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Arcline Investment Management, L.P. has completed the acquisition of Kaman in an all-cash transaction valued at approximately $1.8 billion. Kaman shareholders will receive $46.00 per share in cash, leading to the delisting of Kaman's common stock from the New York Stock Exchange.
Arcline Investment Management, L.P. ha completato l'acquisizione di Kaman tramite una transazione interamente in contanti valutata circa 1,8 miliardi di dollari. Gli azionisti di Kaman riceveranno 46,00 dollari per azione in contanti, portando alla cancellazione della quotazione delle azioni ordinarie di Kaman dalla Borsa di New York.
Arcline Investment Management, L.P. ha completado la adquisición de Kaman en una transacción totalmente en efectivo valorada en aproximadamente 1.8 mil millones de dólares. Los accionistas de Kaman recibirán 46.00 dólares por acción en efectivo, lo que llevará a la deslista de las acciones comunes de Kaman en la Bolsa de Valores de Nueva York.
Arcline Investment Management, L.P.는 약 18억 달러로 평가된 전액 현금 거래로 Kaman의 인수를 완료했습니다. Kaman 주주는 주당 46.00달러의 현금을 받게 되며, 이는 뉴욕 증권 거래소에서 Kaman의 보통주 상장 폐지로 이어질 것입니다.
Arcline Investment Management, L.P. a finalisé l'acquisition de Kaman dans une transaction entièrement en espèces évaluée à environ 1,8 milliard de dollars. Les actionnaires de Kaman recevront 46,00 dollars par action en espèces, entraînant le retrait de la cotation des actions ordinaires de Kaman à la Bourse de New York.
Arcline Investment Management, L.P. hat die Übernahme von Kaman in einer reinen Bartransaktion abgeschlossen, die auf etwa 1,8 Milliarden Dollar geschätzt wird. Die Aktionäre von Kaman erhalten 46,00 Dollar pro Aktie in bar, was zur Delistung der Stammaktien von Kaman an der New Yorker Börse führen wird.
Positive
Arcline Investment Management, L.P. acquired Kaman for $1.8 billion in cash.
Kaman shareholders will receive $46.00 per share as part of the acquisition.
Kaman's common stock will be delisted from the New York Stock Exchange.
The transaction was approved by Kaman shareholders on April 17, 2024.
The acquisition aims to provide additional resources and expertise for Kaman to drive growth and innovation.
Negative
None.
Insights
The acquisition of Kaman Corporation by Arcline Investment Management represents a strategic move that significantly alters the financial landscape for the involved entities. The all-cash purchase price of $46.00 per share distributes a considerable sum of capital to the Kaman shareholders, which could imply an attractive exit multiple given the total enterprise value of $1.8 billion. This deal conveys a strong signal concerning the valuation of companies within this industrial sector. Post-acquisition, as Kaman transitions from a public to a private entity, it is essential for investors to consider the implications for liquidity. The cessation of trading and the delisting from the NYSE eliminate the ability to transact Kaman shares on a public market, which may affect shareholders who prefer or require the flexibility public markets offer. Additionally, the opportunity for Kaman to leverage Arcline’s resources for growth and innovation will likely reshape its operational strategies and market approach, potentially strengthening its positioning in the long term.
Arcline's investment in Kaman underscores the importance of innovation and growth potential in the aerospace and defense sector, where Kaman has established a robust presence. Kaman's focus on engineered components and subsystems for mission-critical applications is a market niche with substantial barriers to entry due to the sophisticated technical requirements and rigorous regulatory landscape. By transitioning to a private structure, Kaman may benefit from more agile decision-making processes and a potentially enhanced ability to invest in long-term strategies without the quarterly earnings pressures faced by publicly traded entities. For industry observers and stakeholders, the key indicators to monitor will include the rate of new product development, market share expansion and operational efficiencies that can be harnessed post-acquisition. While the strategic realignment promises future growth, it's also vital to watch for the integration risks that often accompany such transactions.
BLOOMFIELD, Conn.--(BUSINESS WIRE)--
Kaman Corporation (“Kaman" or the “Company”) today announced the completion of its acquisition by Arcline Investment Management, L.P. ("Arcline”) in an all-cash transaction with a total enterprise value of approximately $1.8 billion.
The transaction was previously announced on January 19, 2024, and was approved by Kaman shareholders on April 17, 2024. With the completion of the transaction, Kaman shareholders will receive $46.00 per share in cash. Kaman’s common stock has ceased trading and will be delisted from the New York Stock Exchange.
“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 said, “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.”
Advisors
J.P. Morgan Securities LLC is serving as exclusive financial advisor to Kaman, and Skadden, Arps, Slate, Meagher & Flom LLP and Wiggin and Dana LLP are acting as legal counsel to Kaman.
Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Arcline and Latham & Watkins LLP and Paul Hastings LLP are acting as legal counsel to Arcline.
About Kaman
Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut, conducts business in the aerospace & defense, industrial and medical markets. Kaman produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; wheels, brakes and related hydraulic components for helicopters, fixed-wing and UAV aircraft; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; support of our heavy lift K-MAX® manned helicopter; and development of the KARGO UAV unmanned aerial system, a purpose built autonomous medium lift logistics vehicle. More information is available at www.kaman.com.
About Arcline
Arcline Investment Management is a growth-oriented private equity firm with $8.9 billion in cumulative capital commitments. Arcline seeks to invest in technology driven, meaningful-to-the-world industrial businesses that enable a better future. For more information visit www.arcline.com.
