Trive-Backed Karman Space & Defense Completes Successful IPO
HUNTINGTON BEACH, Calif., March 20, 2025 /PRNewswire/ -- Trive Capital ("Trive"), a Dallas-based private-equity firm, announced that Karman Space & Defense ("Karman"), a concept-to-production solutions provider specializing in the design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile defense and space programs, completed a successful IPO on the New York Stock Exchange (NYSE). The stock began trading on the NYSE on February 13th, 2025, under the ticker symbol "KRMN". The stock opened with more than a 30% increase from its initial public offering price and raised over $500 million for Karman and certain existing shareholders in an upsized IPO, demonstrating strong investor confidence in Karman's role in advancing national security and space exploration. Karman intends to use the net proceeds from the Offering to acquire complementary businesses or technologies and for general corporate purposes, which may include repayment of debt and capital expenditures.
Trive's thesis in the sector centered around a rising threat environment of near peer adversaries in next-generation technologies, accelerating system requirements and the need for agile, technically optimal solutions – particularly for propulsion and shroud technologies. Through seven strategic acquisitions and significant organic investments into capacity, technology and new capabilities, Trive and the Karman leadership team built the platform by combining highly differentiated manufacturing capabilities with world class design engineering to build an integrated supply chain solution that did not previously exist. Today Karman has over 1,000 employees and operates nine facilities across four states, encompassing over 700,000 square feet of design, engineering, and manufacturing space. Karman serves nearly every major current and emerging space / defense prime, enabling rapid development, qualification and production of technologies across a diverse range of programs that are well aligned with major national security priorities.
The Company has developed a unique collection of vertically integrated capabilities drawing from decades of experience across advanced material design, proprietary modeling, energetic systems, propulsion, deployment, testing, and manufacturing expertise. These unique capabilities allow the company to handle end-to-end manufacturing of the most complex sub-assemblies on current and future generation launch vehicles, missiles, hypersonics, and counter UAS systems. Karman is highly diversified across end-markets, product-families, programs and customers, with revenue from approximately 70 customers and over 100 programs.
David Stinnett, Partner at Trive and Chairman of the Board of Karman Space & Defense, stated, "Karman's successful initial public offering represents the next chapter of Trive's long-term investment focus in near peer nation state technologies. Through concept-to-production capabilities, Karman offers efficiency, agility and technically optimal solutions to both current and emerging primes in a market that has historically lacked a true tier 1 player. We believe Karman's unique ability to rapidly develop, test and deploy technologies for high priority space and defense programs positions the Company for long-term success. We are thrilled to have contributed to Karman's evolution and eagerly look forward to its next chapter of success."
"We are just getting started," said Tony Koblinski, CEO of Karman Space & Defense. "We have built a world-class team and have invested heavily in the people, technologies and capabilities to set Karman up for decades of success. This milestone enhances our capacity to meet the evolving needs of our customers, ensuring we can support national security and space missions while fulfilling our mission to 'expand what is possible' through innovation and collaboration."
About Karman
Karman Space & Defense integrates industry-leading technologies with comprehensive in-house engineering, design, analysis, testing, qualification, and manufacturing processes. Karman is headquartered in Huntington Beach, CA, with multiple facilities across the United States. Karman's system offerings encompass Payload & Protection Systems, Aerodynamic Interstage Systems, and Propulsion & Launch Systems.
About Trive
Trive Capital is a Dallas, Texas based private equity firm with more than $8 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.
The Trive team is comprised of seasoned investment professionals who have been involved in over 250 middle-market transactions representing in excess of $10 billion in revenue across Trive's targeted industry sectors and situations.
Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates," or "anticipates," or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements may be included throughout this press release, and include, but are not limited to, statements relating to Karman's expected use of proceeds from the initial public offering. By their nature, forward-looking statements are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The Company's expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Any forward-looking statement in this press release speaks only as of the date of this release. Karman undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
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SOURCE Trive Capital