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CAES

$1.2B

Private-Equity Backed Provider

of advanced electronic systems to include RF, microwave, mmW technologies, antennas, positioning systems, and missile flight instrumentation.

2,700

Employeess

across 11 sites throughout North America and Mexico

Distinguished in the market by deep expertise

in microwave technology for a the most demanding applications in aerospace, defense, and industry; being the largest, ‘non-captive’ provider of defense components, and assemblies, and subsystems as well as a strategic supplier for customers with entrenched platform positions.

Opportunity

In 2020, we were retained by Advent International to 1) Conduct comprehensive gap analysis on and around out the board of directors (adding two value-added members) and 2) assist in crafting the archetypal profiles for and subsequently deliver a growth-focused, strategic enterprise team (to include CEO, COO, CFO, CTO, CHRO, President-Space) and nearly all Tier 2 Leadership.

Solution

This new team would help rebuild, optimize, and professionalize all functional, technical, and operational business areas for scalability, identify key areas of growth and refinement with new and existing customer sets, and increase revenues for the company over a specified timeframe making it an attractive asset for acquirers (both financial and strategic).

We are successfully identified, courted, assessed, selected, and delivered market-proven executives for every role. Each leader demonstrated a high corollary in relevant functional, technical, and/or operational experience (credibility across manufacturing/high-end solutions, engineering, program management/ development, business development, and technology).

More importantly, each executive was a successful, thoughtful leader, validated by former superiors, peers, and direct reports in the market, possessing mastery and growth capability in their respective roles.

Result

During Advent’s four-year hold of CAES, the board and leadership team we helped rebuild was instrumental in significantly growing asset EBITDA approx. through new and existing customers ($140M to $260M) by capturing opportunities to solidify ongoing sucess through further entrenchment of products in long-term programs thereby stabilizing future cash flows, and ultimately, positioning the business for two successful exit scenarios:

(15x EBITDA) In 2022

Sale of CAES Space Systems Business, focused on app-specific satellite & networking chips and radiation hardened space market components, to Veritas Capital, a leading government and technology investment firm. The business has since been rebranded as FrontGrade.

(14x EBITDA) In 2024

Sale of CAES to Honeywell International (NASDAQ: HON), a manufacturer of aerospace and automotive products; residential, commercial, and industrial control systems; specifically chemicals, plastics, and engineered materials.