Helicopter and aerospace component manufacturer Kaman has agreed to be acquired by private equity firm Arcline Investment Management. The transaction is expected to be closed in the first half of 2024 following shareholder and regulatory approvals. Publicly held Kaman’s stock traded in the $22 range prior to the announcement that Arcline will pay $46.00 per share in an all-cash transaction worth about $1.8 billion.

Kaman was founded in 1945 by Charles Kaman and still supports the SH-2G Super Seasprite maritime helicopter and K-Max intermeshing-rotor helicopter. Its most recent program is the Kargo uncrewed aerial system, a turbine-engine-powered cargo delivery aircraft. The company also specializes in aircraft bearings, wheels and brakes, metal and composite aerostructures, aircraft electronics and components, and defense products.

Late last year, Kaman acquired Hartzell Aviation from Tailwind Technologies, which includes Hartzell Propeller and Hartzell Engine Tech. The latter recently purchased general aviation ignition products manufacturer Kelly Aero and rebranded it as PowerUp Ignition Systems. 

According to Kaman chairman, president, and CEO Ian Walsh, “Following robust engagement with Arcline and careful evaluation of other potential value-creation opportunities, we are pleased to have reached this agreement. Given the rigorous review of alternatives we recently completed, we are confident this transaction maximizes value for shareholders and is in the best interest of Kaman as well as our employees, customers, and other stakeholders.”