Advent International is reportedly considering the sale of its naval defence business, Ultra Maritime, in a deal that could value the unit at around $4bn, according to a report by Bloomberg citing unnamed sources familiar with the matter.
The buyout firm has held preliminary discussions with banks to gauge interest from potential buyers, including both strategic defence companies and other private equity investors. No final decision has been made, and Advent could choose to retain the asset for a longer period, the sources added.
Ultra Maritime, which specialises in anti-submarine warfare across air, surface, and undersea domains, provides sonar systems, sonobuoys, and torpedo countermeasures to navies in the US, UK, Canada, and Australia. The company has become increasingly attractive amid heightened global naval tensions, from the conflict in Iran to ongoing operations in Ukraine.
Advent’s defence portfolio includes prior deals such as the 2020 acquisition of Cobham Plc for £4bn and the purchase of Ultra Electronics Holdings Plc, from which it has already monetised certain units. Most recently, the firm agreed to sell Ultra PCS, a manufacturer of ejection systems, to Eaton Corp for $1.55bn.
