Artemis Capital Partners has acquired Diamond Antenna and Microwave Corporation (Diamond), a designer and manufacturer of radio frequency and electromechanical products.
Diamond specializes in highly engineered rotary joints and rotating subsystems that facilitate the transfer of signals, power, and data between spinning and non-spinning machine components.
Diamond’s products are integral to applications such as radar, satellite communications, air traffic control, and electronic warfare across ground, shipboard, submarine, aircraft, commercial, and space platforms.
The company serves a broad customer base, including numerous blue-chip aerospace and defense prime integrators and government agencies. Founded in 1956, Diamond is headquartered in Littleton, Massachusetts, approximately 40 miles northwest of Boston, and is led by Michael Montemagno, its president.
“Diamond is recognized as a global leader in the development of high-reliability and precision RF components, rotary joints, and integrated rotating subsystems within the aerospace and defense industry,” said Mr. Montemagno. “This market position, along with Artemis’ knowledge of the RF space, shared core values, and continued commitment to providing superior quality and service to Diamond customers, is a great fit. The Diamond leadership team is excited to share this journey with Artemis.”
“As a segment leader with a multi-decade track record of delivering mission success across critical programs of record, Diamond is a natural fit within the Artemis portfolio and exemplifies our demand-first, thesis-driven industrial tech investment model,” said Euan Milne, chief investment officer of Artemis. “We are honored to partner with a globally respected organization whose people and products are relied upon in the field every day to bolster national security priorities, enhance critical connectivity, and enable safe mobility in our skies.”
Based in Boston, Artemis invests in companies with revenues between $5 million and $50 million and EBITDA between $1 million and $10 million. Its target companies manufacture differentiated industrial technologies for the aerospace, automotive, defense, energy, industrial automation, scientific and research, and medical sectors.
“Artemis has substantial experience partnering with sensors and instrumentation businesses serving the aerospace and defense markets, as well as deep industry and application knowledge in RF technologies specifically,” said Bill Pezza, an operating partner at Artemis. “Diamond represents a perfect complement to the Artemis portfolio and builds on our experience of creating value in the RF segment. We are excited to work with Michael and the entire Diamond team on the next chapter of growth.”
Philpott Ball & Werner, a Charlotte- and Boston-based investment bank specializing in the aerospace and defense sector, served as the financial advisor to Diamond for this transaction.
© 2024 Private Equity Professional | November 19, 2024
