World News: 21:17 GMT Monday 11th February 2019. [Arlington Capital Partners via Businesswire via SPi World News]
Arlington Capital Partners (“Arlington Capital”), a Washington, DC-based private equity firm, today announced it has agreed to sell Endeavor Robotics (“Endeavor”) to FLIR Systems, Inc. (NASDAQ:FLIR) for $385 million. Formerly known as iRobot Defense & Security, Endeavor Robotics was carved out by Arlington Capital in 2016 and has since become the leading independent provider of ground-based robotic systems to the United States Department of Defense, allied militaries, and industrial and utility customers worldwide. Endeavor is headquartered in Chelmsford, Massachusetts and has delivered over 7,000 systems to customers in over 55 countries.
Peter Manos, a Managing Partner at Arlington Capital, said, “Through significant investments in technology and people, Endeavor has achieved over 100% organic growth during our ownership and solidified its role as the technological leader in robotics for the U.S. military. Endeavor provides the broadest robotics offering to its customers which will be complemented by FLIR’s world class unmanned aerial systems, sensor and payload capabilities.”
“Through a combination of growth investments from Arlington Capital and an extremely committed employee base, Endeavor has built an enduring market position that will accrue to FLIR’s benefit in the coming years,” said Sean Bielat, CEO of Endeavor. “We are not only grateful to our customers who have entrusted their missions to us, but also to our employees who believed in and contributed to the Endeavor vision.”
Tom Frost, President of Endeavor, said, “In just the last three years, Endeavor introduced two new robotic systems to the market, was selected for three programs of record, and fostered a culture of innovation that meshes well with FLIR’s approach to technology development. Moving forward, we are excited to join forces with our new partners and collaborate on each of our strategic objectives in the unmanned systems market.”
Ben Ramundo, a Vice President at Arlington Capital, said, “Endeavor’s achievements have been nothing short of tremendous and have positioned the company for continued success in the rapidly-growing market for unmanned ground vehicles. The company’s momentum and best-in-class management team will serve as a key growth engine within FLIR’s broader strategy for autonomous and intelligent sensing technologies.”
About Arlington Capital Partners
Arlington Capital Partners is a Washington, D.C.-area private equity firm that has managed $2.2 billion of committed capital via four investment funds. Arlington focuses on middle market investment opportunities in growth industries, including: aerospace/defense, government services and technology, healthcare, and business services and software. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their Company's position as leading competitors in their field. www.arlingtoncap.com
About Endeavor Robotics
Endeavor Robotics, Inc. is the largest global provider of tactical unmanned ground vehicles, delivering more than 7,000 robots to customers in over 55 countries. The Company designs and builds the most trusted, rugged, easiest-to-operate robots used to safeguard life and property around the world. Whatever the mission, Endeavor’s advanced robots are out there every day supporting U.S. and international military, law enforcement, and industrial users. Endeavor products are 100% designed and built in the U.S. http://endeavorrobotics.com/
About FLIR Systems
Founded in 1978 and headquartered in Wilsonville, Oregon, FLIR Systems is a world-leading maker of sensor systems that enhance perception and heighten awareness, helping to save lives, improve productivity, and protect the environment. Through its nearly 3,700 employees, FLIR Systems’ vision is to be “The World’s Sixth Sense” by leveraging thermal imaging and adjacent technologies to provide innovative, intelligent solutions for security and surveillance, environmental and condition monitoring, outdoor recreation, machine vision, navigation, and advanced threat detection. www.flir.com
Business Wire: 21:17 GMT Monday 11th February 2019
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