WASHINGTON — Private-equity firm Arcline Investment Management will acquire aviation technology company Kaman Corp. in a roughly $1.8 billion all-cash deal, in line with a Jan. 19 announcement.
Kaman will turn into a privately held company when the transaction is final, it notes.
“During the last several quarters, we’ve got made significant progress executing our strategy by transforming our portfolio, through investing in innovation, pivoting to latest growth technologies, and optimizing the Company’s cost structure,” Ian Walsh, Kaman’s chief executive, said in the corporate announcement. “[W]e stay up for benefiting from increased resources, expertise and adaptability as a personal company post-closing.”
Under the agreement, Kaman shareholders will receive $46 per share in money, the corporate announcement said. This price is roughly double Kaman’s closing share price on Jan. 18.
The Bloomfield, Connecticut-based Kaman, founded in 1945 by aviator Charles Kaman, is thought for its heavy-lift K-MAX manned helicopter, which saw operations in an unmanned mode in Afghanistan in 2011.
The corporate spent nine months developing its KARGO unmanned aerial system to deliver a medium-lift logistics capability. It unveiled KARGO, a quadcopter meant to resupply small units of Marines scattered around island chains as a part of the Corps’ expeditionary advanced base operations concept, in 2021.
Kaman also manufactures aircraft components and aerostructures for helicopters, fixed-wing and unmanned aircraft and has performed subcontract work to revive, modify and support the SH-2G Seasprite maritime helicopters.
“Kaman has long been a trusted solutions provider of engineered components and subsystems of mission-critical markets and we consider the Company is in a robust position to grow and profit from attractive tailwinds,” Arcline said within the statement. “We stay up for working closely with Ian and the remainder of the talented Kaman team to drive further growth through accelerated investments in each latest product development and strategic acquisitions.”
Jen Judson is an award-winning journalist covering land warfare for Defense News. She has also worked for Politico and Inside Defense. She holds a Master of Science degree in journalism from Boston University and a Bachelor of Arts degree from Kenyon College.