Arlington Capital Sells Endeavor Robotics

Arlington Capital Partners has agreed to sell Endeavor Robotics to publicly-traded FLIR Systems for $385 million.

In April 2016, Arlington Capital formed Endeavor Robotics to acquire the defense and security business of publicly-traded iRobot Corporation for $45 million and an undisclosed post-closing contingent payment based on the achievement of certain operating milestones. At the time of acquisition, Endeavor was the largest provider of ground-based robots to the US Department of Defense and had a growing presence in the security, industrial, utility and international defense markets.

Endeavor sells four-classes of robots – FirstLook, SUGV (Small Unmanned Ground Vehicle), PackBot and Kobra. Each robot class provides different capabilities and operates in different environments. Since inception, more than 7,000 of these robots have been delivered to customers in over 55 countries. Endeavor Robotics, led by CEO Sean Bielat, is based northwest of Boston in Chelmsford, MA (www.endeavorrobotics.com).

“Through significant investments in technology and people, Endeavor has achieved over 100% organic growth during our ownership and solidified its role as the technological leader in robotics for the U.S. military,” said Peter Manos, a managing partner at Arlington Capital. “Endeavor provides the broadest robotics offering to its customers which will be complemented by FLIR’s world-class unmanned aerial systems, sensor and payload capabilities.”

Arlington invests in buyouts and recapitalizations of companies valued from $50 million to $500 million. Sectors of interest include government services and technology; aerospace and defense; healthcare; and business services and software. Arlington is investing out of its fourth fund which closed in July 2016 with $700 million of capital. The firm is based in Chevy Chase, MD (www.arlingtoncap.com).

“Endeavor’s achievements have been nothing short of tremendous and have positioned the company for continued success in the rapidly-growing market for unmanned ground vehicles,” said Ben Ramundo, a vice president at Arlington Capital. “The company’s momentum and best-in-class management team will serve as a key growth engine within FLIR’s broader strategy for autonomous and intelligent sensing technologies.”

FLIR Systems (NASDAQ: FLIR) designs and manufactures thermal imaging and infrared camera systems that allow users to see in total darkness and through smoke, haze, and fog. The company’s products are used in a variety of commercial and government applications including environmental and condition monitoring, machine vision, navigation, airborne observation and broadcast, search and rescue, and surveillance and reconnaissance. The company, with annual revenues of $1.8 billion, was founded in 1978 and is headquartered in Wilsonville, OR (www.flir.com).

FLIR and Endeavor have worked together for a number of years and many of Endeavor’s robots utilize FLIR equipment.

“The acquisition of Endeavor Robotics, coupled with previous acquisitions of Aeryon Labs and Prox Dynamics, has positioned FLIR as a leading unmanned solutions provider,” said Jim Cannon, President and CEO of FLIR Systems. “This acquisition aligns with our evolution from sensors to intelligent sensing and ultimately solutions that save lives and livelihoods. Endeavor’s momentum with the U.S. DoD and other global defense and police forces provides us significant opportunity to participate in long-term franchise programs and will help us create growth for the company.”

© 2019 Private Equity Professional | February 13, 2019

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