L Squared’s Raptor Scientific Adds-On Again
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L Squared’s Raptor Scientific Adds-On Again

Raptor Scientific was founded in 2019 by L Squared to consolidate the fragmented aerospace-focused testing and measurement systems market

Raptor is a maker of test and measurement equipment used in aerospace, defense and space applications.

SOURCE: Raptor Scientific

Raptor Scientific, a portfolio company of L Squared, has acquired King Nutronics. This latest buy is the fourth add-on acquisition for Raptor under L Squared ownership.

King Nutronics is a manufacturer of test, measurement, and calibration equipment that is used in the defense, industrial, space, and aerospace markets. The primary applications for the company’s products include pressure, temperature, air data, torque, force, and oxygen-clean sensors.

Source: King Nutronics

King Nutronics, led by CEO Leslie King and President Robert Welther, was founded in 1960 by J. Robert King and operates a 21,000 square-foot headquarters and manufacturing facility near Los Angeles in Woodland Hills, California.

Raptor Scientific was founded in September 2019 by L Squared and backed with a $60 million Fund II equity commitment to consolidate the fragmented aerospace-focused testing and measurement systems market. The company is led by CEO Derek Coppinger and is headquartered in Berlin, Connecticut.

“We are extremely excited and pleased to announce the addition of King Nutronics to Raptor Scientific,” said Mr. Coppinger. “The King Nutronics products and customer relationships are highly synergistic and complementary to our existing products and customers. The acquisition will enable Raptor Scientific to continue to grow by offering our new and existing customers a family of product lines that are unmatched in the industry.”

The buy of King Nutronics is Raptor’s fourth add-on acquisition and follows the buys of Space Electronics, a Connecticut-based provider of engineering, testing and measurement services, including the design and manufacture of mass properties (weight, center of gravity, inertia), air data test technology, and radar cross section (RCS) measurement instruments (September 2019); Sensor Concepts, a California-based Tier II designer and manufacturer of RCS instruments and measurement services that are used by aerospace and defense OEMs to develop stealth programs including the F-35 Joint Strike Fighter (October 2020); and TestVonics, a New Hampshire-based manufacturer of air data test equipment that is used to test, verify and calibrate instruments used on rotary and fixed-wing aircraft (March 2021).

L Squared invests from $20 million to $100 million of equity in companies that have revenues of $10 million to $100 million and EBITDA of $3 million to $25 million. Sectors of interest include tech-enabled services and software, and industrial technology and services. L Squared was founded in 2014 and is headquartered in Newport Beach, California.

In September 2020, L Squared closed its oversubscribed third fund, L Squared Capital Partners III LLC, with $505 million of capital.

© 2023 Private Equity Professional | March 10, 2023

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