Lindnerhof Taktik was founded by German Special Forces operator Josef Sixt, who is known as Sepp. This is his story…
Join us in this exclusive edition of Warrior Talk, hosted by the company’s CEO, Jakob Kolbeck. Sepp will unveil the inception of Lindnerhof, pivotal role shifts, and the brand’s customised gear solutions for military and law enforcement professionals.
VSS has launched a new website focused on ever expanding offering of books and targets by Erik Lawrence. Lawrence published 10 new books in 2023 in the areas of preparedness and world affairs. He has 10 more books that will be released throughout 2024 on various other topics.
Other currently available titles listed on the site are:
• Soviet-Bloc weapon manuals (11 titles)
• NATO weapon manuals (15 titles)
• Owner’s manuals on common rifles (AR-15, AK-103, Bolt action rifle)
• The AR-15 Assembly Guide
• Handbooks on firearms, planning, and personal protection (8 titles)
• Paper target packs (7 versions)
The majority of the books are now available on Amazon with lower pricing and quicker shipping than before.
If you have an interest in becoming a dealer, contact support@vig-sec.com.
Eliason, previously with Bushmaster and Windham Weaponry, brings 34 years of executive-level sales experience to Hydra Weaponry.
Hermon, Maine (December 2023) – Hydra Weaponry, Maine’s largest firearms employer, designers, and manufacturers of the truly modular MARCK-15 Hydra® Weapon System, announce industry executive, Mark Eliason, has joined Hydra Weaponry as the new vice president of sales and marketing.
Eliason began his career in the firearms industry at Bushmaster. When CEO Richard Dyke sold Bushmaster to Cerberus Group in 2006, the company was moved out of Maine. Dyke reopened the Bushmaster facility under the new name Windham Weaponry and Eliason became VP of Sales and Marketing for the new company.
Ironic as it may seem, Hydra Weaponry is a return home for Eliason. His former boss Dyke purchased a small Maine-based firearms company called Gwinn Firearms, founded by Mack Gwinn Jr, a Vietnam Special Forces officer turned firearms designer and manufacturer. This company became known as Bushmaster. Gwinn developed the first Bushmaster pistol and rifle. Eliason recalls his first job putting together guns in Dyke’s basement in high school.
“There is a minimal learning curve for me in joining Hydra Weaponry since I have been working with variants of the original Bushmaster and modular rifles with Windham,” Eliason said. “I am looking forward to this new adventure working with Hydra Weaponry, a Maine company that manufactures innovative and versatile firearms products.”
Eliason will be drawing on his 34 years of experience in sales and marketing to increase brand awareness among distributors and dealers, as well as, create sales and marketing programs for the growing line of Hydra Weaponry firearms.
“We are very excited to have Mark on our team,” Mack Gwinn III stated. “He has the experience and relationships already built within our industry to help give our brand access to critical sales channels.
Mark Eliason will be attending the SHOT Show at the Hydra Weaponry booth 40420 and will be taking appointments. Contact laura@lauraburgess.com to set up an appointment.
For more information on Hydra Weaponry, visit the new website at www.hydraweaponry.com.
WASHINGTON, D.C. — GM Defense LLC, a subsidiary of General Motors (GM), and Jankel, a British world-leader in the design, integration, manufacture and support of high-specification defense systems, announced a Memorandum of Understanding (MOU). The MOU establishes a framework to jointly pursue business opportunities for defense and government customers using GM Defense mobility solutions, including the Heavy-Duty Sport Utility Vehicle (HD SUV) international variant, the Integrated Armored Vehicle (IAV). The collaboration will include support work in the U.S., in addition to the UK, Europe and in other locations where Jankel has an established support capability.
GM Defense uses a commercial-based approach, leveraging the advanced technologies of its parent, GM, to develop a protected mobility solution, such as the HD SUV, for global defense and government customers. These specially designed vehicles include independent armoring certification with options and configurations to suit customer requirements. With armor built into the vehicle design, GM Defense delivers a purpose-built platform that works seamlessly with the rest of the vehicle. These design features help ensure the vehicle is safe, reliable and easy to maneuver. GM Defense also offers ability to produce international armored vehicle fleets quickly and efficiently.
Jankel is one of the leading global suppliers of Civilian Armoured Vehicles to defense and security customers, including military and nongovernmental organizations and is a trusted and key supplier of full-service support packages that include the complete spectrum of in-service vehicle support. Experts in the conversion of a variety of base platforms to meet the demanding protection requirements of these customers, Jankel has delivered over 2,000 specialist protected platforms to more than 15 global customers, including the United Kingdom, Europe and elsewhere.
“GM Defense is looking forward to collaborating with Jankel, who can help support mobility solutions such as the HD SUV and IAV,” said Steve duMont, president of GM Defense. “Aligning our capabilities with companies like Jankel, who have a proven track record among global defense and government customers, is important as GM Defense seeks to meet the needs of the UK Ministry of Defence’s Land Industrial Strategy and to help modernize the mobility platforms of our allies.”
“Announcing this MOU is a key step for Jankel as we continue to grow our global footprint in the defense and security vehicle space,” said Jankel Chairman Andrew Jankel. “In selecting Jankel, GM Defense has recognized our strong position in the UK and Europe, and we look forward to pursuing joint support opportunities for GM Defense’s IAV. Whilst our initial focus will be on support for the IAV, the collaboration allows for a broadening of the scope to include other GM Defense products and services provided we find suitable joint opportunities. We very much look forward to growing this important relationship.”
• HENSOLDT acquires ESG Elektroniksystem- und Logistik-GmbH (“ESG“) from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG (“Armira”). ESG is a leading German defence systems integrator with low double-digit annual revenue growth.
• The highly complementary, high-growth acquisition accelerates HENSOLDT’s sensor solutions strategy by building on ESG’s leading innovation, software engineering and systems integration expertise.
• Transaction valued at an enterprise value of EUR 675 million plus an earn-out of up to EUR 55 million based on specific performance targets to 31 December 2024, implying an EV/EBITDA 2024E of ~10x post run-rate cost synergies.
• The acquisition is expected to be highly value creative and financially accretive.
o Accretive to HENSOLDT stand-alone revenue growth and FCF generation
o EPS accretive by year 2 including cost synergies only and double digit accretive by year 4 including cost and revenue synergies.
o ROIC above WACC by year 4 including cost synergies only and by year 3 including cost and revenue synergies.
• The transaction has full support of HENSOLDTs two key shareholders the Federal Republic of Germany and Leonardo S.p.A.
• The acquisition is expected to be completed in H1 2024, subject to certain conditions, including obtaining necessary regulatory approvals.
Taufkirchen, 5 December 2023 – The HENSOLDT Group (“HENSOLDT”) today announced that it has signed a definitive agreement to acquire ESG Elektroniksystem- und Logistik-GmbH (“ESG”), from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG (“Armira”). ESG is a leading platform-independent systems integrator as well as established technology and innovation partner for defence and security. With the acquisition of the highly complementary defence technology business of ESG, HENSOLDT expands its business with strong design and systems integrator capabilities.
Thomas Müller, CEO of the HENSOLDT Group, says: “The acquisition of ESG is an excellent fit with our overall strategy and accelerates HENSOLDT’s development as a solution provider for defence and security. By combining highly complementary capabilities from HENSOLDT and ESG, we are taking a decisive step towards becoming a leading European provider of seamlessly integrated solutions. This will put us in an ideal position to meet the existing and future requirements of our customers around the world.”
Christian Ladurner, CFO of the HENSOLDT Group, says: “The acquisition of ESG is an excellent opportunity to take our business to the next level. ESG exhibits strong growth and cash conversion given its capex-light business model. We have identified significant cost and revenue synergies which will drive attractive value creation while maintaining our discipline in capital allocation and net leverage.”
Advanced software engineering and systems integration capabilities with high profitable growth Founded in 1967, ESG is a platform-independent systems integrator and technology and innovation partner for defence and public security. ESG develops, integrates, supports and operates highly complex, security-related electronic and IT systems for defence and security.
The company serves the defence and security needs of German and foreign armed forces, public authorities and companies. ESG has been able to establish itself as a strong German systems design and integration house, playing a vital role in major current and future programs such as FCAS (“Future Combat Air System”) and F-35. Today, the company employs 1,380 people in Germany, the Netherlands and the USA with exceptional technological expertise.
For 2023, the company’s revenue is expected to be approximately EUR 330 million in accordance with IFRS, with annual growth in the low double-digit percentage range and an EBITDA margin of approximately 14%, generating strong cash flows, with maintenance capex under 1.5% of revenue.
Highly complementary defence technologies
Adding ESG’s solution portfolio will enable HENSOLDT to combine knowledge of customer ConOps (“Concept of Operations”), certifications and engineering know-how to develop smarter solutions in a faster way, in particular the digitalization of the battlefield and development of integrated network solutions. Potential examples would include areas such as Ground Based Air Defence, Signals Intelligence, Command and Control as well as enhanced solution capabilities in various airborne and naval campaigns. In addition, it will create new opportunities in platform lifecycle services deepening HENSOLDT’s offering across training, logistics and maintenance for own and third-party installed bases. Finally, the combined company will also be a strong support partner for systems procured in the USA and Israel, ensuring long-term systems support and further development in Germany.
Acquisition accelerates HENSOLDT’s sensor solutions strategy Integrating ESG’s software engineering and systems integration capabilities will support HENSOLDT’s positioning as a comprehensive solutions provider. ESG brings expertise in intelligent data networks to integrate HENSOLDT sensor systems across domains, creating critical integrated solutions for multi-domain operations. Given the highly complementary skillsets, strong cultural fit and stakeholder support, the combined group is ideally positioned to accelerate its international growth based on the track records and growth trajectories of the two companies, while remaining firmly rooted in Germany and protecting national security interests.
Attractive value creation and prudent financing HENSOLDT is acquiring 100% of ESG for an enterprise value of EUR 675 million plus an earn- out of up to EUR 55 million based on specific performance targets to 31 December 2024.
HENSOLDT expects to generate EUR 19 million run rate annual cost synergies in addition to revenue synergies from cross-selling and combined positioning for future pipeline opportunities.
The acquisition value including the earn-out implies an EV/EBITDA 2024E of ~10x post run-rate cost synergies and ~14x excluding run-rate cost synergies. In addition to the strong strategic rationale the transaction is expected to be highly financially accretive:
• Accretive to HENSOLDT stand-alone revenue growth and FCF generation.
• EPS accretive by year 2, including cost synergies only, and double-digit accretive by year 4, including cost and revenue synergies.
• ROIC (“Return on Invested Capital”) over WACC (“Weighted Average Cost of Capital”) by year 4, including cost synergies only, and by year 3, including cost and revenue synergies.
HENSOLDT intends to finance the acquisition through a capital increase from authorized capital of up to 10% of the current share capital and new debt in the amount of approximately EUR 450 million. The Federal Republic of Germany, indirectly acting through Kreditanstalt für Wiederaufbau (KfW), holding 25.1% of the shares in HENSOLDT, intends to participate in the potential capital increase pro rata to its shareholding quota.
The acquisition is expected to be completed in H1 2024, subject to certain conditions, including obtaining necessary regulatory approvals.
HENSOLDT is advised by Deutsche Bank AG as financial advisor and Gleiss Lutz and Hengeler Mueller as legal advisor.
Rheinmetall Electronics UK have pledged their support and commitment to those who serve, or have served in our forces by signing the Armed Forces Covenant.
By signing the covenant, Rheinmetall Electronics UK will commit to honour and support the Armed Forces Community and recognise the value that serving personnel, including reservists, veterans and their families contribute to both the company’s business and the country as a whole.
Rheinmetall Electronics UK will pledge to support those who commit their lives to the Armed Forces by supporting UK service Veterans and those leaving the forces, offering flexible working arrangements to Reservists and offering support to Cadets through insight days and other engagements. By making these pledges, the company is supporting past, present and future members of the UK Armed Forces and demonstrating their commitment to ensuring all, whether Regular or Reserves, are treated with fairness and respect in the local and wider communities.
Richard Streeter, Rheinmetall Electronics UK Managing Director said:
“It was a great pleasure to sign the Armed Forces Covenant alongside Captain Andrew Robinson RN Captain of the Base at HMNB Portsmouth. For Rheinmetall Electronics UK, this commitment to the covenant demonstrates our support to current, future and past members of the UK Armed Forces, not only with our products but also with our commitment to the welfare of Service Veterans and Leavers, Cadets and Reservists. We remain ever grateful for their service.”
Redlands, California—TNVC is extremely pleased to announce the two newest additions to the Tactical Night Vision Company Team as TNVC continues to grow and expand and continues to create strategic partnerships to provide the best Night Vision, Thermal, and Visual Augmentation Systems products to both government and commercial markets: Joe Halloran as the Director of Training & Synchronization and Wendy Sanderson as Director of Federal Law Enforcement & Program Sales.
“Both Wendy and Joe have been great friends of the company for many years,” said Augee Kim, COO of TNVC. “Together and individually, they bring a tremendous amount of knowledge and experience—Joe through his thirty-plus years of military service, and Wendy with her years of experience in the industry at L3Harris, working with some of the most cutting edge and advanced products in the industry. The two of them will help to bring TNVC to the next level and better serve our customers.”
Wendy Sanderson, Director of Program and Federal Law Enforcement Sales:
Prior to joining TNVC, Wendy spent fifteen years within L3Harris Integrated Vision Solutions in Londonderry, New Hampshire previously known as Insight Technologies which has developed some of the most advanced Visual Augmentation Systems technologies still used by the most elite warfighters, including the AN/PEQ-15 and LA-5 Advanced Target Pointer/Illuminator/Aiming Laser (ATPIAL), LA-23 Next Generation Aiming Laser (NGAL), AN/PVS-31A Binocular Night Vision Device (BNVD), Ground Panoramic Night Vision Goggle (GPNVG), and AN/PSQ-42 Enhanced Night Vision Goggle, Binocular (ENVG-B) and Fused Binocular Night Vision Device (BNVD-FUSED). During her time at L3Harris, Wendy held multiple positions including as Director of Sales, Business Development Operations Manager, Contracts Administration, and Customer Service.
“Alongside the team at TNVC for many years, I’m very excited to be joining their team; I’m passionate about streamlining the procurement process to get the highest quality products into the hands of our men and women in uniform.”
In addition to her time at L3, Wendy is a mother of three, daughter Hillary, and sons Nick and Max and holds a Bachelor’s of Science in Business administration from SNHU and MBA/Masters of Contracts Acquisition and Management from AGU.
Joe Halloran, Director of Training and Synchronization Officer:
Joe originally joined the TNVC Team in 2021 as an Adjunct Instructor with our Mobile Training Team following his retirement from his thirty-two-year career in the United States Army, having initially joined the Army in 1989 and stationed in West Germany back when there was such a thing and commissioning in 1996. Serving as a Field Artilleryman on both the weapon delivery side of the house as well as Joint Fire Support, providing joint fires in support of maneuver at all levels of combined arms operations, Joe has multiple operational and combat tours to the Balkans, Iraq, and Afghanistan and has led organizations all the way from the Team to Brigade level, including Battery and Battalion Command, Brigade Deputy Commander, as well as serving as the Chief of Fires at the Maneuver Center of Excellence and Director of the Field Artillery Proponent Office (FAPO).
As the Director of Training and Synchronization Officer for TNVC, Joe will be responsible for managing TNVC’s Training Program, Mobile Training Team, and training curriculum, as well as assisting in training, staffing, logistics, and resource allocation for all of TNVC’s staff.
“I’ve enjoyed working as a part of TNVC’s Teach Team for the last two years, and I appreciate the opportunity to become a full member of the TNVC family and am looking forward to meeting the new challenges of my role.”
Please join us in welcoming both Joe and Wendy to the team and to the TNVC Family!
Founded in 2005, Tactical Night Vision Company (TNVC) is a Veteran-Owned small business which specializes in providing industry-leading visual augmentation systems, modified-COTS solutions, and systems integration as well as training, education, and life-cycle support to government and commercial customers alike.
For all inquiries please contact: marketing@tnvc.com
MELBOURNE, Fla., Nov. 27, 2023 — L3Harris Technologies (NYSE: LHX) today announced the signing of a definitive agreement under which an affiliate of TJC L.P. will acquire L3Harris’ Commercial Aviation Solutions (CAS) business for $800 million. The acquisition includes a $700 million cash purchase price and $100 million earnout based on the achievement of certain 2023 and 2024 financial performance targets, which together represent an approximate 15x LTM 9/30 EBITDA purchase multiple. The transaction is expected to close in the first half of 2024 and is subject to customary closing conditions and regulatory approvals.
“Today’s announcement is consistent with our multi-year strategy to optimize our national security, technology-focused portfolio,” said Christopher E. Kubasik, Chair and CEO, L3Harris. “Aligned with our capital allocation priorities, we plan to use the proceeds from this transaction to repay debt, which will accelerate our timeline to reach our debt leverage objective.”
The CAS transaction includes the sale of L3Harris’ surveillance joint venture and is subject to a right of first refusal; if exercised, an affiliate of TJC L.P. will acquire the rest of CAS.
L3Harris’ CAS business employs approximately 1,450 people and offers pilot training, flight data analytics, avionics, and advanced air mobility products and services, among other capabilities.
Morgan Stanley & Co. LLC and Moelis & Company are serving as financial advisors to L3Harris, and Sullivan & Cromwell LLP is serving as legal advisor. J.P. Morgan Securities LLC is acting as financial advisor, and Kirkland & Ellis LLP is serving as legal counsel for TJC L.P.
