(Bloomberg) -- Advent International is weighing a sale of CAES that could value the aerospace and defense technology company at more than $1 billion, people with knowledge of the matter said.
The private equity firm is working with an adviser as it explores a range of strategic options for Arlington, Virginia-based CAES, according to the people, who asked not to be identified discussed confidential information.
CAES generated roughly $110 million in earnings before interest, taxes, depreciation and amortization last year and is expected to attract other defense companies and private equity firms, they said.
Deliberations are ongoing and there’s no certainty that Advent will decide to sell the asset, the people said. A representative for Advent declined to comment, while a spokesperson for CAES didn’t immediately respond to requests for comment.
CAES, formerly known as Cobham Advanced Electronic Solutions, provides a range of products to the aerospace and technology industry, including antennas and missile flight instrumentation, according to its website.
Advent acquired the business as part of its £4 billion ($5.1 billion) purchase of UK-based defense firm Cobham Plc, which completed in 2020. The buyout firm subsequently established CAES as a standalone entity. In 2023, CAES’s Space Systems division was sold to Veritas Capital.
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