L Squared Capital Partners Announces Pending Sale of Raptor Scientific to TransDigm Group Incorporated for $655 Million
NEWPORT BEACH, Calif. – L Squared Capital Partners (“L Squared”) announced today that TransDigm Group Incorporated (NYSE: TDG) (“TransDigm”), a leading global producer, designer and supplier of engineered aerospace components, systems and subsystems, has entered into a definitive agreement to acquire Raptor Scientific, a global leader in complex test and measurement solutions for advanced Defense, Space, and Aerospace applications, for $655 million in cash. The transaction is subject to customary closing conditions and the receipt of regulatory approval.
“We are grateful to Derek Coppinger and the entire Raptor Scientific executive team for their leadership that drove this highly successful outcome”
Raptor Scientific was founded by L Squared with the thesis of investing in the attractive Aerospace and Defense (“A&D”) test & measurement market. Since 2019, Raptor Scientific has built out a suite of complementary capabilities leveraging advanced test and measurement technologies. Under L Squared’s ownership, Raptor Scientific grew revenue from ~$9 million to ~$90 million. This performance was driven by a world-class management team, recruited by L Squared, and through strategic investments in go-to-market, human capital, and product development.
“We are grateful to Derek Coppinger and the entire Raptor Scientific executive team for their leadership that drove this highly successful outcome,” said Sean Barrette, Chairman of the Board of Raptor Scientific and Partner at L Squared. “Raptor Scientific was founded with the mandate to accelerate the growth of advanced A&D test and measurement technologies that support national security assets. These unique capabilities protect our freedom in a variety of operational theaters. We believe that TransDigm is the ideal new partner for Derek and the Raptor Scientific team as they continue this important mission.”
“I greatly appreciate the support and resources the L Squared team have provided over the years as we built Raptor Scientific into a leading provider of complex test and measurement solutions supporting the Defense, Space, and Aerospace industries,” said Derek Coppinger, CEO of Raptor Scientific. “We are excited to begin our next chapter of growth with TransDigm, who is well positioned to provide us with the additional resources and scale necessary to accelerate our momentum and drive future success. The world-class and dedicated employees of Raptor Scientific deserve the highest recognition for building this superior organization which supports our customers and warfighters every day. For that I am truly grateful.”
L Squared and Raptor Scientific were advised on the transaction by Harris Williams & Co., Vedder Price P.C., PwC, and CSP Associates.
About L Squared Capital Partners
L Squared Capital Partners is a private equity investment firm with over $2 billion of equity commitments under management and is headquartered in Newport Beach, CA, that seeks to make long-term investments in leading growth companies that operate in targeted sectors: Education Technology, Tech-Enabled Services & Software, and Industrial Technology & Services. L Squared’s unique investor base of family offices and institutions enables the Firm to focus on long-term value creation driven by revenue and earnings growth, not financial engineering, or market timing. The principals of L Squared have worked together for over 15 years and have over 125 years of combined experience investing in growing private companies. For more information, please visit www.LSquaredCap.com.
About Raptor Scientific
Raptor Scientific is a global leader in complex test and measurement solutions for advanced Defense, Space, and Aerospace applications. The Raptor platform results from the prior acquisition and integration of five companies: Space Electronics, Sensor Concepts, TestVonics, King Nutronics, and MEDTHERM. Raptor Scientific’s core capabilities include an extensive range of test and measurement instrumentation and services, including Radio Frequency Systems; Physical Property Systems; and Pressure, Air Data, & Temperature Systems, that are critical to technological advancement and national security of the U.S. and its allies.
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, batteries and chargers, engineered latching and locking devices, engineered rods, engineered connectors and elastomer sealing solutions, databus and power controls, cockpit security components and systems, specialized and advanced cockpit displays, engineered audio, radio and antenna systems, specialized lavatory components, seat belts and safety restraints, engineered and customized interior surfaces and related components, advanced sensor products, switches and relay panels, thermal protection and insulation, lighting and control technology, parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems and specialized flight, wind tunnel and jet engine testing services and equipment.
This press release is provided for informational purposes only and is not intended as investment advice or an offer or solicitation with respect to the purchase of any investment. Investing with any investment firm is suitable only for qualified investors that fully understand the risks of such an investment. L Squared Capital Partners is an investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investments with L Squared Capital Partners are only offered in accordance with applicable securities laws.
