Behrman Capital in $410m ILC Industries recap


New York and San Francisco-based Behrman Capital has completed a $410m recapitalisation for ILC Industries, Inc., a defence, aerospace and industrial products firm. This marks the second recapitalisation for ILC by Behrman.

In September 2005, Behrman Capital also completed a $337.5m recapitalisation for the company. Behrman Capital and CEO Clifford Lane acquired ILC through a $303m transaction in April 2003.

‘Our ability to successfully complete two recapitalisations at ILC in less than a year is an indication of both ILC’s continued operational strength as well as its potential for growth,’ said Grant G Behrman, managing partner of Behrman Capital.

He went on to say, ‘We have been able to realise meaningful liquidity for ILC’s investors, cumulatively returning almost 2.5 times our initial equity investment made in 2003, while preserving significant upside for the future. ILC will continue to pursue opportunities for growth and expansion within its niche markets of highly specialized products for aerospace, defence, homeland security and commercial applications. We look forward to continuing to work with the company as it strives to reach new milestones.’

ILC Industries, Inc., a privately held company based in Bohemia, New York, has two operating subsidiaries. Data Device Corporation, a manufacturer of microelectronic components for the aerospace and defence industries, and ILC Dover, a manufacturer of soft good materials for space, military, homeland security and commercial applications.

Behrman Capital was founded in 1992 by Grant G and Darryl G Behrman. The firm invests in management buy-outs, leveraged build-ups and recapitalisations of established growth businesses. The company’s investments are focused primarily in four industries: information technology, contract manufacturing, outsourcing, and healthcare. The firm currently has a combined capital base of $1.8bn.

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