An affiliate of technology and US government investment firm Veritas Capital (Veritas) is to acquire CAES Space Systems, an independent supplier of high-reliability electronic solutions for space, defence, healthcare and industrial applications, from CAES.
Mike Elias, Senior Vice President & Division General Manager, will continue to lead CAES Space Systems, alongside the rest of the leadership team.
Financial terms of the transaction have not been disclosed.
Headquartered in Colorado Springs, CAES Space Systems provides radiation hardened components, mission processing, cabling, wave guides, antennas and power management solutions. The Company’s track record of innovation, rich intellectual property portfolio and best-in-class engineering talent has enabled embedded, multi-decade relationships with blue-chip customers. With over 60 years of space flight heritage, CAES Space Systems and its products have had a presence on all historical major US space platforms, with a 100% mission success rate.
The transaction is expected to close in Q1 2023, subject to customary closing conditions and regulatory approvals.
Goldman Sachs & Co LLC and Lazard Frères & Co LLC are acting as financial advisors to CAES. Gibson, Dunn & Crutcher LLP is acting as legal advisor to Veritas in connection with the transaction.