Arlington Capital Partners Announces Acquisition of iRobot Defense and Security Business
Arlington Capital Partners ("Arlington Capital"), a Washington, DC - based private equity firm, today announced it has entered into a definitive agreement to acquire the Defense & Security business of iRobot Corporation (NASDAQ: IRBT). The business will operate as a newly created independent company (the "Company"). The Company, which will be renamed upon closing, will be the largest independent provider of ground-based robots to the U.S. Department of Defense, with a significant and growing global presence in the security, industrial and international defense markets.
The Company's leading robotic designs are proven in the most dangerous and hostile environments, providing warfighters and first-responders with invaluable situational awareness while improving mission effectiveness and saving lives. Its four-classes of robots, the FirstLook, SUGV, PackBot and Kobra, provide a wide spectrum of capabilities for countless situations. Since inception, more than 6,000 of these robots have been delivered to customers worldwide. Sean Bielat will be named CEO and Tom Frost, currently SVP & GM of iRobot's Defense & Security business, will be named President. He will lead the same outstanding team that has built the iRobot Defense and Security suite of robots into the industry standard. The organization will continue to be based in Bedford, MA.
"I am thrilled to be rejoining such an amazing organization," said Sean Bielat, incoming CEO of the Company. "As an independent company, we will be focused on our own goals and objectives and pursue the numerous opportunities that lie ahead of us." Tom Frost, President, continued, "It is an exciting time for the Company. Building on our long history of innovation and technological achievement serving the defense and security markets as a part of iRobot, we are looking forward to continuing our committed, customer focused approach as a new company. We are enthusiastic to have the backing of Arlington Capital, whose expertise in the defense sector and strong capital commitment will accelerate our growth trajectory."
Peter Manos, a Managing Partner at Arlington Capital, said "We are extremely excited to partner with the Defense & Security team at iRobot. The Defense & Security business has an established reputation for cutting edge technology, industry-leading reliability and battle-tested functionality. We look forward to further consolidating the Company's preeminent position in robotics through organic investment and acquisitions." Chris Stallmann, a Vice President at Arlington Capital, continued "Arlington Capital is pleased to be partnering with the highly talented iRobot Defense & Security team on this divestiture to create a new and focused robotics platform. From weight classes of under 5 to over 300 pounds, we look forward to building upon one of the industry's broadest and deepest robotics product line offerings."
About Arlington Capital Partners
Arlington Capital Partners is a Washington, D.C.-based private equity firm that has managed $1.5 billion of committed capital via three investment funds, focused on middle market investment opportunities in government related growth industries including: aerospace/defense, government services and technology, healthcare, and business services and software. The firm's combination of operating and private equity experience enables Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company's position as leading competitors in their field. www.arlingtoncap.com
Arlington Capital Partners
Peter Manos and Chris Stallmann
5425 Wisconsin Avenue, Suite 200
Chevy Chase, MD 20815
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