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You are here: Home / News / Redwire Corporation acquiring QinetiQ Space NV

Redwire Corporation acquiring QinetiQ Space NV

October 3, 2022 by editorial

Redwire Corporation (NYSE: RDW) has entered into a definitive agreement with QinetiQ Group plc (“QinetiQ Group”) to acquire that firm’s QinetiQ Space NV (“Space NV”) business, a Belgium-based commercial space business providing design and integration of critical space infrastructure and other instruments for end-to-end space missions.

Under the terms of the agreement, Redwire will acquire Space NV for 32 million euros, subject to customary working capital adjustments. Upon closing, the transaction is expected to be accretive to Redwire’s Adjusted EBITDA and free cash flow.

Founded in 1983, the Space NV business has more than 35 years of mission heritage on-orbit, delivering observation, platforms, science, navigation and secure communications critical infrastructure to civil and commercial space customers, including the European Space Agency (ESA) and the Belgian Science Policy Office (BELSPO). Space NV’s core product offerings complement Redwire’s portfolio and include advanced payloads, smallsat technology, berthing and docking equipment and space instruments. Space NV is expected to provide Redwire with enhanced scale and innovation capabilities across numerous high-growth space areas, an expanded total addressable market and increased exposure to European customers.

Space NV has experienced profitable topline growth and features a strong financial profile. For the year ended March 31, 2022, as reported by QinetiQ Group, Space NV recorded 49 million euros of revenue and 3 million euros of profit after taxes. The transaction is expected to meaningfully increase Redwire’s revenue by leveraging Space NV’s customer base and increase access to multiple new market opportunities. As of March 31, 2022, Space NV had contracted backlog of 113 million euros.

Space NV has independent facilities, management and operations, which is expected to enable a seamless transition upon closing of the transaction. Redwire will use Space NV’s existing management and operational structures and anticipates integrating the companies without disruption to either business.

“Space NV has a long and successful history of operating in space and deploying leading space innovation for their customers, including ESA, BELSPO, and many European commercial space companies. Space NV’s values align perfectly with Redwire’s ‘Heritage plus Innovation’ positioning and proven performance, supporting NASA, the Luxembourg Space Agency (LSA), U.S. national security and many multi-national commercial space entities,” said Peter Cannito, Chairman and Chief Executive Officer of Redwire. “Space NV is expected to provide Redwire with increased scale, broader access to addressable markets and significant backlog to bolster our growth platform. Redwire and Space NV together equate to over 100 years of combined history and expertise supporting some of the most stalwart space customers in the world. These deep customer relationships are foundational to our future growth.”

Erik Masure, Managing Director of Space NV, said, “We are excited to be combining our business with Redwire, a leader in space infrastructure well positioned to help us continue delivering on Space NV’s potential in the international space market. We are confident that Space NV will benefit from Redwire’s expertise, talented team and leading infrastructure, and look forward to the future growth opportunities ahead for our business and employees. Joining forces with Redwire is an ideal path forward for Space NV as we continue to design and deliver mission successes to our customers.”

Transaction Financing and Closing

Redwire has received financing commitments for equity-linked securities from AE Industrial Partners. After giving effect to this financing, the transaction is expected to be financially accretive.

The transaction is subject to customary approvals and closing conditions and is expected to close in the fourth quarter of 2022.

Filed Under: News

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