KAMAN TO BE ACQUIRED BY ARCLINE FOR $1.8 BILLION
19 January 2024
Kaman Shareholders to Receive $46.00 Per Share in Cash, Delivering Significant and Certain Cash Value to Shareholders
BLOOMFIELD, Conn.–(BUSINESS WIRE)–Jan. 19, 2024–Kaman Corp. (NYSE:KAMN) (“Kaman” or the “Company”) today announced that it has entered into a definitive agreement to be acquired by Arcline Investment Management, L.P. (“Arcline”), a growth-oriented private equity firm with deep experience investing in technology-driven, meaningful-to-the-world industrial businesses, in an all-cash transaction with a total enterprise value of approximately $1.8 billion. Upon completion of the transaction, Kaman will become a privately held company.
Under the terms of the agreement, Kaman shareholders will receive $46.00 per share in cash. The per share purchase price represents a premium of approximately 105% over Kaman’s closing share price on January 18, 2024, the last full trading day prior to the transaction announcement, and a premium of approximately 110% over the volume weighted average price (VWAP) of Kaman common stock for the 90 days ending January 18, 2024.
“Following robust engagement with Arcline and careful evaluation of other potential value creation opportunities, we are pleased to have reached this agreement,” said Ian K. Walsh, Kaman Chairman, President and Chief Executive Officer. “Given the rigorous review of alternatives we recently completed, we are confident this transaction maximizes value for shareholders and is in the best interest of Kaman as well as our employees, customers and other stakeholders.”
Mr. Walsh continued, “Over the last several quarters, we have made significant progress executing our strategy by transforming our portfolio, through investing in innovation, pivoting to new growth technologies, and optimizing the Company’s cost structure. Arcline recognizes the strength of Kaman’s leadership and team, product portfolio and outstanding employees, and we look forward to benefitting from increased resources, expertise and flexibility as a private company post-closing. We thank Kaman’s many valued employees for helping us reach this important milestone in the Company’s history.”
Arcline said, “We have tremendous respect and admiration for Kaman’s team, history, and its portfolio of brands. Kaman has long been a trusted solutions provider of engineered components and subsystems to mission-critical markets, and we believe the Company is in a strong position to grow and benefit from attractive tailwinds. We look forward to working closely with Ian and the rest of the talented Kaman team to drive further growth through accelerated investments in both new product development and strategic acquisitions.”
Arcline Investment Management to Acquire Kaman Corp. for $1.8 Billion
Kaman Corp. is set to be acquired by Arcline Investment Management in an all-cash deal worth roughly $1.8 billion, transforming Kaman into a private entity. Kaman shareholders will gain $46.00 per share—a premium of around 105% over the closing share price before the announcement. This deal comes after rigorous consideration and is believed to offer maximum value for shareholders, while also benefiting employees, customers, and other stakeholders. Kaman will gain additional resources, expertise, and flexibility. Arcline affirmed its commitment to work closely with Kaman to foster growth through new product development and strategic acquisitions.
