Newport Beach-based L Squared Capital Partners said it has formed Raptor Scientific LLC with a $60 million investment to acquire companies in the fragmented aerospace and defense-focused testing and measurement Industry.
Raptor is L Squared’s ninth platform investment over the last five years. L Squared said it has $550 million of capital to invest in tech-enabled services, industrial technology and education.
Raptor Scientific’s first acquisition is Space Electronics, a Berlin, Connecticut-based provider of electronic circuit testers that are used by aerospace and defense original equipment manufacturers. Terms of the acquisition weren’t released.
“L Squared’s long term capital base and execution of our M&A strategy will allow Raptor Scientific to assemble a growing portfolio of products and solutions that will add more value to the company’s customer base over time,” Sean Barrette, a partner at L Squared, said in a statement.
L Squared said it is currently looking for a chief executive to lead Raptor Scientific as well as sales and marketing personnel.
Vedder Price served as legal counsel to L Squared. Harris Williams served as an advisor and Ice Miller served as legal counsel to Space Electronics.