Kaman completes sale of distribution segment
Kaman Corp. announced that it has completed the sale of its Distribution segment to affiliates of Littlejohn & Co. for total cash consideration of $700 million, excluding certain working capital adjustments.
Following the completion of the transaction, Kaman Distribution will continue to service customers under its three platforms; Automation, Fluid Power and Industrial Technologies. "Kaman Distribution provides customers with premium products and integrated solutions through the utilization of its valued and experienced personnel; in conjunction with incorporating today's most advanced technologies," according to a company statement.
"Kaman Distribution is looking forward to being a part of Littlejohn with their proven track record of building and growing businesses like ours," said Al Lariviere, president of Kaman Distribution Group. "They are prepared to continue to invest in the business to accelerate our growth and further enhance KDG's ability to support our customers. I am excited for the future of the business and the associated opportunities it will bring to our employees."
With more than 220 locations across the U.S. and Puerto Rico, Kaman Distribution's 2,200 employees generated $1.1 billion in net revenue in 2018.
Kaman Corporation is a designer and manufacturer of critical components, structures, and systems for commercial, military and industrial customers through its Aerospace business, and operates 14 facilities around the world with approximately 3,000 employees.
“The completion of the sale of our Distribution segment marks a return to Kaman’s roots as a highly focused aerospace and engineered products company,” said Neal J. Keating, chairman, president and CEO. “With a stronger balance sheet and increased financial flexibility, Kaman is well positioned to invest in new technologies, to deliver innovative solutions that meet our customers’ needs, and to pursue strategic acquisition opportunities that will accelerate our future growth.”
Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments primarily in middle market companies, with approximately $10.9 billion in regulatory assets under management.
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