Karman Space & Defense, a portfolio company of Trive Capital, has completed a $500 million initial public offering on the New York Stock Exchange and now trades under the symbol “KRMN.”
Trive Capital formed Karman Space & Defense in January 2021 in partnership with the senior management teams of Aerospace Engineering Corp. (AEC) and AMRO Fabricating Corporation.
Aerospace Engineering was acquired by Trive in August 2020, while the formation of Karman and the acquisition of AMRO (the name stands for “A Michael Riley Operation”) closed separately. According to Trive, this transaction created the largest independently owned manufacturer and supplier of complex systems to the aerospace and defense sectors. Karman has more than 70 customers across over 100 active aerospace and defense programs.
Source: Karman Space & Defense
Karman provides systems across three primary categories: Payload & Protection Systems, Aerodynamic Interstage Systems, and Propulsion & Launch Systems. These systems are used in next-generation missiles, hypersonics, counter-UAS platforms, and space launch vehicles. Karman’s capabilities include design, engineering, precision machining, large part forming, thermal coating, and sub-assembly.
Some of Karman’s products include engine nozzles, nose cones, iso and ortho-grid body panels, titanium attachment hardware, and heat shields. Isogrid panels are partially hollowed-out structures usually formed from a single metal plate with triangular stiffening ribs. Orthogrid panels are similar but instead use rectangular stiffening ribs.
Headquartered in Huntington Beach, California, Karman, led by CEO Tony Koblinski, operates nine facilities across four states, encompassing over 700,000 square feet of engineering and manufacturing space.
Source: Karman Space & Defense
“We are just getting started,” said Mr. Koblinski. “We have built a world-class team and have invested heavily in the people, technologies and capabilities to set Karman up for decades of success. This milestone enhances our capacity to meet the evolving needs of our customers, ensuring we can support national security and space missions while fulfilling our mission to ‘expand what is possible’ through innovation and collaboration.”
According to Karman, the IPO proceeds will be used to acquire complementary businesses and technologies, as well as for general corporate purposes including debt repayment and capital expenditures.
“Karman’s successful initial public offering represents the next chapter of Trive’s long-term investment focus in near peer nation state technologies,” said David Stinnett, a partner at Trive and chairman of the board of Karman Space & Defense. “Through concept-to-production capabilities, Karman offers efficiency, agility and technically optimal solutions to both current and emerging primes in a market that has historically lacked a true tier 1 player. We believe Karman’s unique ability to rapidly develop, test and deploy technologies for high priority space and defense programs positions the Company for long-term success. We are thrilled to have contributed to Karman’s evolution and eagerly look forward to its next chapter of success.”
Trive invests from $10 million to $250 million of debt and equity in North America-headquartered companies with revenues of $40 million to $1.5 billion. The firm is industry-agnostic but has specific experience in aerospace and defense, automotive, building products, business services, chemicals, and consumer goods.
In April 2022, Trive held final closings of two new funds, Trive Capital Fund IV LP and Structured Capital Fund I LP, with an aggregate $1.95 billion of capital commitments. Trive was founded in 2012 by Managing Partner Conner Searcy and Partner Chris Zugaro and is headquartered in Dallas.
Karman Space & Defense, a portfolio company of Trive Capital, has completed a $500 million initial public offering on the New York Stock Exchange and now trades under the symbol “KRMN.”
“Karman’s successful initial public offering represents the next chapter of Trive’s long-term investment focus in near peer nation state technologies,” said David Stinnett, a partner at Trive and chairman of the board of Karman Space & Defense. “Through concept-to-production capabilities, Karman offers efficiency, agility and technically optimal solutions to both current and emerging primes in a market that has historically lacked a true tier 1 player. We believe Karman’s unique ability to rapidly develop, test and deploy technologies for high priority space and defense programs positions the Company for long-term success. We are thrilled to have contributed to Karman’s evolution and eagerly look forward to its next chapter of success.”
