Survitec, a global provider of Survival Technology, has agreed to sell its aerospace and defense division, Beaufort, in a carve-out transaction to investment firms Capitol Meridian Partners and Stellex Capital Management.
Ellesmere Port, UK-based Beaufort supplies survival equipment for air, land, and sea forces to the U.S. Department of Defense, U.K. Ministry of Defence, and other allied militaries, as well as defense primes. Core products include flight jackets, anti-G trousers, liferafts, submarine-escape equipment, and immersion suits. The company employs 1,200 people globally and operates seven manufacturing facilities across the US, UK, Germany, and Australia.
Robert Kledal, Chief Executive Officer of Survitec, said, “Beaufort’s transition to new ownership, who have deep sector expertise, positions the company to execute its growth strategy with focus and discipline, while maintaining delivery for customers and partners. With dedicated investment and industry insight, Beaufort is well placed to accelerate innovation, strengthen its market position and capture the opportunities ahead. I wish our soon former colleagues all the best on this new and exciting journey.”
Beaufort CEO Dom Cartwright said, “I thank our colleagues at Survitec for their support and for entrusting us with this next chapter of innovation and growth. We’re honored and excited to lead Beaufort as an independent company backed by investors with long histories in aerospace and defense. Our mission to protect those who serve is steadfast; now we will have greater focus and capital to further invest in innovation and provide even better service to our customers and partners.”
“We look forward to partnering with Dom Cartwright and the Beaufort team as we build on the company’s multi-decade track record of quality, innovation, and service,” said Adam Palmer, Founding Partner of Capitol Meridian, and Karthik Achar, Partner at Stellex. “As a platform with a global footprint and embedded positions on critical programs, we believe Beaufort is well-positioned to benefit from strong and accelerating defense spending worldwide. We intend to pursue complementary acquisitions, invest to expand the product portfolio, and deepen customer relationships.”
Houlihan Lokey served as exclusive financial advisor and Greenberg Traurig served as legal counsel to Survitec. Evercore served as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to Capitol Meridian and Stellex. Terms of the transaction were not disclosed.
