WASHINGTON, Jan. 8, 2025
/PRNewswire/ -- Proteus Enterprises ("Proteus"), a
Maryland-based Aerospace, Defense
and Government Services holding company, today announced that it
acquired Ricardo Defense, Inc. ("Ricardo Defense" or the "Company")
in partnership with Gladstone Investment Corporation (NASDAQ:
GAIN). Financial terms were not disclosed.
Headquartered in Troy, MI, with
operations in California,
Texas, Alabama, and overseas, Ricardo is an industry
leader working to develop engineering and product solutions for US
Army vehicle and logistics programs.
Pierre Chao and Greg Bowie, Proteus co-founders, said, "The
Ricardo Defense team has done a remarkable job providing innovative
technical and product solutions for US Army and DoD
customers. Ricardo Defense's experienced leadership team has
grown the Company significantly to date by developing new
capabilities and customer relationships, including the ABS/ESC
system for the HMMWV. In bringing US ownership and access to
capital, we look forward to partnering with management to grow the
company while building a business focused on solving the defense
customer's most challenging problems."
Ricardo President, Chet Gryzcan
stated, "I am proud of our employees and what our team has built
over the last 10 years, and we are excited to expand upon our
success as we partner with Proteus. We felt an immediate synergy
with the Proteus team, and we look forward to leveraging Proteus's
knowledge and expertise as an experienced government services and
technology investor to expand our capabilities and continue
delivering solutions that enhance warfighter effectiveness."
Pete Roney, Proteus co-founder
and incoming CEO of Ricardo Defense added, "We are beyond excited
to join the Ricardo Defense team in providing mission critical
services and solutions to our Nation's military services. I am
looking forward to working with Ricardo Defense's exceptional team
to help position the business for continued growth and greater
scale in the future."
Holland & Knight served as
legal counsel to Proteus; Squire Patton Boggs served as legal
counsel to Ricardo Plc.; and Houlihan
Lokey served as financial advisor to Ricardo Plc.
About Proteus Enterprises
Proteus Enterprises is a Maryland-based holding company that invests in
middle and lower middle market aerospace, defense and government
services ("ADG") businesses. The firm's mission is to cultivate and
develop the next the next generation of middle-tier ADG management
teams and companies. The firm's professionals have spent
their careers in the ADG sector and provide deep networks,
operational and investment expertise, knowledge of government
customers and strategic insights to the firm's portfolio
companies. Proteus believes its holistic view of the ADG
sector provides a unique perspective whereby we can build business
and management teams that both serves our country and our
investors. For more information, please visit:
www.proteusadg.com.
About Ricardo Defense, Inc.
Ricardo Defense, Inc., headquartered in Troy, Michigan, is an engineering services and
systems integration company specializing in delivering integrated
vehicle engineering solutions for the U.S. Department of Defense
and prime contractors. The company offers both product and
technical service solutions to address complex integration
challenges across various U.S. defense platforms. As of
January 2025, Ricardo Defense employs
approximately 240 individuals, with operations primarily in
the United States and some field
services operating internationally.
About Gladstone Investment Corporation
Gladstone Investment is a publicly traded business development
company that seeks to make equity and secured debt investments in
lower middle market businesses in connection with acquisitions,
changes in control, and recapitalizations Corporation (NASDAQ:
GAIN). Additional information on the transaction can be found at
www.gladstoneinvestment.com.
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SOURCE Proteus Capital Solutions