SolAero Technologies Corp, a portfolio company of Veritas Capital, has acquired Vanguard Space Technologies Inc. Financial terms weren’t announced. Enlightenment Capital is the seller. San Diego-based Vanguard Space provides aerospace structural products and assemblies. Enlightenment will have a minority equity stake in SolAero.
PRESS RELEASE
SolAero Technologies Acquires Vanguard Space Technologies
ALBUQUERQUE, N.M., May 11, 2016 — SolAero Technologies Corp (SolAero), a leading provider of satellite solar power and structural solutions, has acquired Vanguard Space Technologies, Inc. (Vanguard), also a provider of aerospace structural products and assemblies. Based in San Diego, California, Vanguard has a proven history of delivering satellite structural components and assemblies for commercial, defense, and civil satellites to customers around the world. The company was founded in 1994 and has successfully delivered over 200 products for over 50 spacecraft with 100% mission success.
Vanguard was acquired as a wholly-owned subsidiary of SolAero, but will be operated under the Alliance Spacesystems brand name. While the acquisition of Vanguard offers key synergy opportunities for the company, no near-term changes to any of the companies’ operations are planned as a result of the transaction.
“We are delighted to add Vanguard to the SolAero family. This acquisition combines highly complementary core businesses to create a stronger company that will drive value for our worldwide customer base,” said Brad Clevenger, CEO of SolAero. “We look forward to continuing to bring innovative and cost-effective solutions to all of our customers across all lines of business.”
“Vanguard is pleased to be joining the SolAero team. We have established a great working relationship over the years working on joint projects. This acquisition will consolidate the capabilities and resources of Alliance and Vanguard, and Vanguard’s extensive engineering heritage will enhance SolAero’s portfolio of products and services to the space structures industry,” said Frank Belknap, CEO of Vanguard.
SolAero is owned by an affiliate of Veritas Capital, a private equity firm based in New York. Vanguard is a portfolio company of Enlightenment Capital, a private investment firm based in the Washington, DC area. In connection with this transaction, Enlightenment acquired a minority equity stake in SolAero.
About SolAero Technologies Corp
SolAero Technologies Corp is the leading provider of solar cells and solar panels to satellite and spacecraft OEMs. The business was founded in 1998 and is the world’s leading provider of space solar power solutions. SolAero is headquartered in Albuquerque, NM and employs approximately 250 people. For further information about SolAero, visit http://www.solaerotech.com
About Alliance Spacesystems, LLC
Alliance Spacesystems is a wholly owned subsidiary of SolAero Technologies Corp and the premier manufacturer of composite structures for spacecraft and other high-tech applications where strength-to-weight ratio, superior stiffness and dimensional stability are key requirements. Alliance is headquartered in Los Alamitos, CA. Visit http://www.alliancespacesystems.com