Milbank LLP represented global alternative investment firm Cerberus Capital Management, L.P. on the carve-out acquisition of Calspan’s hypersonic and defense test systems business units from aerospace manufacturer TransDigm Group Inc. The transaction’s closing was announced on May 30, 2024.
Cerberus will establish the business units, Calspan Aero Systems Engineering and Calspan Systems, as an independent business under the name North Wind. North Wind will focus on advancing the United States’ hypersonic test capability through ground-based facility design, build and operations, testing and analysis.
The transaction was led by Cerberus’ Supply Chain and Strategic Opportunities platform, which acquires and invests in companies addressing supply chain shortages, defined by critical long-term US national security requirements, to help drive innovation, promote resilient infrastructure, and increase security for the United States and its allies.
TransDigm Group is a publicly traded leading global designer, producer and supplier of highly engineered aircraft components for commercial and military aircraft.
The Milbank team was led by Global Corporate/M&A partners Richard A. Presutti and Andrew J. Fadale and includes Transportation and Space Group leader Dara A. Panahy, partner John M. Beahn and associates Charlie Rosenthal and O’Neill Kennedy.
Milbank recently advised Cerberus on its acquisition of a controlling interest in M1 Support Services, a leading provider of aircraft maintenance, repair and overhaul services to the US government.
