Private equity firm Arcline Investment Management has completed its purchase of aerospace and defense contractor Kaman for approximately $1.8 billion, or $46 per share in cash.
With the completion of the acquisition, Bloomfield, Connecticut-based Kaman has stopped trading its common stock on the New York Stock Exchange, according to a joint release published Friday.
Arcline and Kaman first announced the transaction in January. Kaman’s shareholders approved the deal on April 17.
Founded in 1945, Kaman develops and sells proprietary aircraft bearings and components; proprietary spring energized seals, springs and contacts; metallic and composite aerostructures; brakes, wheels and related hydraulic components for military and commercial helicopters, fixed-wing aircraft and unmanned aerial vehicles.
“As we enter our next phase as a private company, we are confident that we will benefit from additional resources and expertise that will enable us to build upon our strong foundation and take full advantage of the hard work we have done these past several years to reposition our company,” said Ian Walsh, chairman, president and CEO of Kaman.
“This new partnership will accelerate our transformational strategy and drive significant growth, innovation and value to our customers,” added Walsh.
