M&A Deal Summary

Cornerstone Capital Holdings Acquires N2 Imaging Systems

On February 15, 2019, private equity firm Cornerstone Capital Holdings acquired defense company N2 Imaging Systems from UTC Aerospace Systems

Acquisition Highlights
  • This is Cornerstone Capital Holdings’ 2nd transaction in the Defense sector.
  • This is Cornerstone Capital Holdings’ 10th transaction in the United States.
  • This is Cornerstone Capital Holdings’ 3rd transaction in California.

M&A Deal Summary
Date 2019-02-15
Target N2 Imaging Systems
Sector Defense
Buyer(s) Cornerstone Capital Holdings
Sellers(s) UTC Aerospace Systems
Deal Type Divestiture

Target

N2 Imaging Systems

Irvine, California, United States
N2 Imaging Systems is a designer and manufacturer of compact, low-power, visible, and infrared imaging systems (near-infrared to thermal) used for soldier vision enhancement, surveillance, or threat detection and targeting conducted during the day, night, or under low visibility conditions. N2 Imaging Systems was founded in 2007 and is based in Irvine, California.

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Buyer(S) 1

Buyer

Cornerstone Capital Holdings

Fort Worth, Texas, United States
Category Private Equity Firm
Founded 2000
Size Small
Type Sector Agnostic
DESCRIPTION

Cornerstone Capital Holdings LLC is a private equity firm that seeks investments in manufacturing and industrial service companies generating sales of $5 - $100 million with an EBITDA of $1 - $10 million. The Firm generally looks to acquire privately held businesses or divisions of larger private or public companies. Specific sectors of interest include packaging-related products, specialty machinery, defense/aerospace products, specialty chemicals, rubbers, synthetics, electrical components and assemblies, niche branded products, automobile component manufacturers, general industrial business-to-business products, specialty catalog, niche distribution, and MRO providers. Cornerstone avoids investing in consulting, restaurants, construction, biotech, retail, and real estate. Cornerstone was formed in 2000 and has offices in Fort Worth, Texas and Blue Bell, Pennsylvania.

DEAL STATS #
Overall 11 of 13
Sector (Defense) 2 of 2
Type (Divestiture) 4 of 5
State (California) 3 of 3
Country (United States) 10 of 12
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-10 AeroGen-TEK

Paris, Illinois, United States

AeroGen-TEK is a manufacturer of complex fabrications and combustion components using high-temperature superalloy components for the aerospace and industrial gas turbine markets. AeroGen-TEK is based in Paris, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-01 Powers Equipment

Warminster, Pennsylvania, United States

Powers Equipment designs and manufactures multiple, proprietary lines of commercial refrigeration equipment serving food, beverage, retail, and scientific laboratory customers throughout the United States. Powers Equipment was founded in 1935 and is based in Warminster, Pennsylvania.

Buy -

Seller(S) 1

SELLER

UTC Aerospace Systems

Charlotte, North Carolina, United States
Category Company
Founded 1918
Sector Aerospace
DESCRIPTION
Entrance to a UTC Aerospace Systems facility in Danbury, Connecticut.
Entrance to a UTC Aerospace Systems facility in Danbury, Connecticut.

UTC Aerospace Systems is a supplier of technologically advanced aerospace and defense products. UTC Aerospace designs, manufactures and services systems and components and provide integrated solutions for commercial, regional, business and military aircraft, helicopters and other platforms.

DEAL STATS #
Overall 3 of 3
Sector (Defense) 1 of 1
Type (Divestiture) 3 of 3
State (California) 1 of 1
Country (United States) 3 of 3
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-23 UTC Aerospace Systems - In-Flight Entertainment business

United States

UTC Aerospace Systems - In-Flight Entertainment (IFE) business is a commercial airlines business providing trust, reliability, quality, and performance.

Sell -
Mergr

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