An affiliate of Veritas Capital has entered into a definitive agreement to buy CAES Space Systems, an independent supplier of electronic solutions for space, defense, health care and industrial applications.
Mike Elias, senior vice president and division general manager, will continue to lead CAES Space Systems, alongside the rest of the leadership team.
“CAES Space Systems is uniquely differentiated by the breadth of its technical capabilities and segment expertise, as well as its long history of delivering critical solutions to customers,” said Veritas CEO and Managing Partner Ramzi Musallam.
Headquartered in Colorado Springs, Colorado, CAES Space Systems provides radiation-hardened components, mission processing, cabling, waveguides, antennas and power management solutions.
“Operating in space and defense markets supporting national security, CAES Space Systems is well-positioned to thrive as a standalone business under Veritas ownership,” Musallam said. “We will deploy our significant government technology experience working with Mike Elias and rest of the CAES Space Systems team to accelerate growth and value proposition to customers.”
Elias said through the company’s focus on innovation and differentiated technology, CAES Space Systems has become the “preeminent provider of space-qualified, mission-critical components and solutions.”
“We are excited to partner with Veritas, a premier government technology investor that brings deep domain expertise and knowledge of our end markets,” he added. “I am confident that Veritas is the perfect partner for CAES Space Systems as we enter our next stage of growth.”
The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions and regulatory approvals.
Financial terms of the transaction were not disclosed.