By Ross Wilkers
Dec 23, 2020
Elbit Systems’ U.S. subsidiary has agreed to acquire electronic system and sonobuoy maker Sparton Corp. for $380 million to gain an increased footprint with the Navy and other allied military services.
In a release Wednesday, Elbit Systems of America said the necessary regulatory approvals could require “a number of months” to get through before deal closure.
Sparton focuses on products for undersea warfare and ruggedized displays for defense and industrial use.
De Leon Springs, Florida-based Sparton was acquired in 2019 by private equity firm Cerberus Capital Management, which has since supported the contractor in the divestiture of its contract manufacturing business to become a pure-play defense supplier.
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Guardian Capital Partners Names Caruso to Lead Guardian Operations and Advisory Company
December 24, 2020, 08:30 AM
Guardian Capital Partners recently announced the formation of Guardian Operations and Advisory Company, LLC and the hiring of Thomas J. Caruso as Partner, Portfolio Operations, who will lead this business unit. Mr. Caruso brings to Guardian an extensive career in operations, management and private equity, including the past eight years in middle-market buyouts. In addition, Mr. Caruso also brings direct portfolio company operating experience, a history of successfully partnering with portfolio company management teams, and a complementary functional expertise and sector experience to the Guardian team.
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Elbit Systems to Buy Sparton for $380 Million
Maritime Activity Reports, Inc.
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Israel-based international defense electronics company Elbit Systems has signed an agreement to buy maritime defense contractor Sparton for $380 million.
Elbit said Wednesday that its U.S. subsidiary Elbit Systems of America had signed a definitive agreement with an affiliate of Cerberus Capital Management, L.P. for the acquisition of Sparton. Sparton Parent, Inc. formerly known as Striker Parent 2018 an affiliate of Cerberus Capital Management, L.P. bought Sparton in March 2019.
The Elbit transaction is conditioned on various closing conditions, including receipt of U.S. regulatory approvals, the pursuit of which could encompass a number of months, Elbit said.