NewSpring Announces Acquisition of Radar Systems & Solutions Provider C Speed

C Speed joins the NewSpring Holdings Federal Platform and continues the expansion of the Firm's presence in the government services sector

RADNOR, Pa., Oct. 8, 2024 /PRNewswire/ -- NewSpring ("the Firm"), a family of private equity strategies, today announced that NewSpring Holdings, the Firm's majority investment strategy focused on sector-specific platform builds, has acquired C Speed, a leading provider of advanced radar systems and engineering solutions for both civilian and military applications.

This acquisition creates the next platform company under the NewSpring Holdings Federal Platform, a group of innovative businesses that provide critical services and solutions to meet the wide-ranging and sophisticated needs of the U.S. Government. It joins BCore, a prominent leader in mission-centric solutions for the Department of Defense and the Intelligence Community, following the earlier success of Avantus Federal, which was sold for $590 million in 2022. C Speed is the fourth platform NewSpring Holdings has established in the last fifteen months.

C Speed has a 30-year history of protecting national and international borders and assets through its air, land, and maritime surveillance technologies and security services. The company specializes in designing, prototyping, and manufacturing state-of-the-art, software-defined radar systems, focusing on radar receivers, exciters, and signal processors that deliver innovative and high-performance solutions to its government agency and commercial clients.

"An era of rapidly evolving threats, accelerated innovation cycles, and scrutiny on spending effectiveness and efficiency present unique challenges for the defense and federal sector broadly. More than ever, we see the crucial role of an innovative partner that delivers integrated, modular sensing capabilities at a competitive price point," said NewSpring General Partner Lee Garber. "Our partnership with C Speed aligns with NewSpring's vision to support growth and innovation within the national security and defense sector."

NewSpring Holdings leverages proven organic growth strategies and a disciplined M&A process to accelerate growth in thesis-driven markets, including logistics, fin-tech, government services, IT services, and sports. This thesis-driven approach includes collaborating with skilled operators and experienced management teams who possess domain expertise in highly fragmented markets to create exceptional value.

"With over 30 years of experience in the radar industry, our business continues to innovate, supporting national and international defense initiatives beyond our traditional software-defined radar/modernization business," said C Speed CEO Dave Lysack. "We're entering a pivotal phase of expansion, and NewSpring Holdings brings the expertise, network, and strategic support we need to help us capitalize on new opportunities. We're thrilled to partner with the entire NewSpring team as we seek to leverage our technology in new ways to address emerging threats."

C Speed, like all NewSpring Holdings Federal Platform companies, will benefit from the strategic guidance of the NewSpring Holdings Federal Advisory Board, a distinguished group of accomplished and deeply experienced federal services experts instrumental in shaping the direction and growth of current and future platform companies. As part of this transaction, NewSpring Holdings is appointing Andy Maner, former CEO of Avantus, and Lt. Gen. Kevin McLaughlin, USAF (Ret.) to the C Speed Board of Directors to further drive strategy, execution, and value creation. Maner will serve as Executive Chairman and has been a trusted leader with NewSpring since 2018. General McLaughlin will serve as Senior Advisor and has 41+ years of experience in the space and cyberspace business, with unique strengths in operations, strategic planning, policy development, organizational transformation, and human capital development for large-scale global organizations.

"Given the federal government's increasing emphasis on domestic border security and force protection for the U.S. Military and our allies, we see massive opportunity for C Speed. NewSpring Holdings has a proven track record of taking successful lower-middle-market businesses and applying its repeatable, thesis-driven value creation approach to elevate their growth potential," said Andy Maner, NewSpring Holdings Federal Advisory Board Chair. "We're building a holistic portfolio of federal services companies designed to meet the evolving needs of government agencies, and we look forward to driving growth and amplifying C Speed's impact in this critical sector."

About NewSpring

NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $3.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having completed over 250 investments, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.

About C Speed

C Speed is a leading provider of advanced radar systems and engineering solutions for both civilian and military applications. The company specializes in the design, prototyping, and manufacturing of state-of-the-art radar systems, with a particular focus on radar receivers, exciters, and signal processors. C Speed has built a strong reputation through its collaborations with major defense contractors and government agencies, including the U.S. Air Force, U.S. Army, U.S. Navy, Department of Homeland Security (DHS) and NATO. Their product portfolio includes the "LightWave Software Defined Radar Platform," designed as a cost-effective, software-based, alternative for legacy radar modernization. With over 30 years of experience in the radar industry, C Speed continues to innovate, providing essential support to national and international defense initiatives.

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SOURCE NewSpring