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Private Equity Firms Buy Space Tech Maker LinQuest

CoVant Management and Madison Dearborn Partners have purchased Los Angeles-based space systems technology platforms provider LinQuest for an undisclosed sum.

LinQuest CEO Leon Biederman will continue to oversee the company and maintain “a significant minority ownership position” in the firm along with other members of the management team, CoVant said Tuesday.

Biederman said the partnership with CoVant and MDP would help LinQuest broaden its research-and-development capabilities and build up its client offerings and business development resources in support of organic growth efforts.

LinQuest provides defense and intelligence agencies with technology platforms across several areas such as position, navigation and timing; battlespace awareness; cyber operations; tactical communications networks; space flight and ground software; and military satellite communications development and engineering.

“We believe LinQuest’s differentiated technology capabilities in desirable space end-markets will benefit from our focus on growing businesses through both organic and strategic acquisition initiatives,” said Joseph Kampf, CoVant chairman and CEO.

Bank of America Merrill Lynch will support LinQuest’s growth initiatives through a credit facility.

Baird acted as LinQuest’s financial adviser in the transaction, while Drinker Biddle & Reath LLP, Alston & Bird LLP and Squire Patton Boggs served as the company’s legal advisers.

Crowell & Moring LLP and Kirkland & Ellis LLP offered legal advice to CoVant and MDP in the deal.

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