AEI Closes Seventh Buy for Redwire

Redwire, a portfolio company of AE Industrial Partners, has acquired Deployable Space Systems.

Deployable Space Systems (DSS) is a provider of mechanisms, deployable structures, telescopic booms, and solar arrays used in satellite and space applications.

DSS was co-founded by President Brian Spence and Vice President Steve White in 2008 and is headquartered near Santa Barbara in Goleta, California.

“Redwire has the vision, resources, reputation and relationships to take DSS to the next level, and we’re excited to join the team at this critical stage of our company growth,” said Mr. Spence. “As a part of Redwire, we will be able to better serve our customers and scale our capabilities to support demand, while maintaining our innovative culture and strong commitment to provide the highest value for our customers.”

AEI formed Redwire in June 2020 to combine Maryland-based Adcole Space with Colorado-based Deep Space Systems, a maker of advanced space components. AEI acquired Adcole Space in March 2020 (then Adcole Maryland Aerospace) from Artemis Capital Partners.

“DSS has an unmatched reputation for innovative deployable space technologies and infrastructure, and that is a perfect fit for Redwire’s technology portfolio,” said Peter Cannito, the CEO of Redwire.

Adcole is a manufacturer of guidance, navigation, and control components used in low-earth orbit and geosynchronous satellites, and interplanetary spacecraft. The company’s key products include sun sensors (a navigational instrument used by satellites and spacecraft to detect the position of the sun); and star trackers and cameras (used to determine the orientation of a satellite and spacecraft with respect to the stars).

In addition to Adcole Space and Deep Space, Redwire’s other acquisitions include the January 2021 buy of Oakman Aerospace, a Colorado-based provider of spacecraft and satellite design and development services; the December 2020 buy of LoadPath, a New Mexico-based maker of deployable space structures and thermal management components used in launch vehicle and satellite manufacturing; the June 2020 buy of Florida-based Made In Space, a pioneer of in-space manufacturing and assembly technologies including 3-D printers that have flown on the International Space Station; and the October 2020 buy of Colorado-based Roccor, a supplier of deployable booms, structures, antennas, and solar arrays for spacecraft.

“Redwire and AEI have been focused on identifying innovative companies that are critical to enabling sustainable space infrastructure, and DSS’s dominance in innovative deployable solar arrays and structures is a valuable addition to Redwire’s technology portfolio,” said Kirk Konert, a partner at AEI. “We are pleased to see Redwire’s strategic growth as the industry leader for space infrastructure.”

Boca Raton-based AEI invests in the aerospace and defense, power generation, and specialty industrial sectors with a specific focus on technical manufacturing; distribution and supply chain management; maintenance, repair, and overhaul; and industrial service-based businesses. Typical company targets will have from $50 million to $500 million of revenue. In July 2018, the firm held a final hard-cap closing of its second private equity fund, AE Industrial Partners Fund II LP, with $1.36 billion in commitments.

© 2021 Private Equity Professional | February 25, 2021

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