L Squared Capital Partners (“L Squared”) announced today that Philip Gunn has joined the firm as an Operating Executive. Philip most recently led Business Development efforts in both strategic partnerships and M&A as a Vice President at Raptor Scientific. He is a U.S. Air Force combat veteran with deep experience in the aerospace and defense industry across both front-end and corporate development functions with a seasoned policy background. In his new role, Philip will work with the L Squared investment team to evaluate and pursue a thematic buy-and-build platform in the aerospace, space, and defense (“ASD”) sector, with an emphasis on strategic programs, component technology for critical systems, and modeling, simulation, test & training (“MST2”).
L Squared’s investment thesis will pursue focused acquisitions of middle-market suppliers to key government and commercial customers. We view ASD as an under-invested sector today with significant opportunity to consolidate fragmented suppliers and build a scaled platform with enhanced cross-functional engineering, supply chain resiliency, and manufacturing capacity. These capabilities are crucial to the modern national defense strategy and requirements for the U.S. and its allies. We anticipate acquiring several complementary ASD suppliers as part of this strategy, with an initial focus on companies generating $3-30 million of EBITDA.
This represents the latest example of L Squared’s highly successful thesis-driven investment approach to building category leaders in target sectors. L Squared has an extensive track record of successfully creating buy-and-build platforms, including Raptor Scientific, BTX Precision, Cognesense, GWS Tool Group, Elevated, Crane1, and FineLine.
“We are excited to partner with Philip to build a scaled ASD platform that delivers the rapid, resilient solutions today’s mission sets demand. A confluence of macro tailwinds, including expanding defense and space budgets, Golden Dome initiatives, accelerated adoption of autonomous systems, and a deeply fragmented middle-market supplier base makes this an opportune moment to make the match of experienced leadership and committed capital in ASD. At Raptor Scientific, Philip was a key member of the team who helped drive go-to-market success with government and commercial customers – a skillset we expect to translate well in this new platform,” said Sean Barrette, Managing Partner at L Squared.
“I am thrilled to partner again with L Squared and build a unique platform tailored to the demand signals we see evolving real-time in defense. This marks my second ASD-focused buy-and-build with the L Squared team after helping scale Raptor Scientific. The national security environment has shifted decisively with modern defense requirements moving insatiably towards speed of delivery and cost-effective solutions. I believe there is a generational opportunity to assemble a differentiated portfolio of specialized businesses at the intersection of modeling, simulation, test & training and mission-critical component technology. Given our history together, I cannot imagine a better partner than L Squared,” said Philip Gunn, Operating Executive at L Squared.
About L Squared Capital Partners
L Squared Capital Partners is a private equity investment firm headquartered in Newport Beach, CA, with approximately $5.3 billion of cumulative capital commitments that seeks to make long-term investments in leading growth companies operating in targeted sectors: Education Technology, Technology-Enabled Services & Software, and Industrial Technology & Services. L Squared’s unique investor base of family offices and institutions enables the Firm to focus on long-term value creation driven by revenue and earnings growth, not financial engineering or market timing. The principals of L Squared have worked together for nearly 20 years, investing in growing private companies. For more information, please visit www.LSquaredCap.com.
Provided for informational purposes only and is not intended as investment advice or an offer or solicitation with respect to the purchase of any investment. Investing with any investment firm is suitable only for qualified investors that fully understand the risks of such an investment. L Squared Capital Partners is an investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investments with L Squared Capital Partners are only offered in accordance with applicable securities laws.
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