Divestiture • Defense

Gladstone Investment Acquires Ricardo Defense

On December 16, 2024, business development company Gladstone Investment acquired defense company Ricardo Defense from Ricardo for 85M USD

Acquisition Context
  • This is Gladstone Investment’s 1st transaction in the Defense sector.
  • This is Gladstone Investment’s largest (disclosed) transaction.
  • This is Gladstone Investment’s 26th transaction in the United States.
  • This is Gladstone Investment’s 2nd transaction in Michigan.

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M&A Deal Summary

Date December 16, 2024
Target Ricardo Defense
Sector Defense
Buyer(s) Gladstone Investment
Sellers(s) Ricardo
Deal Type Divestiture
Deal Value 85M USD

Target Company

Ricardo Defense

Troy, Michigan, United States
Ricardo Defense is a global niche specialists in designing vehicle engineering solutions that improve safety and reduce fossil fuel usage and carbon emissions. Ricardo Defense's capabilities are focused on leveraging cutting-edge technical knowledge to create safety-critical vehicle systems and software solutions that protect those who willingly put their lives on the line, both home and abroad, to keep us safe. Ricardo Defense is based in Troy, Michigan.
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Buyer Overview 1

DESCRIPTION

Gladstone Investment Corporation is a business development company focused on partnering with profitable lower middle-market companies in the manufacturing, consumer products, and business services sectors. The Firm looks for profitable businesses throughout the US where it can invest equity/debt capital of up to $75 million. Gladstone Investment Corporation was formed in 2005 and is based in McLean, Virginia.


Deal Context for Buyer #
Overall 27 of 32
Sector: Defense 1 of 1
Type: Divestiture 3 of 3
State: Michigan 2 of 2
Country: United States 26 of 31
Year: 2024 2 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-22 Pyrotek Special Effects

Markham, Ontario, Canada

Pyrotek Special Effects is a provider of special effects services and solutions for the live entertainment industry with a full range of special effects offerings, creative and technical design services, permitting and logistics support worldwide, and specialized installation, setup, and tear down. Pyrotek Special Effects is based in Markham, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-19 Nielsen-Kellerman

Boothwyn, Pennsylvania, United States

Nielsen-Kellerman designs manufactures and distributes rugged, waterproof environmental and sports performance instruments for active lifestyles and technical applications, including Kestrel Weather & Environmental Meters, Kestrel Ballistics Meters for long-range shooting accuracy, NK Electronics for Rowing and Paddling, and Blue Ocean Rugged Megaphones PA Systems. Nielsen-Kellerman was founded in 1978 and is based in Boothwyn, Pennsylvania.

Buy -

Seller Profile 1

SELLER

Ricardo

Shoreham-by-Sea, United Kingdom

Category Company
Founded 1915
Sector Business Services
Revenue 475M GBP (2024)
DESCRIPTION

Ricardo is a strategic engineering and environmental consultancy that specializes in the transport, energy, and scarce resources sectors. Its work extends across a range of market sectors including passenger cars, commercial vehicles, rail, defense, motorsport, energy, and environment, and possesses a client list that includes transport operators, manufacturers, energy companies, financial institutions, and government agencies. Ricardo was founded in 1915 and is based in Shoreham-by-Sea, England.


Deal Context for Seller #
Overall 1 of 1
Sector: Defense 1 of 1
Type: Divestiture 1 of 1
State: Michigan 1 of 1
Country: United States 1 of 1
Year: 2024 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-13 Aither

Melbourne, Australia

Aither is a provider of consultancy services for water and natural resources. Aither was founded in 2012 and is based in Melbourne, Australia.

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