Behrman Capital to Sell Portfolio Company kSARIA to ITT for $475 Million
Behrman Capital to Sell Portfolio Company kSARIA to ITT for $475 Million
PR Newswire
NEW YORK, Aug. 1, 2024
NEW YORK, Aug. 1, 2024 /PRNewswire/ -- Behrman Capital, a private equity investment firm based in New York, today announced that it has entered into a definitive agreement to sell its portfolio company kSARIA Holdings ("kSARIA" or "the company"), a leading producer and supplier of mission-critical connectivity solutions for the aerospace and defense end markets, to ITT Inc. ("ITT", NYSE: ITT) in a transaction valued at approximately $475 million.
Founded in 2000, kSARIA brings extensive process technology and engineering expertise to the high-reliability connectivity industry, offering interconnect products and services with superior performance, quality and value to the Mil/Aero end market. The Company's products support applications for avionics, sensors, communications and networking on coveted platforms with defense prime contractors and commercial aerospace leaders. The majority of the Company's positions are sole or primary source. kSARIA is also the only provider in its space offering a combination of ruggedized fiber optic and electrical solutions with complementary service offerings. kSARIA's proprietary engineering and manufacturing capabilities in both fiber and electrical interconnect technologies enable it to deliver mission-critical, engineered products which must survive and function in harsh environments.
"We are incredibly proud of kSARIA's remarkable growth and achievements during our ownership," said Grant Behrman, Managing Partner at Behrman Capital. "The four add-on acquisitions consummated by the Company have created a highly differentiated market leader in high-reliability connectivity solutions for Mil/Aero customers. We believe the business is exceptionally well-positioned for further growth under its new ownership and we commend Tony Christopher and the management team for their innovative leadership, wishing them success in the future as part of ITT."
After partnering with the kSARIA management team in 2018 to acquire the Company, Behrman has pursued a wide range of strategic initiatives. These include four strategic add-on acquisitions, geographic expansion in the US and internationally, and the achievement of supplier positions on high-growth, next-generation defense and aerospace platforms that will have decades of longevity.
"Behrman Capital has been an excellent partner to the kSARIA team," said Tony Christopher, kSARIA's Chief Executive Officer. "Their vision for the Company's growth strategy and approach to due diligence on acquisition candidates added a tremendous amount of strategic value that enabled us to offer an increasingly deep portfolio of highly customized connectivity solutions to our customers, who require the highest quality products to meet their mission-critical needs."
The transaction is expected to close before the end of the third quarter of 2024.
For kSARIA, Guggenheim Securities, LLC and BMO Capital Markets Corp. served as financial advisors and Goodwin Procter LLP served as legal advisor.
About Behrman Capital
Based in New York City, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company's investments are focused in three industries: Defense and Aerospace, Healthcare, and Specialty Industrials. The firm has raised $4.1 billion since inception and is currently investing out of its seventh fund. For more information, please visit http://www.behrmancap.com.
About kSARIA
kSARIA, based in Hudson, New Hampshire, offers complete interconnect solutions for mission critical applications with unsurpassed quality and performance. kSARIA offers unmatched advantages for all aspects of Mil/Aero connectivity solutions from cable assembly design, connector products, fabrication, installation, training, and logistics management. Whether it is optical fiber, copper, RF or hybrid cable assemblies, kSARIA has the technology, expertise, and an end-to-end approach to optimize solutions for customers. For more information, please visit www.ksaria.com.
Contact
Ross Lovern / Nathaniel Shahan
Kekst CNC
ross.lovern@kekstcnc.com / nathaniel.shahan@kekstcnc.com
212-521-4800
View original content:https://www.prnewswire.com/news-releases/behrman-capital-to-sell-portfolio-company-ksaria-to-itt-for-475-million-302212440.html
SOURCE Behrman Capital
-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks