The private equity firm Veritas Capital last Thursday said it has agreed to acquire CAES Space Systems from CAES, which is part of Britain’s Cobham Ltd.
Terms of the deal, expected to close in the first quarter of 2023 subject to regulatory approvals, were not disclosed.
CAES Space Systems is based in Colorado Springs, Colo., and also has operations in New Hampshire, New York and Sweden. The company’s products include radiation hardened components, mission processing, cabling, wave guides, antennas, and power management solutions and its products have been on all major U.S. space platforms.
CAES Space Systems will continue to be led by Mike Elias.
“CAES Space Systems is uniquely differentiated by the breadth of its technical capabilities and segment expertise, as well as its long history of delivering critical solutions to customers,” Ramzi Musallam CEO and managing partner of Veritas, said in a statement. “Operating in space and defense markets supporting national security, CAES Space Systems is well-positioned to thrive as a standalone business under Veritas ownership. We will deploy our significant government technology experience working with Mike Elias and rest of the CAES Space Systems team to accelerate growth and value proposition to customers.”
CAES’s financial advisors on the deal are Goldman Sachs & Co. and Lazard Freres & Co.
Cobham is a portfolio company of the private equity firm Advent International.