BOSTON (March 31, 2020) – Artemis Capital Partners (“Artemis”), a Boston-based private equity firm focused exclusively on partnering with differentiated industrial technology companies, today announced the successful sale of its portfolio company, Adcole Maryland Aerospace (“AMA” or “the Company”), to AE Industrial Partners (“AEI”).

Established in 1957 and based in Marlborough, Massachusetts, AMA has been at the forefront of space exploration since its beginning, providing satellite components that are integral to the success of hundreds of low-earth orbit (LEO), geosynchronous (GEO) and interplanetary spacecraft missions. The Company’s core capabilities include the design and manufacture of mission-critical, high reliability optical sensors for satellites providing guidance, navigation, situational awareness, and control capabilities. Key products include sun sensors, star trackers, and star cameras. AMA has been an essential part of many space missions including voyages to Mercury, Mars, Jupiter, Saturn, and Pluto, and its customers include the Department of Defense as well as other government agencies and leading aerospace and defense companies.

Artemis acquired Adcole Corporation’s Aerospace Division in May 2014 as part of its acquisition of Adcole Corporation, an international leader in the design and manufacture of industrial metrology products. Artemis led the spin-out and merger of the Adcole Corporation Aerospace Division with Maryland Aerospace Incorporated (MAI) to form AMA in April 2017. AMA achieved attractive growth through commercial strategy enhancements, new product development and strategic partnership and solidified its position as a market leading supplier of mission critical technologies to the U.S. Government and the commercial market for satellite vehicles.

Peter Hunter, Founder and Managing Partner of Artemis and Chairman of Adcole Corporation, commented on the transaction, “We’re very proud of what we have accomplished in partnership with the talented AMA team. As a result of the Company’s industry recognized commitment to innovation and quality, AMA is uniquely well positioned to meet the growing demand for high reliability, mission-critical satellite components and subsystems.”

Mesirow Financial was the financial advisor and Morgan Lewis was the legal advisor for Artemis Capital Partners. PwC served as the financial advisor and Akerman LLP served as the legal advisor to AEI.