Transactions
October 30 2018
KippsDeSanto & Co. Advises Ballard Power Systems Inc.
KippsDeSanto & Co. is pleased to announce the sale of the Power Manager business from Protonex (“Protonex”), a subsidiary of our client, Ballard Power Systems Inc. (NASDAQ: BLDP, “Ballard”) to Revision Military Ltd. (“Revision”).
Protonex designs and manufactures efficient, flexible power solutions for portable, remote, and military applications. Protonex has deployed thousands of portable power solutions globally. The Company’s products include both squad-based power manager systems, which can power any gear from any battery or charge any battery from any source, as well as man-wearable products which extend uptime of mission-critical devices and provide soldiers with full-power situational awareness. In 2017, Protonex’s Squad Power Manager received signature approval for full rate production status, commonly known as “Milestone C” for the Mobile Soldier Power Program of Record. This Program of Record includes a number of new devices focused on improving power and energy management on and around the soldier, including Protonex’s Squad Power Manager Kit (SPM-622), conformal wearable batteries, and man-worn power and data distribution devices, such as Protonex’s Vest Power Manager family. Revision develops and supplies leading-edge protective equipment, including innovations in power management and integrated systems, for mission-critical military and tactical use. The addition of Protonex to the Revision platform, along with planned increases in U.S. defense spending and achievement of Milestone C, creates significant synergies and a compelling growth opportunity for the combined business.
We believe this transaction demonstrates several key trends in the aerospace and defense M&A environment:
• Companies continue to employ M&A to shape and refine their portfolios to better align their capabilities along core competencies
• Buyers are focused on leveraging acquisitions to rapidly expand their existing product and solutions offerings
• Buyers are seeking to gain a foothold in programs of record with access to well-funded and difficult-to-penetrate customers
LEAD INVESTMENT BANKERS
Michael J. Misantone
KippsDeSanto & Co. is pleased to announce the sale of the Power Manager business from Protonex (“Protonex”), a subsidiary of our client, Ballard Power Systems Inc. (NASDAQ: BLDP, “Ballard”) to Revision Military Ltd. (“Revision”).
Protonex designs and manufactures efficient, flexible power solutions for portable, remote, and military applications. Protonex has deployed thousands of portable power solutions globally. The Company’s products include both squad-based power manager systems, which can power any gear from any battery or charge any battery from any source, as well as man-wearable products which extend uptime of mission-critical devices and provide soldiers with full-power situational awareness. In 2017, Protonex’s Squad Power Manager received signature approval for full rate production status, commonly known as “Milestone C” for the Mobile Soldier Power Program of Record. This Program of Record includes a number of new devices focused on improving power and energy management on and around the soldier, including Protonex’s Squad Power Manager Kit (SPM-622), conformal wearable batteries, and man-worn power and data distribution devices, such as Protonex’s Vest Power Manager family. Revision develops and supplies leading-edge protective equipment, including innovations in power management and integrated systems, for mission-critical military and tactical use. The addition of Protonex to the Revision platform, along with planned increases in U.S. defense spending and achievement of Milestone C, creates significant synergies and a compelling growth opportunity for the combined business.
We believe this transaction demonstrates several key trends in the aerospace and defense M&A environment:
• Companies continue to employ M&A to shape and refine their portfolios to better align their capabilities along core competencies
• Buyers are focused on leveraging acquisitions to rapidly expand their existing product and solutions offerings
• Buyers are seeking to gain a foothold in programs of record with access to well-funded and difficult-to-penetrate customers
LEAD INVESTMENT BANKERS
Michael J. Misantone
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