Enlightenment Capital, a Washington-based aerospace, defence & government (ADG) focused investment firm, has provided financing to spacecraft component developer Vanguard Space Technologies.
Financial terms of the transaction were not disclosed,…
Enlightenment Capital, a Washington-based aerospace, defence & government (ADG) focused investment firm, has provided financing to spacecraft component developer Vanguard Space Technologies.
Financial terms of the transaction were not disclosed, although it is understood that the funding took the form of subordinated debt with an equity component. As part of the transaction, Enlightenment will also serve as a strategic partner of Vanguard going forward.
Based in San Diego, Vanguard specialises in designing and manufacturing composite structures for the space industry. It also develops solar power technology for use on satellites and spacecraft.
Its customers include Orbital Sciences, which used its composite reflector components on the recently launched Thaicom-6 and SES-8 satellites, Lockheed Martin and MacDonald, Dettwiler and Associates (MDA).
Founded in 1994, the company was acquired by Los Angeles-based private equity firm Nogales Investors in 2009. That transaction was structured as a recapitalisation, whereby Nogales Investors provided liquidity to outside shareholders, while management retained a substantial ownership position in the company.
Enlightenment Capital specialises in providing senior debt, mezzanine debt, and minority equity to small and mid-sized companies in the ADG sector. It has been active in the market since 2012 and in early February 2014 raised US$80m in the final close of its debut fund.
Commenting on the financing, Devin Talbott, managing partner of Enlightenment, said: “We are thrilled to be able to partner with Vanguard. With its deep customer relationships, technical expertise, and proven track record of delivering consistently high quality components that thrive in the harshest space environments, Vanguard stands poised to benefit from the robust outlook for satellite launches and manufacturing over the next decade.”
