M&A Deal Summary

Exelis Acquires Condor Systems

On May 28, 2002, Exelis acquired defense company Condor Systems from aPriori Capital Partners

Acquisition Highlights
  • This is Exelis’ 1st transaction in the Defense sector.
  • This is Exelis’ 1st transaction in the United States.
  • This is Exelis’ 1st transaction in California.

M&A Deal Summary
Date 2002-05-28
Target Condor Systems
Sector Defense
Buyer(s) Exelis
Sellers(s) aPriori Capital Partners
Deal Type Add-on Acquisition

Target

Condor Systems

Morgan Hill, California, United States
Condor Systems, Inc. is a defense electronics firm provides signals intelligence, electronic support measures, and specialized electronic countermeasures systems for the electronic warfare industry.

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Buyer(S) 1

Buyer

Exelis

McLean, Virginia, United States
Category Company
Founded 2011
Sector Information Technology
Employees17,200
Revenue 4.8B USD (2013)
DESCRIPTION

Exelis, Inc. is a global aerospace, defense and information solutions company. Exelis is a provider in positioning and navigation, sensors, air traffic management solutions, image processing and distribution, communications and information systems, and focused on strategic growth in the areas of critical networks, ISR and analytics, electronic warfare and composite aerostructures.

DEAL STATS #
Overall 1 of 6
Sector (Defense) 1 of 1
Type (Add-on Acquisition) 1 of 5
State (California) 1 of 2
Country (United States) 1 of 3
Year (2002) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-12 Applied Kilovolts

West Sussex, United Kingdom

Applied Kilovolts Ltd., is a supplier of high voltage power supplies to scientific equipment manufacturers in the UK, Europe and the USA.

Buy -

Seller(S) 1

SELLER

aPriori Capital Partners

Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

aPriori Capital Partners (formerly DLJ Merchant Banking Partners) is a middle-market private equity firm focused on middle-market buyouts in the US and Europe. Sectors of interest include healthcare, retail, consumer, energy, business services, and industrial. aPriori was originally established in 1985 and has offices in New York and Los Angeles.

DEAL STATS #
Overall 5 of 51
Sector (Defense) 1 of 1
Type (Add-on Acquisition) 1 of 22
State (California) 1 of 7
Country (United States) 5 of 38
Year (2002) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-08-01 Michael Petroleum

Houston, Texas, United States

Michael Petroleum Corporation was engaged in the acquisition and development of natural gas properties in the Lobo Trend of South Texas, one of the largest onshore natural gas producing regions in the U.S. With capital from DLJMB and a partner, Michael emerged from a reorganization in 2000 and quickly grew reserves and production as a result of accelerating its drilling and development program. The company was sold in August 2001 to Calpine Corporation for $367 million.

Sell $367M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-06-01 Aspen Insurance Holdings

Hamilton, Bermuda

Aspen Insurance Holdings is a provider of reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Ireland, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. Aspen Insurance Holdings was founded in 2002 and is based in Hamilton, Bermuda.

Buy -
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