TREMEC, a subsidiary of KUO, today announced the acquisition of an innovative provider of plug-and-play EV conversion systems, Electric GT, Inc. The acquisition will enable TREMEC to strengthen its product offerings in the rapidly growing ICE-to-BEV vehicle conversion market. The newly branded company, TREMEC – Electric GT, will be based out of Electric GT’s headquarters in Huntington Beach, CA, and will report directly to TREMEC leadership with access to TREMEC’s global resources.
Globally, an increasing number of builders and independent installers are converting traditional ICE powertrains to electric power in classic to late-model vehicles and specialty commercial applications. Customers are searching for increased performance, while others want an environmentally friendly solution to extend their classic vehicles’ life. The TREMEC – Electric GT system solution provides the customer with all the components necessary for the conversion, including batteries, cabling, drive motors, inverters, gearboxes, and the control systems necessary to install and operate the system safely and effectively.
“TREMEC’s extensive expertise in OEM and aftermarket powertrain technology make it the optimal choice to help Electric GT reach its full potential,” said Alejandro de la Barreda, KUO’s CEO. TREMEC is now bringing complete EV powertrain system solutions to this market, with innovative designs that provide electric power and performance in an attractive appearance. The “eCrate” solutions are designed to provide an alternative to traditional ICE engine swaps. By providing a complete system, TREMEC is now one of the few sources for builders and individuals to turn to for everything needed to complete an electric conversion.
TREMEC is developing solutions for electric drive units (EDUs) for the OEM, specialty vehicles and aftermarket segments. The TREMEC EDUs provide advanced motor and inverter technology combined with TREMEC’s 60 years of experience designing and manufacturing gearboxes. The result is the most power-dense EDUs available in the market, developed to the quality standards of production vehicles and supported by TREMEC’s engineering and manufacturing teams.
By combining the advanced TREMEC electric drive solutions with Electric GT’s complete electric systems, TREMEC – Electric GT be providing the ICE conversion market with high-performance systems equipped with state-of-the-art technology and the robustness of OEM-developed systems, purpose-built for this market and backed by TREMEC’s distribution network, service and support.
About TREMEC
Torque transfer solutions from TREMEC are found in products ranging from supercars and high-performance sports cars to severe duty, commercial and aftermarket vehicles worldwide. The portfolio of products includes manual transmissions, dual-clutch transmissions, EV & HEV drivetrain solutions, gears, shafts, clutches, friction materials, shift systems, synchronizers, mechatronic systems, transmission control units and control software.
For more information or to find a TREMEC distributor, please visit www.tremec.com or call 1-877-4-TREMEC.
About KUO
KUO is a Mexican conglomerate with annual revenue of approximately US$3.2bn as of December 31, 2022, exports to around 70 countries across every continent, and approximately 24,000 employees. Its current business portfolio includes three sectors: Consumer, Chemical and Automotive.
Strategic Acquisition Reinforces Lockheed Martin’s Commitment to Expanding Advanced Satellite Manufacturing and Responsive Space Capabilities
BETHESDA, Md., Aug. 15, 2024 — Lockheed Martin [NYSE: LMT] today announced the signing of a definitive agreement to acquire Terran Orbital [NYSE: LLAP], a global leader of satellite-based solutions primarily supporting the aerospace and defense industries.
Terran Orbital brings a high throughput, robotic manufacturing capacity and high-performing modular space vehicle designs. Combined with Lockheed Martin’s record of performance and innovation, this transaction will usher in an even broader range of capabilities and value for customers. Lockheed Martin uses Terran Orbital’s satellites for its work, most notably with the Space Development Agency’s Transport and Tracking Layer programs, and in several of its self-funded technology demonstrations.
“We’ve worked with Terran Orbital for more than seven years on a variety of successful missions,” said Robert Lightfoot, president, Lockheed Martin Space. “Their capabilities, talent and business momentum align with Lockheed Martin Space’s strategic plans – and we’re looking forward to welcoming them to our team. Our customers require advanced technology and even faster product development, and that’s what we can achieve together.”
The transaction stands to pave a path for further advancement, as Lockheed Martin continues to invest in technology, people, and capacity to support future customer needs.
“This transaction combines our strengths and expertise,” said Marc Bell, chairman, CEO, and co-founder of Terran Orbital. “This move will open new opportunities for growth and innovation, and we couldn’t be more excited about the future. Access to Lockheed Martin’s incredible engineers and world class facilities will only accelerate our business plan to provide low-cost, high-value solutions to our ever-growing customer base.”
Transaction Details
The enterprise value of the transaction is approximately $450 million. Lockheed Martin will acquire Terran Orbital for $0.25 in cash for each outstanding share of common stock and retire its existing debt. This transaction also provides for Lockheed Martin and other current Terran Orbital creditors establishing a new, $30 million working capital facility that has been put in place as of signing.
The transaction is expected to close in fourth quarter of 2024 and is subject to the satisfaction of customary closing conditions, including regulatory and Terran Orbital stockholder approvals. Upon closing, Terran Orbital will remain a commercial merchant supplier to industry.
Proven Spacecraft Portfolio and Technology
Terran Orbital has a track record of supporting more than 80 missions over the past decade for government and commercial customers with complex mission requirements, from low earth orbit to the Moon and beyond. As of today, Lockheed Martin is Terran Orbital’s largest customer. This longstanding working relationship between the companies underpins a strong cultural alignment and ability to recognize synergies between the two businesses.
Terran Orbital joined the Lockheed Martin Ventures (LM Ventures) portfolio – a fund that makes investments in technology innovations to drive growth in existing, adjacent and new segments for the company – with an initial investment in 2017. LM Ventures has since made two additional investments in Terran Orbital in 2020 and 2022. This marks the first LM Ventures company that Lockheed Martin has sought to acquire since founding the fund in 2007.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready.
About Terran Orbital
Terran Orbital is a leading manufacturer of satellite products primarily serving the aerospace and defense industries. Terran Orbital provides end-to-end satellite solutions by combining satellite design, production, launch planning, mission operations, and on-orbit support to meet the needs of the most demanding military, civil, and commercial customers.
The acquisition underscores the continued strength of the Israeli cyber and B2B software, where cyber exits accounted for51% of total tech transactions in 2023. Lisya Bahar-Manoah is leading the acquisition and has joined Arieli EL as Managing Partner.
NEW YORK and TEL AVIV, Israel, July 22, 2024 — Arieli EL, part of the Arieli group of companies, has today announced the acquisition of a 59.1% stake in veteran cyber and B2B software holding company Elron Ventures (TASE: ELRN) for $53.2 million from Discount Investment Corporation Ltd. This acquisition highlights the significant market opportunities within the Israeli ecosystem, especially in cybersecurity and defense. Lisya Bahar-Manoah, Managing Partner at Arieli EL, is leading the acquisition of Elron Ventures (Elron).
Gartner forecasts that security and risk management spending will reach over $200 billion globally in 2024, representing a 14.3% year-over-year growth. This trend demonstrates the growing importance of cybersecurity, a sector where Israel, home to over500 cybersecurity companies, is regarded as a global leader.
“The gap between real-time cyber solutions and evolving cyber threats is a critical challenge,” said Lisya Bahar-Manoah, Managing Partner at Arieli EL. “In 2023, there were more than300 million victims of cybercrime globally, with data breaches rising by78% in the US alone. Israeli cybersecurity exits in 2023 grew by65% totalling $7.1 billion, and we see this trajectory only gathering pace in 2024 as demonstrated by reports of Google’s acquisition of Wiz for $23 billion. We are excited to be partnering with Elron’s team as well as Elron’s joint venture with Rafael Advanced Defense Systems (Rafael) to further contribute to this sector and continue building innovative solutions for sustained growth.”
Elron Ventures has over $250 million in assets under management (AUM) and its portfolio includes over 19 companies across the cybersecurity, B2B Software, and health-tech spaces. Since 2010, Elron’s portfolio has had 15 exits, totaling $2.2B. Notable portfolio companies include:Cynerio, a healthcare cybersecurity company, ensures patient safety and data protection by securing the connected medical device ecosystem;Cybersixgill, developing automated threat intelligence solutions across the clear, deep, and dark web; Cyvers, offering a real-time platform for detecting and mitigating cyber attacks on cryptocurrency and digital assets; IRONSCALES, an automated phishing prevention, detection & response platform; Sayata, automating insurance company processes; Red Access, providing the first agentless platform to secure all browsing activities of corporate employees on any browser, web app or cloud service and Scribe Security, providing a comprehensive solution to secure software supply chains.
“We are excited to have the opportunity to combine our joint experience and know-how in nurturing Israeli tech ventures throughout all stages of growth with Arieli’s vast global network to provide the platform for our portfolio’s success,” said Dan Hoz, Chairman of the Elron Venture’s board.
About Arieli EL
Arieli EL, part of the Arieli group of companies, addresses global challenges with a forward-thinking investment strategy. Arieli EL has deep roots in the global family office space, specializing in High-tech and Healthcare investments. Arieli EL strives to provide family offices and institutional investors with access to unique opportunities while providing portfolio companies access to our global network.
About Arieli Capital
Arieli Capital (Arieli) is a multifaceted global investment firm that is an active investor and partner in the next generation of technology companies. Arieli Capital continuously strives to identify and support companies creating real impact while keeping financial returns as the primary objective. Arieli is a recognized global leader in innovation, creating and operating programs across governmental, academic and corporate partnerships.
About Elron Ventures
Elron Ventures is a leading early-stage investor committed to turning promising ideas into global industry leaders, with a proven track record of investments and successful M&As worldwide. Elron invests in cyber security and B2B software.
AUSTIN, Texas, July 2, 2024 — Aviat Networks, Inc. (“Aviat”) (Nasdaq: AVNW), the leading expert in wireless transport and access solutions, today announced the acquisition of 4RF Limited (“4RF”), a leading provider of industrial wireless access solutions, including narrowband point-to-point/multi-point radios and Private LTE and 5G routers.
Designed specifically for critical infrastructure networks including utilities, oil and gas, mining, public safety and military, 4RF’s family of narrowband radios and LTE and 5G routers offer industry leading reliability and performance. Common applications include Private LTE/5G, smart grid, distribution automation, metering and renewables, as well as general supervisory control and data acquisition (SCADA) and telemetry applications.
Spending on critical infrastructure networks is increasing worldwide driven by growing demand for security, automation, and fixed and mobile data communications such as video. Additionally, the increasing availability of spectrum for private networks in various countries around the world is a catalyst for growth.
This acquisition opens new segments for Aviat: a $200M 1 narrowband connectivity segment and the Cellular (LTE/5G) Router market which is $1.4B2 market today growing to $2.5B by 2027.
With a proven and established presence in over 300 critical infrastructure customers in 160 countries worldwide, 4RF’s portfolio augments Aviat’s established offering of wireless access and transport solutions for private networks. Approximately 90% of 4RF and Aviat Networks utility customers are distinct, creating the possibility for future cross-selling opportunities.
“Operators of mission critical networks around the world rely on Aviat Networks for ultra-reliable and high-performance wireless solutions,” said Pete Smith, President and CEO of Aviat Networks. “Our acquisition of 4RF will further strengthen and expand our product offering for the global industrial wireless access markets including Private LTE/5G.”
Aviat expects the transaction to be immediately accretive to Aviat’s gross margin and to be accretive to adjusted EBITDA and non-GAAP EPS in the first year. Terms of the acquisition were not disclosed.
About Aviat Networks Aviat Networks, Inc. is the leading expert in wireless transport and access solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high performance products, simplified operations, and the best overall customer experience.