Iten Defense, a portfolio company of Edgewater Capital Partners, has completed the acquisition of Transparent Armor Solutions.
Iten Defense specializes in the manufacturing of composite armor products used by military and law enforcement end users for personal protection, and with military vehicles, watercraft and aircraft.
Iten’s products are manufactured using a combination of ballistic materials including woven and unidirectional fabric, fiberglass, para- and meta-aramid (synthetic fibers that are resistant to heat, flame, and abrasion – DuPont branded Kevlar is a para-aramid product), carbon, liquid crystal polymers (LCP), aluminum, steel, and thermoplastic and thermoset resins. The company is led by CEO Lex Watson and is headquartered near Cleveland in Ashtabula, Ohio.
Santa Ana, California-headquartered Transparent Armor Solutions (TAS) designs, develops and manufactures ballistic glass/transparent armor for a range of platforms including tactical and tracted vehicles, ships, boats, helicopters, police shields, guard booths, courthouses and commercial buildings.
The acquisition of TAS will expand Iten’s product portfolio to include transparent armor, complementing its current composite armor products for maritime vessels, fixed and rotary-wing aircrafts, and tactical vehicles.
“Iten Defense and TAS have been closely collaborating over the last several years to support our maritime customers with complete survivability systems including both transparent and opaque armor, design, and integration support,” said Mr. Watson. “Bringing TAS into the Iten Defense portfolio will allow us to grow and expand our offering to both ground vehicle and infrastructure markets.”
“TAS brings a complementary set of products to the Iten Defense platform, allowing Iten Defense to further partner with customers in solving their most challenging survivability applications. We are thrilled to welcome the TAS team into Iten Defense,” said Peter Ostergard, a partner at Edgewater.
Edgewater 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.
© 2023 Private Equity Professional | March 16, 2023
