M&A Deal Summary

Veritas Capital Acquires Cubic

On February 8, 2021, private equity firm Veritas Capital acquired defense company Cubic for 2.8B USD

Acquisition Highlights
  • This is Veritas Capital’s 2nd transaction in the Defense sector.
  • This is Veritas Capital’s 5th largest (disclosed) transaction.
  • This is Veritas Capital’s 30th transaction in the United States.
  • This is Veritas Capital’s 2nd transaction in California.

M&A Deal Summary
Date 2021-02-08
Target Cubic
Sector Defense
Buyer(s) Veritas Capital
Deal Type Going Private
Deal Value 2.8B USD
Advisor(s) J.P. Morgan Securities
Raymond James - Investment Banking (Financial)
Sidley (Legal)

Target

Cubic

San Diego, California, United States
website
Cubic's corporate headquarters in San Diego, California.
Cubic's corporate headquarters in San Diego, California.
Cubic is a provider of transportation technology solutions that support the operational needs of the most complex transit systems globally. The Company also provides highly engineered training solutions as well as specialized hardware and software offerings that improve operational readiness and support mission communication and intelligence gathering and analysis. Cubic was formed in 1949 and is based in San Diego, California.

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Buyer(S) 1

Buyer

Veritas Capital

New York, New York, United States

website

Category Private Equity Firm
Founded 1992
PE ASSETS 40.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Veritas Capital is a private equity investment firm that targets investments in defense, aerospace, government services, media/telecommunications, consumer products, and specialty manufacturing companies. Veritas generally partners with management when pursuing investments. Prospective transaction situations include buyouts, growth capital investments, and leveraged recapitalizations. Veritas Capital was established in 1992 and is based in New York City.

DEAL STATS #
Overall 31 of 40
Sector (Defense) 2 of 2
Type (Going Private) 4 of 6
State (California) 2 of 2
Country (United States) 30 of 38
Year (2021) 1 of 3
Size (of disclosed) 5 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-07 Edcentric

Overland Park, Kansas, United States

Edcentric is a SaaS provider of engagement, planning, assessment & compliance solutions to higher education institutions. Edcentric is based in Overland Park, Kansas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-22 Abaco Systems

Huntsville, Alabama, United States

Abaco Systems is a provider of open architecture computing and electronic systems for aerospace, defense, and industrial solutions. The Company's portfolio of commercial-off-the-shelf ("COTS") products is based on high-performance, rugged computing technologies and custom designs for use in a wide array of applications and is designed to withstand harsh environments such as extreme temperature, high vibration and exposure to natural elements. Abaco Systems was founded in 2015 and is based in Huntsville, Alabama.

Sell $1.4B
Mergr

Product

Company

Legal