Edgewater Stays Busy, Exiting Iten Defense and Buying Well Master

Edgewater Capital Partners has been very active with the just announced sale of Iten Defense to NP Aerospace and the acquisition of Well Master, a manufacturer of plunger lift systems used by oil and gas producers.

Iten Defense manufactures composite armor products used across four application categories: personal protective equipment, fixed and rotary-wing aircraft, tactical vehicles, and maritime vessels. The company’s products utilize a range of inputs including woven and unidirectional fabric, fiberglass, para- and meta-aramid fibers, carbon, aluminum, steel, and thermoplastic and thermoset resins.In addition to its armor products, Iten provides a range of technical services including design, development, ballistic engineering, and program management for defense and law enforcement customers and other end users that require strict performance standards from protective products. Iten Defense, led by CEO Damon Walsh, is headquartered near Cleveland in Ashtabula, Ohio.

“This is great news for Iten and, more importantly, for our customers,” said Mr. Walsh. “As a larger global enterprise with combined engineering and technical know-how, we will be well placed to respond to today’s increasingly complex defense requirements at a pace to best serve our customers’ needs.”

Edgewater partnered with the founders of Iten Defense in January 2020 to build a platform in the fragmented armor and survivability market. In March 2023, Iten acquired Transparent Armor Solutions (TAS), a California-based manufacturer of ballistic glass and transparent armor for ground vehicles, maritime vessels, and personal protective shield viewports. The TAS add-on extended Iten’s product line from opaque composite armor into transparent protection systems and expanded its program management work for Department of Defense customers.

“In close partnership with Iten’s management team, we’ve transformed the business over the past few years through a series of strategic initiatives and investments in expanded capabilities,” said Pete Ostergard, a managing partner of Edgewater. “We are confident that the combination with NP Aerospace will further accelerate Iten’s growth as a leader in advanced protection solutions.”

NP Aerospace is an armor manufacturer and vehicle integrator headquartered near Birmingham in Coventry, United Kingdom. The company designs and manufactures personal armor — including body armor plates, ballistic helmets and shields, and bomb disposal suits — and provides vehicle armor integration, survivability systems, spall liners, and through-life support for military platforms.

NP Aerospace operates manufacturing facilities in Coventry and London, Ontario, and has integrated more than 2,000 vehicles for the UK Ministry of Defence. The company is led by CEO James Kempston.

“This is an important strategic step for NP Aerospace as we continue to invest in advanced protection technologies and expand our capabilities for customers worldwide,” said Mr. Kempston. “Iten Defense brings strong technical expertise, manufacturing capacity, and complementary capabilities, and we look forward to working with the team following completion.”

The acquisition gives NP Aerospace a manufacturing and engineering foothold in the United States, a market it had pursued through an earlier strategic partnership with Iten.

The defense armor and composite protection market is expanding under sustained pressure. According to Deloitte’s 2026 Aerospace and Defense Industry Outlook, the aerospace and defense sector is entering a new phase of expansion driven by demand across both commercial and defense markets, with supply chains under pressure to become simultaneously more efficient and more resilient through at least 2027.

Edgewater’s second transaction of the week took it in a different direction. Well Master, headquartered in Golden, Colorado, engineers, manufactures, and distributes plunger lift systems and production optimization equipment used by oil and gas producers.

A plunger lift is an artificial lift technology used in natural gas wells that have become “liquid loaded,” a condition where accumulated fluids restrict gas flow and reduce production. The company’s product line includes plungers, downhole springs, lubricators, sensors, and automation technologies designed to extend well life and reduce downtime in a range of operating environments. Company owned brands include Venturi and Venturi Viper plungers.

Rob Bender founded Well Master in 1984. Michael Marino joined the company in 2012, was appointed president in 2013, and has served as president and chief executive officer of the company since 2015.

“Today’s announcement represents an exciting new chapter for Well Master,” said Mr. Marino. “Over the past 40 years, we have built our business on innovation, customer relationships, and a commitment to solving our customer’s most complex production challenges. Edgewater’s experience, values, and investment philosophy make them an ideal partner as we continue to grow.”

Well Master’s leadership team will remain in place following the acquisition. “We are excited to partner with the Well Master team,” said Joel Rathbun, a partner at Edgewater. “The company has built a strong reputation in the market through its high-quality products, engineering expertise, and exceptional customer service. We believe Well Master is well-positioned to continue growing in the plunger lift and production optimization markets, and we look forward to supporting the company’s next phase of growth.”

Edgewater Capital Partners invests in lower middle-market performance materials and services businesses. The firm has specific expertise in specialty chemicals, life-sciences, advanced materials, and engineered components. Platform acquisitions will have revenues up to $100 million and EBITDA of less than $25 million. The firm was founded in 1998 and is headquartered in Cleveland.