Veritas to acquire CAES Space Systems
On October 13, Veritas Capital of New York, NY announced that an affiliate of Veritas has entered into a definitive agreement to acquire CAES Space Systems, a leading independent supplier of high-reliability electronic solutions for space, defense, healthcare and industrial applications, from CAES. Mike Elias, senior vice president and division general manager, will continue to lead CAES Space Systems, alongside the rest of the leadership team. Financial terms of the transaction were not disclosed.
Headquartered in Colorado Springs, CO, CAES Space Systems provides radiation hardened components, cmission processing, cabling, wave guides, antennas and power management solutions. The Company’s track record of innovation, rich intellectual property portfolio and best-in-class engineering talent has enabled embedded, multi-decade relationships with blue-chip customers. With over 60 years of space flight heritage, CAES Space Systems and its products have had a presence on all historical major U.S. space platforms, with a 100% mission success rate.
“CAES Space Systems is uniquely differentiated by the breadth of its technical capabilities and segment expertise, as well as its long history of delivering critical solutions to customers,” said Ramzi Musallam, chief executive officer and managing partner of Veritas. “Operating in space and defense markets supporting national security, CAES Space Systems is well-positioned to thrive as a standalone business under Veritas ownership. We will deploy our significant government technology experience working with Mike Elias and rest of the CAES Space Systems team to accelerate growth and value proposition to customers.”
“Through our focus on innovation and differentiated technology, CAES Space Systems has become the preeminent provider of space-qualified, mission-critical components and solutions,” said Elias. “We are excited to partner with Veritas, a premier government technology investor that brings deep domain expertise and knowledge of our end markets. I am confident that Veritas is the perfect partner for CAES Space Systems as we enter our next stage of growth.”
The transaction is expected to close in Q1 2023, subject to customary closing conditions and regulatory approvals.
Your competitors read IC News each day. Shouldn’t you? Learn more about our subscription options, and keep up with every move in the IC contracting space.