The private equity firm Arlington Capital Partners on Monday said it has completed the acquisition of iRobot’s [IRBT] government robotics business and renamed the company Endeavor Robotics.
Endeavor Robotics will be the largest independent provider of ground-based robots to the Defense Department with a “significant and growing global presence in the security, industrial and international defense markets,” Arlington Capital said.
The deal was first announced in February. iRobot said then that the deal price is worth upward of $45 million, including earnout provisions. iRobot sold its defense and security robots business to focus on its home robots business, which accounts for about 90 percent of annual sales.
“The former iRobot Defense & Security business has an excellent reputation and track record for cutting edge technology, industry-leading reliability, and battle-tested functionality,” Peter Manos, managing partner at Arlington Capital, said in a statement. “We are actively seeking to invest in the business through organic development initiatives and potential strategic add-on acquisitions.”
Endeavor Robotics is led by CEO Sean Bielat, a former iRobot Defense & Security business development executive, and President Tom Frost, a former senior vice president and general manager of the Defense & Security Business.
Endeavor Robotics’ four classes of robots include FirstLook, SUGV, PackBot and Kobra, with more than 6,000 delivered to customers worldwide.
iRobot’s defense business had $45.5 million in sales in 2014. Sales in the business have been declining the past few years with the withdrawal of American troops in Iraq and Afghanistan.