M&A · Industrials · Guided Missiles & Space Vehicles & Parts
Arcline Investment Management LP to acquire KAMAN Corp
Announced Jan 19, 2024 · Closed Apr 19, 2024
Deal value$1.80BEV $1.80B
Premium105.0%To unaffected price
EV / Adj. EBITDA—2.3x EV / Revenue
ConsiderationAll cash$46.00 per share
Transaction
- Acquirer
- Arcline Investment Management LP
- Target
- KAMAN Corp
- Buyer type
- Strategic
- Offer price per share
- $46.00
- Enterprise value
- $1.80B
- Status
- Closed Apr 19, 2024
Deal protections
- Break fee (target pays)
- $46.2M · 2.6%
- Reverse fee (buyer pays)
- $92.3M · 5.1%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- JPMorgan
- JPMorgan fee
- $32.0M
Sector context · Industrials
- Comparable deals
- 82 in the prior 24 months
- Premium
- 105.0% vs. 45.0% sector median
- EV / Adj. EBITDA
- Sector median 10.7x
- Break fee
- 2.6% vs. 2.8% sector median
Timeline
- AnnouncedJan 19, 2024
- Proxy filedFeb 20, 2024
- Definitive proxyMar 8, 2024
- Shareholder voteApr 17, 2024
- ClosedApr 19, 2024
Valuation · fairness opinions
Trading comparables$20.60$35.15
Precedent transactions$26.35$41.20
Offer $46.00
Implied value per KAMAN Corp share by analysis, from JPMorgan · DCF discount rate 8.5%–10.5%.