Livingstone’s Media & Technology team has advised Clyde Space, backed by Nevis Capital and Coralinn, on its acquisition by ÅAC Microtec, which is publicly listed on Nasdaq First North Stockholm in Sweden, for £35m (7x revenue).
Since the incorporation of UK-based Clyde Space in 2005, it has established itself as a forerunner in the “New Space” movement and a leader in the market for nanosatellites and CubeSats, the fastest growing segment of the space technology sector. Clyde Space develops and manufactures complete, integrated small satellite solutions and CubeSats to commercial and institutional customers around the globe, including DLR, ESA, JAXA, John Hopkins, Kepler, LUX Space, MIT, NASA, Outernet, Spire, the US Air Force, and the US Army.
In the CubeSat sector, Clyde Space prides itself on having more in-orbit heritage than any other CubeSat systems supplier, supporting around 40% of all current and past CubeSat missions and with over 2,000 subsystems for small spacecraft, which account for over 500 cumulative years in orbit with zero reported failures.
As a result of the completion of the Transaction, ÅAC multiples its business volume and becomes a global leader in the market for high-reliability CubeSats and small satellites. The two companies combined will have a strong presence in Europe, the US and Asia, offering commercial and institutional customers a complete range of high-reliability technology, products and platforms.
Craig Clark, Founder and CEO of Clyde Space, said: “We are very excited to join the internationally acclaimed and highly competent ÅAC team. Livingstone was a passionate advocate for the transformational opportunities of new space and the market-leading capability of our business, and we’re delighted to have found in ÅAC a partner which shares our long-term vision for the development of this market.”
Brian Aitken, Partner at Nevis Capital added: “The Livingstone team delivered great insight and valuable advice, and we’re grateful for all their help and hard work in delivering this deal.”
Daniel Domberger, Partner at Livingstone, commented: “We are delighted to have helped Craig and the team at Clyde Space on this transaction. There was significant interest in the business from established aerospace groups, major satellite players, and new space pioneers – and in ÅAC Microtec we have found an ideal partner which will help Clyde Space fulfill its potential.”
“Livingstone was a passionate advocate for the transformational opportunities of new space and the market-leading capability of our business, and we’re delighted to have found in AAC a partner which shares our long-term vision for the development of this market.”