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- Raptor Scientific
Raptor Scientific Acquisition, Valuation, Funding & Investors
Raptor Scientific was acquired by TransDigm for $655M in May 2024, a 7.3x multiple on $90M of revenue.
Raptor Scientific revenue at acquisition
$90M
Last twelve months · May 2024
Raptor Scientific revenue multiple at acquisition
7.3x
EV/Revenue · May 2024
Cumulative funding Raptor Scientific raised
$60M
across 1 funding round
About Raptor Scientific
Raptor Scientific is a Carlsbad, California-headquartered provider of test and measurement solutions for aerospace and defense. Formed in 2019 with backing from L Squared Capital Partners, it acquired Space Electronics to consolidate radiation effects testing and telemetry products.
Founded
2019
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$90M (May 2024)
Valuation
$655M (acquired May 2024)
Raptor Scientific Acquisition
Raptor Scientific was acquired by TransDigm for $655M on 28 May 2024.
The acquisition price implies a 7.3x revenue multiple on $90M of revenue.
Before the acquisition Raptor Scientific had raised $60M across 1 funding round.
TransDigm Group Incorporated acquired Raptor Scientific, a portfolio company of L Squared Capital Partners, for approximately $655 million in cash, including certain tax benefits. The transaction was announced on May 28, 2024, and completed on July 31, 2024, following regulatory approvals and customary closing conditions. Raptor Scientific is a global manufacturer of complex test and measurement solutions serving the aerospace and defense end markets, generating approximately $90 million in revenue for 2024 from highly engineered, proprietary components with significant aftermarket content and strong presence across major aerospace and defense platforms. TransDigm financed the acquisition through existing cash on hand. The strategic rationale centered on complementarity: Raptor Scientific's proprietary test and instrumentation product portfolio aligned with TransDigm's value generation strategy focused on engineered aerospace components. TransDigm President and CEO Kevin Stein highlighted that the company's test and measurement solutions are utilized across diverse new and existing aircraft platforms and carry an impressive customer reputation. Under L Squared's ownership, Raptor Scientific had grown into a recognized provider with advanced proprietary technologies offering significant aftermarket potential. Raptor Scientific employed approximately 170 people across five manufacturing locations in Livermore and Woodland Hills, California; Berlin, Connecticut; Huntsville, Alabama; and Peterborough, New Hampshire. Nearly all of the company's revenue derived from proprietary products. The acquisition was consistent with TransDigm's acquisition strategy of generating equity value aligned with long-term private equity-like return objectives. Janes Capital Partners served as buy-side advisor to TransDigm on the transaction.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 28 May 2024 | Strategic M&A | $655M | 7.3x |
Raptor Scientific Funding History
Raptor Scientific has raised a total of $60M across 1 funding round.
Raptor Scientific funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Sep 2019 | Undisclosed stage | L Squared Capital Partners (lead) | $60M | Raptor Scientific was founded in September 2019 by L Squared Capital Partners with a $60 million equity commitment from the firm's second fund to consolidate the highly fragmented aerospace and defense testing and measurement market through aggressive M&A. The initial acquisition was Space Electronics, a provider of mass properties and electronic circuit tester solutions for mission-critical applications in unmanned aerial vehicles, satellites, commercial aerospace, military aviation, and defense weapon systems. L Squared planned to add a new CEO, sales and marketing resources, and pursue further acquisitions to build a leading provider of precision measurement solutions. Subsequent acquisitions under L Squared ownership included Sensor Concepts in 2020, adding radar cross-section measurement technology for stealth applications used by the U.S. Military and national security organizations. Five Points Capital provided unitranche financing and equity to support this deal, expanding Raptor's portfolio to serve government, military, and commercial customers. The company grew to over 170 employees with manufacturing in California, Connecticut, Alabama, and New Hampshire, led by CEO Derek Coppinger. Under L Squared's ownership from 2019 to 2024, Raptor Scientific scaled revenue from approximately $9 million to $90 million by year-end 2024 through management recruitment, go-to-market investments, human capital, and product development. L Squared targets companies with $20-125 million revenue and $5-30 million EBITDA, investing $50-125 million equity in industrial technology sectors. In May 2024, L Squared agreed to sell Raptor Scientific to TransDigm Group for $655 million in cash, completed July 31, 2024, advised by Harris Williams & Co. This marked L Squared's ninth exit since 2014, enhancing TransDigm's aerospace and defense testing offerings with aftermarket potential. |
Who has invested in Raptor Scientific?
1 investor has backed Raptor Scientific across its funding rounds, including L Squared Capital Partners.
Lead investors include L Squared Capital Partners.
Raptor Scientific Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by Raptor Scientific
Raptor Scientific has acquired 2 companies to date.
Last acquisition by Raptor Scientific was on December 8th 2023. Raptor Scientific acquired Medtherm Corporation for undisclosed valuation.
Latest Acquisitions by Raptor Scientific
| Description | Medtherm Corporation is a Blacksburg-based manufacturer of heat flux sensors, infrared radiometers, and thermocouples for aerospace and defense applications. Acquired by Raptor Scientific in November 2023, the company supplies thermopile sensors for hypersonic wind tunnel testing at NASA facilities and U.S. Air Force labs. Medtherm also calibrates heat-flux gauges used in re-entry vehicle simulations and missile defense programs. | Space Electronics is a Hollis, New Hampshire-based leader in aerospace mass properties instrumentation, producing moment of inertia, center of gravity, and spin balance machines. Founded in 1965, it pioneered force restoration CG measurement and gas-bearing technology used by NASA, Boeing, and Lockheed Martin for satellite and aircraft testing. |
| HQ Country | ||
| HQ City | - | Berlin |
| Deal Date | 8 Dec 2023 | 10 Sep 2019 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Raptor Scientific acquisitions and their M&A valuation multiples. Start Free Trial | ||
Raptor Scientific Competitors
Raptor Scientific competitors include listed companies like NSE Groupe, MIND Technology, Catapult and Mesa Laboratories, and private ones like Viken Detection and Seitec.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $126M | $13M | $163M | 1.2x | ||
| Private | - | - | $89M | - | ||
| Publicly listed | $41M | $4M | $37M | 0.7x | ||
| Private | - | - | $4M | - | ||
| Publicly listed | $141M | $15M | $654M | 4.0x | ||
| Publicly listed | $249M | $46M | $711M | 3.3x |
Raptor Scientific Public Comps
Raptor Scientific is no longer listed, but its public comps include Catapult, Mesa Laboratories, Qualitau, TOKYO KEIKI, Vishay Precision Group, Arad, Datalogic, Judges Scientific, Chengdu RML Technology and Ituran Location & Control.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $141M | $15M | 4.3x | 4.0x | 40.8x | 20.6x | |||
| $249M | $46M | 3.3x | 3.3x | 18.0x | 13.2x | |||
| $61M | $26M | 7.3x | - | 17.3x | - | |||
| $393M | $46M | 2.3x | 2.1x | 19.4x | 17.7x | |||
| $307M | $25M | 2.6x | 2.4x | 31.7x | 28.1x | |||
| $421M | $59M | 1.1x | - | 8.1x | - | |||
| $576M | $55M | 0.7x | 0.7x | 7.1x | 6.3x | |||
| $196M | $43M | 2.1x | 2.3x | 9.5x | 11.4x | |||
This data is available for Pro users. Sign up to see all Raptor Scientific competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Raptor Scientific
| When was Raptor Scientific founded? | Raptor Scientific was founded in 2019. |
| Where is Raptor Scientific headquartered? | Raptor Scientific is headquartered in United States. |
| Is Raptor Scientific publicly listed? | No, Raptor Scientific was acquired by TransDigm in May 2024. |
| Who acquired Raptor Scientific? | Raptor Scientific was acquired by TransDigm in May 2024. |
| How much was Raptor Scientific acquired for? | Raptor Scientific was acquired for $655M in May 2024, a 7.3x revenue multiple. |
| How much funding has Raptor Scientific raised? | Raptor Scientific has raised $60M across 1 funding round. |
| What was Raptor Scientific's last funding round? | Raptor Scientific's last funding round was a $60M undisclosed-stage round in September 2019, led by L Squared Capital Partners. |
| Who are Raptor Scientific's investors? | Raptor Scientific's investors include L Squared Capital Partners. |
| Which companies are comparable to Raptor Scientific? | Companies comparable to Raptor Scientific include NSE Groupe, Viken Detection, MIND Technology, Seitec, Catapult and Mesa Laboratories. |
| How many companies has Raptor Scientific acquired? | Raptor Scientific has acquired 2 companies, including Medtherm Corporation and Space Electronics. |
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