Veritas Pushes Into Space Tech Sector With Buy of CAES Unit; Ramzi Musallam Quoted

Veritas Capital has agreed to acquire a CAES division that manufactures radiation-hardened microelectronic products and subsystems intended for space operations.

Financial terms of the deal were not disclosed and the pending acquisition of CAES Space Systems is expected to close in the first quarter of 2023, Veritas said Thursday.

Mike Elias, a senior vice president and general manager for the space division at CAES, will continue to oversee the business upon the deal’s closing.

“We will deploy our significant government technology experience working with Mike Elias and rest of the CAES Space Systems team to accelerate growth and value proposition to customers,” said Ramzi Musallam, CEO and managing partner of Veritas and a seven-time Wash100 Award winner.

Gibson, Dunn & Crutcher acted as the investment firm’s legal adviser on the transaction, while Goldman Sachs and Lazard Freres served as financial advisers to CAES.

Veritas announced the deal after the company raised $10.65 billion in capital commitments for its eighth fund.