Washington-based private equity firm Arlington Capital Partners has agreed to purchase the defense and security business segment of robotics technology maker iRobot (Nasdaq: IRBT) for up to $45 million as the latter company continues on its realignment toward the consumer market.
Bedford, Mass.-based iRobot said Thursday both companies expect to close the transaction “within the next few months” and the deal’s value includes a payment contingent on the segment’s performance toward certain milestones.
IRobot started a review in Spring 2014 to examine potential alternatives for the defense segment, which posted $45.5 million in revenue during 2014.
The company produces robots and other autonomous ground technologies for customers in the military, public safety and hazardous material removal markets.
Arlington Capital announced in August the sale of analytics services provider Novetta Solutions to The Carlyle Group for an undisclosed sum.
Shares in iRobot were up 7.12 percent to $34.74 as of 10:30 a.m. Eastern time Thursday, which brought the company’s stock to a 1.55-percent decline from the start of January and a 9.04-percent rise over the previous 12 months.
The stock is trading in a 52-week range of $27.55-to-$37.71.