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Wed, Apr 24, 2024

Kaman Private Buyout Successful

With Acquisition Finished, NYSE Delisting is On the Way

Kaman Corporation has been fully digested by its acquiring company, Arcline Investment Management L.P.

The transaction was announced in January, representing an all-cash transaction of approximately $1.8 billion adding ("Arcline”) in an all-cash transaction with a total enterprise value of approximately $1.8 billion.

Kaman isn't exactly a famous front-of-the-box brand in the aviation industry, their work as an OEM producer of subassemblies, materials, parts, and systems gives them considerable reach - and that's leaving out the range of Kaman's FAA-approved Repair Stations. Under the EXTEX brand, Kaman offers replacement parts for all kinds of military and civilian aircraft. Under that sub-brand, Kaman provides parts support for a whole raft of PT-6 powered fixed-wing aircraft, with additional offerings for a variety of rotary-wing aircraft too.

The acquisition took place at $46 per share, paying out to shareholders and beginning the process of taking Kaman private. Now, Kaman's common stock has finished trading altogether, with a delisting yet to come. Of course, Arcline and Kaman both say the move is perfect for them, with suitably nebulous rationale. Then again, public ownership certainly doesn't seem to be a key ingredient to success for companies like Boeing or Wheels Up, so maybe Arcline knows going private is a secret sauce all its own.

“We are thrilled to announce the completion of this value-maximizing transaction with Arcline and are proud to have delivered an outcome that is in the best interest of our shareholders, employees and customers,” said Ian K. Walsh, Kaman Chairman, President and Chief Executive Officer. “As we enter our next phase as a private company, we are confident that we will benefit from additional resources and expertise that will enable us to build upon our strong foundation and take full advantage of the hard work we have done these past several years to reposition our company. This new partnership will accelerate our transformational strategy and drive significant growth, innovation and value to our customers.”

Arcline echoed the sentiment. “Kaman is an innovation-driven industry leader with a storied history and a strong portfolio of businesses supporting mission-critical end markets. We look forward to partnering with the Kaman team and supporting the Company’s continued success and growth as a trusted solutions provider of engineered components and subsystems to critically important programs.”

FMI: www.kaman.com


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