, and telecommunications applications, today announced it has acquired KSM Electronics (“KSM”). This acquisition delivers new aerospace & defense capabilities and certifications to NAI, while also strengthening NAI’s position as a leading interconnect solutions provider for the industrial technology and medical end markets.
Founded in 1975 and based in Fort Lauderdale, Florida, KSM is among the nation’s leading producers of custom cable and wire harness assembles and electromechanical / box builds. KSM’s consultative manufacturing and production capabilities are essential in bringing innovative products and complex solutions to market for its roster of world-class customers. The addition of KSM’s manufacturing locations in the United States and Mexico will support NAI’s continued growth with an expanded combined customer base.
NAI also announced the appointment of Brian Strauss as Chief Executive Officer. He brings to NAI more than 30 years of experience in global manufacturing and process industries and will focus on driving organic growth, while continuing to assess strategic acquisitions. Mr. Strauss most recently served as President and CEO of Associated Materials, a vertically integrated manufacturer and distributor of exterior building products for residential and commercial remodeling and new construction markets. Under his leadership, Associated Materials underwent meaningful organic growth and significantly enhanced its overall business performance. Earlier in his career, Mr. Strauss served as the President and CEO of Henry Company, and held leadership roles with Tyco and Honeywell.
“NAI is a leader in the manufacturing of advanced high-reliability interconnect solutions, and I am delighted to join NAI’s team to help execute on the company’s vision and strategy,” said Mr. Strauss. “I look forward to building upon the company’s strong foundation. The KSM acquisition is an exciting complement to the existing NAI business. The collective footprint, certifications, engineering expertise, and manufacturing capabilities will allow the combined company to better serve an expanded customer base with new products and services.”
Josh Salcedo, KSM co-owner and Chief Operating Officer, commented, “NAI is the ideal partner to help KSM accelerate growth alongside our customers, and we are thrilled to begin this next chapter together. We look forward to leveraging our combined footprint and resources to better serve our customers and strengthen our commitment to customer satisfaction.”
Thomas Chadwick, Principal at Pritzker Private Capital, added, “Brian’s appointment represents an exciting beginning for NAI’s next chapter of growth, and the KSM acquisition is an excellent strategic fit with NAI given KSM’s aerospace & defense capabilities and customer-centric approach. We are incredibly excited to partner with the collective NAI and KSM team.”
About NAI Group
NAI Group is a global leader in the engineering and manufacturing of advanced high-performance connectivity solutions for mission critical applications across the industrial technology, medical, and telecommunications industries. NAI’s custom interconnect solutions are highly scalable and agile, built with complex technology, and powered by sophisticated engineering and design capabilities. NAI produces fiberoptic, copper, and hybrid connectivity solutions that are essential in the emerging global markets for 5G, Internet of Things solutions, and the evolution of medical devices and telehealth capabilities, among others. Founded in 1993, NAI is headquartered in Troy, Michigan. For more information, visit http://www.nai-group.com.
About KSM Electronics
KSM Electronics, founded in 1975, is a global electronics manufacturer based in Ft. Lauderdale, Florida. The company specializes in custom cable and wire harness assemblies and electromechanical / box builds for the aerospace & defense, industrial technology, and medical industries. The company operates manufacturing facilities in Warrenville, Illinois; Guadalajara, Mexico; and Matamoros, Mexico. For more information, visit https://www.ksmelectronics.com/.
About Pritzker Private Capital
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com. (Source: BUSINESS WIRE)
23 May 23. Seraphim Space Investment Trust plc (LSE: SSIT), the world’s first listed SpaceTech investment company, announces its third-quarter results for the period ended 31 March 2023.
Q3 Highlights
- Overall portfolio valuation slightly decreased by £0.5m to £180.8m during the quarter, driven by an unrealised fair value reduction of £1.3m, partially offset by investment of £0.9m
- Portfolio fair value slightly down to 96.5% of the overall cost
- One follow-on transaction was completed during the period, totalling £0.9m
- Net assets of £220m and market capitalisation of £90m as at 31 March 2023
- At 31 March 2023, the Company had investments in 29 SpaceTech companies
- Portfolio remains well-capitalised and the Company had cash reserves of £39m (18% of NAV) at 31 March 2023
Underlying portfolio commercial progress is strong but remains lumpy, with the top 10 companies (70% of NAV) growing revenues by 34% in the 6 months to 31 March 2023 on a fair value weighted average basis and a new early-stage investment after the period end.
In aggregate, the SSIT portfolio continued to weather the macro-economic headwinds, with NAV largely stable whilst underlying commercial performance remains robust with the top 10 private companies (70% of NAV) growing revenues by 34% in the 6 months to 31 March 2023 on a fair value-weighted average basis.
We are seeing continued signs of investor recovery in SpaceTech and, while still early, the initial signs show larger growth rounds potentially coming back as highlighted by portfolio company Astroscale’s recent $76m Series E round. Sizeable terms sheets in hand for multiple companies in the core portfolio after the period end illustrate continued and heightened interest from growth investors. Despite this, our focus remains on runway extension at the portfolio company level and cash preservation at the SSIT level to optimise SSIT’s risk-return profile.”
————————————————————————-
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.
————————————————————————-