Cerberus Completes Sale of Sparton to Elbit Systems of America

NEW YORK--(BUSINESS WIRE)-- Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, today announced that one of its affiliates has completed the previously announced sale of Sparton Corporation (“Sparton” or the “Company”) to Elbit Systems of America, LLC (“Elbit Systems of America”).

Headquartered in De Leon Springs, Florida, Sparton is a leading defense supplier, providing a range of advanced proprietary products for domestic and foreign defense, and commercial needs. With a 120-year history and decades of defense experience, Sparton is the partner of choice to domestic and allied governments and leading defense contractors.

Cerberus took Sparton private in 2019 and transformed the Company by implementing several strategic and operational initiatives. Last year, Sparton successfully separated its defense products and contract manufacturing segments, which enabled each business to focus on its distinctive industries and strategies. Following the divestiture of the contract manufacturing segment, Sparton became a standalone, pure-play defense supplier well-positioned to build on its track record of providing innovative defense solutions.

“We had a successful partnership with Bill Toti and the Sparton team over the past two years,” said Dev Kapadia, Senior Managing Director of Cerberus. “Together, we were able to position Sparton for long-term growth by strengthening its core operations and building on its market-leading capabilities. The strategic combination with Elbit Systems of America is a great next chapter in Sparton’s illustrious history serving the defense industry.”

Bill Toti, Chief Executive Officer of Sparton, commented, “Our partnership with Cerberus has helped us significantly transform our business and I am incredibly proud of all that we have accomplished. We look forward to continuing our momentum with Elbit Systems of America and delivering our innovative defense solutions to customers around the world.”

Moelis & Company LLC and Evercore served as the financial advisors and Kirkland & Ellis LLP served as the legal advisor to Sparton. Albion River LLC was a co-investor with Cerberus in Sparton.

About Cerberus
Founded in 1992, Cerberus is a global leader in alternative investing with approximately $53 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210406005210/en/

Media
Torrey Leroy
(646) 885-3029
media@cerberus.com

Source: Cerberus Capital Management, L.P.

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