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  6. Sleeping Bear Capital Acquires Adaptive Energy

M&A Deal Summary

Sleeping Bear Capital Acquires Adaptive Energy

On January 14, 2019, private equity firm Sleeping Bear Capital acquired energy services and equipment company Adaptive Energy from Ultra Electronics

Acquisition Highlights
  • This is Sleeping Bear Capital’s 1st transaction in the Energy Services and Equipment sector.
  • This is Sleeping Bear Capital’s 1st transaction in the United States.
  • This is Sleeping Bear Capital’s 1st transaction in Michigan.
Investment Fate
  • Adaptive Energy was sold to a strategic buyer in 2022.

M&A Deal Summary
Date 2019-01-14
Target Adaptive Energy
Sector Energy Services and Equipment
Buyer(s) Sleeping Bear Capital
Sellers(s) Ultra Electronics
Deal Type Divestiture

Target

Adaptive Energy

Ann Arbor, Michigan, United States
Adaptive Energy is a designer and manufacturer of solid oxide fuel cells for backup and portable power applications. Located in Adaptive Energy originating from technology commercialized out of the University of Michigan. Adaptive Energy was founded in 1999 and is based in Ann Arbor, Michigan.

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Buyer(S) 1

Buyer

Sleeping Bear Capital

Investor

Category Private Equity Firm
Founded 2018
Size Small
Type Sector Agnostic
DESCRIPTION

Sleeping Bear Capital is a private equity firm focused on acquiring non-core divestitures as well as venture-backed technology, e-commerce, and business services companies seeking founder or investor liquidit. Sleeping Bear Capital was formed in 2018 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 1 of 3
Sector: Energy Services and Equipment M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: Michigan M&A 1 of 1
Country: United States M&A 1 of 3
Year: 2019 M&A 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-24 Phenomenon

Los Angeles, California, United States

Human Standard is a business transformation agency offering strategic deep expertise across a range of disciplines: business & strategic consulting, creative, design, innovation, products & services and communications. Human Standard was founded in 2006 and is based in Los Angeles, California.

Buy -

Seller(S) 1

SELLER

Ultra Electronics

London, United Kingdom
Category Company
Founded 1993
Sector Electronics
Employees4,253
Revenue 860M GBP (2020)
DESCRIPTION

Ultra Electronics is a provider of specialist capabilities, generating highly-differentiated solutions and products in the defense & aerospace, security & cyber, transport and energy markets, by applying electronic and software technologies in demanding and critical environments to meet customer needs. Ultra Electronics Holdings was founded in 1993 and is based in London, the United Kingdom.

DEAL STATS #
Overall 3 of 3
Sector: Energy Services and Equipment M&A 1 of 1
Type: Divestiture M&A Deals 3 of 3
State: Michigan M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-02 Ultra Electronics Airport Systems

Newtown, Connecticut, United States

Ultra Electronics Airport Systems is a provider of airport and airline software solutions. Ultra Electronics Airport Systems offers a comprehensive suite of airport management, baggage management, and passenger processing services.

Sell -
Mergr

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