NEW
YORK, Aug. 1, 2024 /PRNewswire/ -- Behrman
Capital, a private equity investment firm based in New York, today announced that it has entered
into a definitive agreement to sell its portfolio company kSARIA
Holdings ("kSARIA" or "the company"), a leading producer and
supplier of mission-critical connectivity solutions for the
aerospace and defense end markets, to ITT Inc. ("ITT", NYSE: ITT)
in a transaction valued at approximately $475 million.
Founded in 2000, kSARIA brings extensive process technology and
engineering expertise to the high-reliability connectivity
industry, offering interconnect products and services with superior
performance, quality and value to the Mil/Aero end market. The
Company's products support applications for avionics, sensors,
communications and networking on coveted platforms with defense
prime contractors and commercial aerospace leaders. The majority of
the Company's positions are sole or primary source. kSARIA is also
the only provider in its space offering a combination of ruggedized
fiber optic and electrical solutions with complementary service
offerings. kSARIA's proprietary engineering and manufacturing
capabilities in both fiber and electrical interconnect technologies
enable it to deliver mission-critical, engineered products which
must survive and function in harsh environments.
"We are incredibly proud of kSARIA's remarkable growth and
achievements during our ownership," said Grant Behrman, Managing Partner at Behrman
Capital. "The four add-on acquisitions consummated by the Company
have created a highly differentiated market leader in
high-reliability connectivity solutions for Mil/Aero customers. We
believe the business is exceptionally well-positioned for further
growth under its new ownership and we commend Tony Christopher and the management team for
their innovative leadership, wishing them success in the future as
part of ITT."
After partnering with the kSARIA management team in 2018 to
acquire the Company, Behrman has pursued a wide range of strategic
initiatives. These include four strategic add-on acquisitions,
geographic expansion in the US and internationally, and the
achievement of supplier positions on high-growth, next-generation
defense and aerospace platforms that will have decades of
longevity.
"Behrman Capital has been an excellent partner to the kSARIA
team," said Tony Christopher,
kSARIA's Chief Executive Officer. "Their vision for the Company's
growth strategy and approach to due diligence on acquisition
candidates added a tremendous amount of strategic value that
enabled us to offer an increasingly deep portfolio of highly
customized connectivity solutions to our customers, who require the
highest quality products to meet their mission-critical needs."
The transaction is expected to close before the end of the third
quarter of 2024.
For kSARIA, Guggenheim Securities, LLC and BMO Capital Markets
Corp. served as financial advisors and Goodwin Procter LLP served
as legal advisor.
About Behrman Capital
Based in New York City, Behrman
Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in
management buyouts, leveraged buildups and recapitalizations of
established growth businesses. The company's investments are
focused in three industries: Defense and Aerospace, Healthcare, and
Specialty Industrials. The firm has raised $4.1 billion since inception and is currently
investing out of its seventh fund. For more information, please
visit http://www.behrmancap.com.
About kSARIA
kSARIA, based in Hudson, New
Hampshire, offers complete interconnect solutions for
mission critical applications with unsurpassed quality and
performance. kSARIA offers unmatched advantages for all aspects of
Mil/Aero connectivity solutions from cable assembly design,
connector products, fabrication, installation, training, and
logistics management. Whether it is optical fiber, copper, RF or
hybrid cable assemblies, kSARIA has the technology, expertise, and
an end-to-end approach to optimize solutions for customers. For
more information, please visit www.ksaria.com.
Contact
Ross Lovern / Nathaniel Shahan
Kekst CNC
ross.lovern@kekstcnc.com / nathaniel.shahan@kekstcnc.com
212-521-4800
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SOURCE Behrman Capital