Adams Street Partners has led a private credit financing of up to $400m to support the acquisition of aerospace and defence equipment business Beaufort, according to a report by Bloomberg citing people familiar with the matter.
The multi-currency facility totals between $300m and $400m and backs the purchase of Beaufort by Capitol Meridian Partners and Stellex Capital Management. The deal is structured to provide flexibility for future acquisitions and growth initiatives.
Capitol Meridian and Stellex acquired Beaufort from survival technology provider Survitec in a carve-out transaction that closed this week. Adams Street was joined on the financing by MidCap Financial and Hamilton Lane, according to a Capital Meridian spokesperson.
Capitol Meridian and Stellex said the financing will support Beaufort’s next phase of growth, including portfolio expansion, operational investment and strategic acquisitions.
Beaufort supplies pilot flight equipment and other survival gear to the US Department of Defense, the UK Ministry of Defence, and other military customers. The company employs around 1,200 people and operates seven manufacturing facilities across the US, the UK, Germany, and Australia.
