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April 23, 2024

Kaman Corp. goes private, after $1.8B deal completed

HBJ PHOTO | STEVE LASCHEVER Ian Walsh, CEO of aerospace and medical components manufacturer Kaman Corp.
By Greg Bordonaro

Bloomfield-based Kaman Corp., a historic Connecticut manufacturer founded by well-known entrepreneur Charles Kaman in 1945, has officially been acquired and is now a private company.

Private equity firm Arcline Investment Management L.P. announced it has completed its $1.8 billion acquisition of Kaman, a pioneer in rotary-winged flight that has diversified its business over the years into medical equipment components and other areas.

The deal was previously announced on Jan. 19, and was approved by Kaman shareholders on April 17. With the completion of the deal, Kaman shareholders are receiving $46 per share in cash. 

Kaman’s common stock is no longer trading and the company will be delisted from the New York Stock Exchange.

The deal came after Kaman spent more than a year undergoing a company-wide transformation that emphasized the importance of cost-cutting, restructuring and new products. 

"As we enter our next phase as a private company, we are confident that we will benefit from additional resources and expertise that will enable us to build upon our strong foundation and take full advantage of the hard work we have done these past several years to reposition our company,” said Ian K. Walsh, Kaman chairman, president and CEO. “This new partnership will accelerate our transformational strategy and drive significant growth, innovation and value to our customers."

J.P. Morgan Securities LLC served as the exclusive financial advisor to Kaman, and Skadden, Arps, Slate, Meagher & Flom LLP and Wiggin and Dana LLP acted as legal counsel to Kaman.

Morgan Stanley & Co. LLC served as exclusive financial advisor to Arcline and Latham & Watkins LLP and Paul Hastings LLP are acting as legal counsel to Arcline.

Arcline Investment, on its website, lists offices in New York, Nashville and San Francisco, and says it has $8.9 billion in cumulative capital commitments.

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