Shruti Gurudanti, director of corporate transactions at Rose Law Group, tells RLGR: “These are exciting times for defense technology companies. There is a growing demand for advanced maritime capabilities.”
By Jane Edwards | GovCon Wire
ESCO Technologies (NYSE: ESE) has agreed to purchase Ultra Maritime’s signature management and power business for approximately $550 million as part of efforts to expand its electronics and engineering capabilities in support of customers in the U.S. and U.K. naval defense markets.
ESCO said Monday the business will operate as part of its aerospace and defense segment and is expected to generate about $175 million in 2024 revenue.
“Their product offerings complement our existing submarine and defense-related platforms, providing increased content on domestic naval programs and expansion into international defense markets for our A&D segment,” ESCO President and CEO Bryan Sayler said of Signature Management and Power.
The Long Island, New York-based Signature Management and Power business of Ultra Maritime has approximately 410 employees and four facilities in the U.S. and the U.K. It offers electric and magnetic field countermeasures platforms and propulsion systems for submarines and surface ships.
“Signature Management & Power is a long-tenured Navy supplier with sole source content on major existing platforms and significant growth opportunities on emerging international naval programs. Their addition adds scale to our A&D portfolio and continues our shift in business mix towards high growth, high margin end-markets. We’ve been clear on our stated M&A goals and we are very pleased that this acquisition squarely meets all of them,” noted Sayler.
