Private investment firm Charlesbank Capital Partners has finalized its acquisition of inertial navigation systems provider EMCORE to solidify the formation of Velocity One as a new company focused on providing highly engineered products for the aerospace and defense sectors.
Velocity One: Supporting Aerospace, Defense Markets
Charlesbank said Wednesday industry veteran John Borduin will serve as CEO of Velocity One, which will operate with three operating units: EMCORE, Cartridge Actuated Devices and Aerosphere Power.
Fairfield, New Jersey-based Velocity One will have approximately 250 employees across five facilities and will focus on designing and producing navigational systems, power system solutions and energetic devices for the aerospace and defense end-markets. It will also partner with component manufacturers to build on its capabilities.
John Borduin’s Career Background
Borduin has over 20 years of senior leadership experience at several aerospace and defense companies, including CAD, Safran, Avionic Instruments and GE Aviation.
“The addition of EMCORE to our portfolio represents an exciting opportunity for us to accelerate our growth together as Velocity One,” said Borduin. “With the support of Charlesbank, we look forward to continuing to scale our business, capitalize on an attractive M&A pipeline and unlock new opportunities in the aerospace and defense sectors.”
Board of Directors
Brandon White, managing director and co-head of Flagship at Charlesbank, has joined Velocity One’s board of directors. Other members of the board are Charlesbank Senior Vice President Samuel Bekenstein and Vice President Karan Talreja.
“The three companies under the wing of Velocity One share a reputation for delivering high-quality products and a clear vision to create value organically and through M&A. We are excited to partner with this driven, highly skilled management team to propel future growth,” White said.
Transaction Details
In November, Charlesbank-backed Velocity One agreed to merge with EMCORE. EMCORE’s board unanimously approved the cash transaction with a purchase price of $3.10 per share.
As part of the deal, Launch Point Partners will serve as a strategic co-investor in Velocity One with Charlesbank.
