Littleton, MA, November 14, 2024 -- Artemis Capital Partners (“Artemis,” or “the Firm”), a Boston-based private equity firm focused exclusively on partnering with differentiated industrial tech companies, announced today the acquisition of Diamond Antenna and Microwave Corporation (“Diamond”, or “the Company”), a developer of advanced radio frequency (“RF”) and electro-mechanical solutions for mission critical applications at the frontier of national security, connectivity and mobility. 

With over 65 years of mission heritage, Diamond serves as a trusted partner to its blue-chip Prime Integrator and Government customers by offering innovative and proprietary RF and electro-mechanical technology solutions, no-fail quality standards and deep application expertise across land, sea, air and space domains in mission-critical applications including radar systems, satellite and space communications, air traffic control and electronic warfare.

Artemis Chief Investment Officer, Euan Milne, commented, “As a segment leader with a multi-decade track record of delivering mission success across critical programs of record, Diamond is a natural fit within the Artemis portfolio and exemplifies our demand-first, thesis-driven industrial tech investment model. We are honored to partner with a globally respected organization whose people and products are relied upon in the field every day to bolster national security priorities, enhance critical connectivity and enable safe mobility in our skies.” 

Michael Montemagno, President of Diamond, expressed his enthusiasm for the partnership, stating, “Diamond is recognized as a global leader in the development of high-reliability and precision RF components, rotary joints and integrated rotating subsystems within the aerospace and defense industry. This market position, along with Artemis' knowledge of the RF space, shared core values, and continued commitment to providing superior quality and service to Diamond customers is a great fit. The Diamond Leadership Team is excited to share this journey with Artemis.”

Artemis Operating Partner, Bill Pezza, spoke of the Diamond acquisition stating, “Artemis has substantial experience partnering with sensors and instrumentation businesses serving the aerospace and defense markets as well as deep industry and application knowledge in RF technologies specifically.  Diamond represents a perfect complement to the Artemis portfolio and builds on our experience of creating value in the RF segment. We are excited to work with Michael and the entire Diamond team on the next chapter of growth.”

Under Artemis’ ownership, Diamond will continue to operate as an independent company from its facilities in Littleton, MA with customers across the globe. Artemis is committed to building upon the Company’s respected brand reputation by investing in innovative technical capabilities that will continue to increase the value delivered to Diamond customers globally.

Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo served as legal advisor to Artemis. Philpott Ball & Werner served as the investment banking advisor to Diamond, and Stites & Harbison and Polsinelli served as legal advisors to Diamond.