M&A Deal Summary

Rocket Lab USA Acquires SolAero

On December 13, 2021, Rocket Lab USA acquired renewable energy company SolAero from Enlightenment Capital, Manulife Investment Management, Veritas Capital and The Carlyle Group for 80M USD

Acquisition Highlights
  • This is Rocket Lab USA’s 1st transaction in the Renewable Energy sector.
  • This is Rocket Lab USA’s largest (disclosed) transaction.
  • This is Rocket Lab USA’s 3rd transaction in the United States.
  • This is Rocket Lab USA’s 1st transaction in New Mexico.

M&A Deal Summary

Date 2021-12-13
Target SolAero
Sector Renewable Energy
Buyer(s) Rocket Lab USA
Sellers(s) Enlightenment Capital
Manulife Investment Management
Veritas Capital
The Carlyle Group
Deal Type Add-on Acquisition
Deal Value 80M USD

Target

SolAero

Albuquerque, New Mexico, United States
website
SolAero is a manufacturer of highly efficient, radiation-hard solar cells, Coverglass Interconnected Cells (CICs), and solar panels for space power applications. Since 2001, SolAero products have powered 160 successful space missions with zero on-orbit failures. SolAero Technologies was founded in 1998 and is based in Albuquerque, New Mexico.

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Buyer(S) 1

Buyer

Rocket Lab USA

Long Beach, California, United States

website


Category Company
Founded 2006
SectorAerospace
Employees531
DESCRIPTION

Rocket Lab USA is an end-to-end space company launch services, spacecraft components, satellites and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space. Rocket Lab USA was founded in 2006 and is based in Long Beach, California.


DEAL STATS #
Overall 3 of 3
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (New Mexico) 1 of 1
Country (United States) 3 of 3
Year (2021) 3 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-15 Planetary Systems

Silver Spring, Maryland, United States

Planetary Systems is a provider of mechanical separation systems and satellite dispensers with 100% mission success heritage to date across more than 100 missions. Planetary Systems is based in Silver Spring, Maryland.

Buy $42M

Seller(S) 4

SELLER

Enlightenment Capital

Chevy Chase, Maryland, United States

website


Category Private Equity Firm
Founded 2012
SizeMiddle-Market
Type Sector Focused
DESCRIPTION

Enlightenment Capital is a private investment firm that provides flexible capital solutions and strategic support to middle-market businesses in the Aerospace, Defense, Government & Technology (ADG&T) sector. The firm invests in equity (minority and control), senior debt, and mezzanine debt. Enlightenment Capital was founded in 2012 and is headquartered in Chevy Chase, Maryland.


DEAL STATS #
Overall 13 of 14
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 8 of 9
State (New Mexico) 1 of 1
Country (United States) 13 of 14
Year (2021) 3 of 3
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-09 Robotic Research

Clarksburg, Maryland, United States

Robotic Research is a provider of autonomous technology that powers vehicle-agnostic, AI-enabled, self-driving software and hardware solutions in the form of turnkey kits that can be retrofitted to an existing platform or integrated at the OEM production level onto military, commercial, and industrial vehicles. Robotic Research was established in 2002 and is headquartered in Clarksburg, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-25 Boecore

Colorado Springs, Colorado, United States

Boecore focuses on software, systems and networking engineering, and cybersecurity. The company designs its solutions to address the space, missile defense, hypersonics, and strategic deterrent mission areas. Boecore was formed in 2000 and is based in Colorado Springs, Colorado.

Buy -
SELLER

Manulife Investment Management

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1998
PE ASSETS 1.4B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Manulife Investment Management is a private investment group that provides mezzanine as well as non-controlling equity capital to middle-market businesses. Manulife Investment's target investment size is $10 to $50 million per transaction. The Group prefers opportunities located in the US. Manulife Investment Management was established in 1998 and maintains offices in Boston and New York City.


DEAL STATS #
Overall 16 of 18
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 6 of 7
State (New Mexico) 1 of 1
Country (United States) 15 of 17
Year (2021) 2 of 2
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-27 Waterfront Brands

Fergus Falls, Minnesota, United States

Waterfront Brands is a designer and manufacturer of premium watercraft lifts, docks, and related accessories. Under its three flagship brands, ShoreMaster, HydroHoist, and Neptune, Waterfront offers a complete product line-up to its more than 700 independent dealers and distributors across North America as well as sells direct-to-consumer through both retail locations and its eCommerce websites. Waterfront Brands is based in Fergus Falls, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-05 dlhBOWLES

Canton, Ohio, United States

dlhBOWLES is a supplier of innovative engineered plastic solutions to many of the largest corporations and most recognizable brands around the globe in the automotive and consumer products industries. The company designs and manufactures automotive products for camera and sensor wash systems, windshield washer systems, powertrain, chassis, and sunroof products. It also provides solutions for a wide array of consumer products in the areas of consumer sprays, plumbing, irrigation, and other diverse applications. dlhBOWLES was founded in 1961 and is based in Canton, Ohio.

Sell $255M
SELLER

Veritas Capital

New York, New York, United States

website


Category Private Equity Firm
Founded 1992
PE ASSETS 5.8B USD
SizeMega
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 24 of 24
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 13 of 13
State (New Mexico) 1 of 1
Country (United States) 23 of 23
Year (2021) 4 of 4
Size (of disclosed) 13 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 Finalsite

Glastonbury, Connecticut, United States

Finalsite is a SaaS-based learning and communications platform for K-12 independent and public schools and higher education institutions in the U.S. and internationally. The platform manages all aspects of a school’s web presence and facilitates the distribution of digital content across school communities and in classrooms via a proprietary, SaaS-based software suite accessed through desktops and mobile devices. Finalsite was founded in 1998 and is based in Glastonbury, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-22 HMH

Boston, Massachusetts, United States

HMH is a learning technology company committed to delivering connected solutions that engage learners, empower educators and improve student outcomes. As a leading provider of K–12 core curriculum, supplemental and intervention solutions, and professional learning services, HMH partners with educators and school districts to uncover solutions that unlock students' potential and extend teachers' capabilities. HMH serves more than 50 million students and four million educators in 150 countries. HMH was founded in 1832 and is based in Boston, Massachusetts.

Buy $2.8B
SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 84.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 418 of 427
Sector (Renewable Energy) 3 of 3
Type (Add-on Acquisition) 180 of 180
State (New Mexico) 1 of 1
Country (United States) 238 of 242
Year (2021) 22 of 22
Size (of disclosed) 115 of 129
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-10 Star Health and Allied Insurance

Chennai, India

Star Health and Allied Insurance is a standalone health insurer in Chennai. Star Health and Allied Insurance was founded in 2005 and is based in Chennai, India.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-17 Altadia

Castellón , Spain

Altadia is a manufacturer of intermediate products for the production of ceramic tiles. Altadia employs people across 19 countries with a global manufacturing footprint consisting of 32 production plants and 19 distribution centers. Altadia was founded in 2021 and is based in Castellón, Spain.

Buy -