NEW YORK & COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Veritas Capital (“Veritas”), a leading technology and government investment firm, announced today that an affiliate of Veritas has entered into a definitive agreement to acquire CAES Space Systems (the “Company”), a leading independent supplier of high-reliability electronic solutions for space, defense, healthcare and industrial applications, from CAES. Mike Elias, Senior Vice President & Division General Manager, will continue to lead CAES Space Systems, alongside the rest of the leadership team. Financial terms of the transaction were not disclosed.
Headquartered in Colorado Springs, CAES Space Systems provides radiation hardened components, mission processing, cabling, wave guides, antennas and power management solutions. The Company’s track record of innovation, rich intellectual property portfolio and best-in-class engineering talent has enabled embedded, multi-decade relationships with blue-chip customers. With over 60 years of space flight heritage, CAES Space Systems and its products have had a presence on all historical major U.S. space platforms, with a 100% mission success rate.
“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,” said Ramzi Musallam, Chief Executive Officer and Managing Partner of Veritas. “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.”
“Through our focus on innovation and differentiated technology, CAES Space Systems has become the preeminent provider of space-qualified, mission-critical components and solutions,” said Mr. Elias. “We are excited to partner with Veritas, a premier government technology investor that brings deep domain expertise and knowledge of our end markets. I am confident that Veritas is the perfect partner for CAES Space Systems as we enter our next stage of growth.”
The transaction is expected to close in Q1 2023, subject to customary closing conditions and regulatory approvals.
Goldman Sachs & Co. LLC and Lazard Frères & Co. LLC are acting as financial advisors to CAES. Gibson, Dunn & Crutcher LLP is acting as legal advisor to Veritas in connection with the transaction.
About CAES Space Systems
CAES Space Systems is a provider of high-reliability (hi-rel), radiation-hardened (rad-hard) solutions for space applications. The Company has a complementary and integrated suite of mission-critical space electronics. Key products include rad-hard components, mission processing solutions, custom ASICs, motion control systems, waveguides, antennas, power management solutions, as well as cabling.
About Veritas Capital
Veritas is a longstanding technology investor with over $45 billion of assets under management and a focus on companies operating at the intersection of technology and government. The firm invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means.
Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, and national security, is core to the firm. Veritas is a proud steward of national assets, improving the quality of healthcare while reducing cost, advancing our educational system, and protecting our nation and allies. For more information, visit www.veritascapital.com.
About CAES
CAES is a pioneer of advanced electronics for the most technologically challenging aerospace and defense systems. As the largest provider of mixed-signal and radiation-hardened technology to the United States aerospace and defense industry, CAES delivers high-reliability RF, microwave and millimeter-wave, microelectronic, and digital solutions that enable our customers to ensure a safer, more secure planet. On land, at sea, in the air, in space and in cyberspace, CAES’ extensive electronics and enhanced manufacturing capabilities are at the forefront of mission-critical military innovation. www.caes.com
Contacts
Media:
CAES Space Systems:
Chris Clardy
Chris.clardy@caes.com
Veritas Capital:
FGS Global
Jenny Gore/Kevin Siegel
VeritasCapital@fgsglobal.com
CAES:
Alaina Monismith
Alaina.monismith@caes.com
