L Squared Capital Partners announced it has committed $60 million of equity to Raptor Scientific, to pursue an aggressive M&A strategy consolidating the highly fragmented Aerospace & Defense-focused testing and measurement market. Raptor represents L Squared’s ninth platform investment during the last five years.
Raptor Scientific’s first acquisition of Space Electronics brings the leading player of mass properties and electronic circuit tester solutions into the portfolio. These precision measurement solutions are used by Aerospace & Defense OEMs and research organizations to develop mission-critical applications across unmanned aerial vehicles, satellites, commercial aerospace, military aviation, and defense weapon systems. The entire Space Electronics management team will stay with the Company post-closing.
“The Space Electronics team has built deep customer relationships by providing world class precision measurement solutions used in mission-critical applications across the Aerospace & Defense sector,” said Sean Barrette, partner of L Squared. “L Squared’s long term capital base and execution of our M&A strategy will allow Raptor Scientific to assemble a growing portfolio of products and solutions that will add more value to the Company’s customer base over time.”
L Squared and Raptor Scientific plan to add additional resources to the platform post-closing including the addition of a new CEO for Raptor Scientific to lead the M&A strategy as well as additional sales & marketing resources both domestically and in key international markets. McDermott + Bull has been engaged by the Company to lead the CEO search.
“We are thrilled to partner with the Space Electronics team as we build the Raptor Scientific platform,” said Jeff Farrero, managing partner at L Squared. “We are committed to providing the capital and strategic resources to accelerate growth and build Raptor Scientific into a leading provider of mission-critical testing & measurement solutions to the Aerospace and Defense sector.”