Private equity firm Behrman Capital has completed a US$515m recapitalisation of its US aerospace and defence manufacturer Data Device Corporation (DDC).
The recapitalisation comprised a US$515m one-stop facility that included a US$25m revolving credit…
Private equity firm Behrman Capital has completed a US$515m recapitalisation of its US aerospace and defence manufacturer Data Device Corporation (DDC).
The recapitalisation comprised a US$515m one-stop facility that included a US$25m revolving credit facility, which was unfunded at closing. Golub Capital was administrative agent on the transaction.
Proceeds from the financing were used to repay existing debt and pay a dividend to its sponsor owners.
Grant Behrman, managing partner of Behrman Capital, said: “The steps we have taken in partnership with management to build on DDC’s world-class reputation as a leading supplier to the aerospace and defence industries have enabled us to realize significant value for DDC’s investors. We look forward to our continued partnership with DDC as the company executes on its strategic plan and pursues new opportunities for growth.”
Behrman Capital acquired DDC as part of its US$303m takeover of ILC Industries back in 2003. ILC is a holding company for a group of businesses with DDC its largest concern. Its oldest subsidiary is ILC Dover which Behrman spun out in 2011. ILC Dover is an engineering firm that specialises in developing high-performance flexible materials and is best known for making NASA’s space suits.
DDC also has a strong connection to NASA with its electronics components being used in the International Space Station, the shuttle and research satellites such as EOS. The company’s products are also used in a variety of launch vehicles including the Ariane 5, Delta, Atlas, and Japanese H-2A rockets.
DDC recently completed the US$22m purchase of the electronic devices division of aerospace and defence communications equipment maker Emrise. DDC CEO Vincent Buffa said the acquisition greatly expands the company’s power management product offering for the commercial aerospace and defence markets.
