AE Industrial Partners Acquires Controlling Stake in L3Harris Space Propulsion & Power Business (Rocketdyne)

L3Harris to Acquire Aerojet Rocketdyne

December 18, 2022

Aerospace & Defense

L3Harris Technologies has signed a definitive agreement to acquire Aerojet Rocketdyne Holdings, Inc. for $58 per share in an all-cash transaction valued at $4.7 billion inclusive of net debt. The deal, financed with cash and new debt, will combine Aerojet Rocketdyne’s propulsion and energetics capabilities (about $2.3 billion in revenue and ~5,200 employees) with L3Harris to strengthen defense propulsion, hypersonics and missile-defense offerings; the transaction is expected to close subject to regulatory approvals in 2023.

AE Industrial Partners Acquires Majority Stake in York Space Systems

October 4, 2022

Aerospace & Defense

AE Industrial Partners has agreed to acquire a majority stake in York Space Systems, a Denver-based manufacturer of small satellites and turnkey mission operations, with funds managed by BlackRock Private Equity Partners investing alongside. The deal provides York with institutional capital to scale production capacity and accelerate growth across government and commercial satellite markets; CEO Dirk Wallinger and Chairman Charles Beames will remain in leadership and retain significant ownership.

AE Industrial Partners Acquires Calca Solutions

March 4, 2024

Manufacturing

AE Industrial Partners (AEI) has completed the acquisition of Calca Solutions, a Lake Charles, Louisiana-based manufacturer of hydrazine used in space propulsion, defense, pharmaceutical, and water-treatment applications. AEI will establish Calca as a new platform in its mission-critical products strategy to expand domestic capacity and support national security, aerospace, biotech, and clean-energy markets.

Karman Missile & Space Systems Acquires AAE Aerospace

February 9, 2021

Aerospace & Defense

Karman Missile & Space Systems, a Trive Capital portfolio company, has acquired AAE Aerospace, a manufacturer of high-temperature composites used in missile, interceptor, and space propulsion subsystems. The deal expands Karman's end-to-end production capabilities for critical propulsion components and keeps AAE's senior leadership as equity holders; Trive served as the sponsor and advisors included Lazard Middle Market and D.A. Davidson.

RENK Group Acquires L3Harris Combat Propulsion Systems to Create RENK America

July 6, 2021

Aerospace & Defense

RENK Group acquired L3Harris Technologies' Combat Propulsion Systems business for roughly $400 million in cash and also purchased L3Magnet-Motor GmbH, forming RENK America headquartered in Muskegon, Michigan. The deal expands RENK's U.S. manufacturing footprint and capabilities in armored-vehicle propulsion and hybrid drive solutions while retaining nearly 400 U.S. employees.

AE Industrial Partners Invests in Fire Team Solutions

November 1, 2021

Cybersecurity

AE Industrial Partners’ affiliate AE Industrial Partners Structured Solutions I, LP made a significant equity and debt investment in Fire Team Solutions, a Reston, Virginia-based provider of cloud, cyber, and software development services to the U.S. intelligence community. Financial terms were not disclosed; Fire Team’s founder and CEO Nicholas Harscher will remain in place as AEI provides operational support and industry relationships to accelerate growth and capability development.