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(Bloomberg) -- Searchlight Capital Partners is exploring a sale of Survitec’s aerospace and defense business, which provides safety and survival equipment including for F-35 fighter pilots, according to people familiar with the matter.
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The buyout firm is working with Houlihan Lokey Inc. to gauge buyer interest in the Survitec unit from companies and financial investors, said the people, who asked not to be identified because talks are private.
A potential sale comes as investors pile into defense assets after the European Union pledged to invest hundreds of billions of euros to build up the region’s defense industry and reduce dependence on the US. For example, Advent is in the early stages of exploring options for Ultra Precision Control Systems, Bloomberg News has reported.
Survitec makes safety and survival equipment for the defense, marine and oil and gas sectors. Its products include life rafts, life jackets, hazmat suits and fire protection equipment, according to its website.
The company is the sole supplier of the aircrew flight equipment ensemble for the Lockheed Martin Corp. F-35, including flight jackets, flight coveralls, anti-g trousers and immersion protection garments, according to its website.
That contract makes the business attractive but could also pose a risk if it was canceled, the people said, adding that Searchlight hasn’t made a final decision on pursuing a sale of the unit. Beaufort, Survitec’s aerospace and defense business, also has multi-year contracts with other Western militaries and allies including the UK and Japan for mission-critical survivability solutions.
Searchlight and other lenders initially gained control of Survitec in 2019 as part of a restructuring and refinanced the business two years later. Representatives for Searchlight and Houlihan declined to comment.
--With assistance from David Carnevali and Vinicy Chan.
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