ArmorWorks is a provider of advanced survivability and security products to military and law enforcement agencies worldwide. The company provides military aircraft, vehicle and body armor systems, crash and mine-blast resistant seating systems, security products and related services. ArmorWorks was founded in 1996 and is headquartered near Phoenix in Chandler, AZ (www.armorworks.com).
ArmorWorks filed for Chapter 11 bankruptcy protection on June 17, 2013 and the company emerged from Chapter 11 on November 21, 2014 after the US Bankruptcy court in Arizona approved the transaction. With the acquisition of ArmorWorks by Littlejohn, the company now has the liquidity needed to continue the development of its survivability products for the military and law enforcement markets.
“The new partnership with Littlejohn Capital demonstrates their confidence in the long-term potential of our company. As a result of their support we are perfectly positioned with the right financial structure to launch our next generation of protective products and capture new opportunities that will save lives. I would like to especially thank our loyal employees, customers, and suppliers who have supported us during this process,” said Chief Executive Officer, William Perciballi.
Going forward, Littlejohn Capital will assist the company in developing its strategic growth plan and will identify strategic add-on acquisitions that will enhance the company’s products and services.
“ArmorWorks is a leader in its industry and long recognized for its technology-driven performance materials and quality products. We are very pleased to support the company and partner with a highly motivated management team in this next stage of development,” said Angus Littlejohn Jr., Chairman and co-founder of Littlejohn & Co. “We share a vision for the company’s growth and look forward to partnering with Bill Perciballi and the team to further strengthen the company.”
Littlejohn & Co. makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. Littlejohn invests in middle market companies with annual revenues typically between $100 million and $800 million, and generally invests $50 to $150 million of equity in its private equity investments. The firm invests across a range of industries and acquires manufacturers, distributors, and service providers. Littlejohn is currently investing from Littlejohn Fund V which has over $2 billion in capital commitments. The firm is based in Greenwich, CT (www.littlejohnllc.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 12-1-14