Houlihan Lokey Advises ILC Dover

Houlihan Lokey is pleased to announce that ILC Dover, Inc., a portfolio company of Behrman Capital, has been acquired by New Mountain Capital. The transaction closed on January 31, 2020.

Founded in 1947, ILC Dover designs and manufactures a broad range of innovative, highly engineered products utilizing high-performance flexible materials. The company has a more than seventy-year heritage of innovation and commitment to expanding its product portfolio of mission-critical applications to end-use cases, including single-use pharmaceutical and biopharmaceutical production, personal safety, industrial packaging, infrastructure protection, and a range of solutions for human space flight. The company has an established history as the exclusive designer and manufacturer of extravehicular activity spacesuits to NASA since the Apollo program. ILC Dover serves its global customer base across six facilities located in North America, Europe, and Asia.

Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups, and recapitalizations of established growth businesses. The company's investments are focused on three industries: defense and aerospace, healthcare services, and specialty manufacturing and distribution. The firm has raised in excess of $3.0 billion since its inception and is currently investing out of its sixth fund.

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with more than $20 billion in assets under management. New Mountain Capital seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies.

Houlihan Lokey served as the exclusive financial advisor to ILC Dover and assisted in initiating, structuring, and negotiating the transaction on its behalf. This transaction highlights Houlihan Lokey’s continued success in advising market-leading specialty manufacturing businesses with niche applications in fast-growing end markets, finding the right partner to drive future growth and strategy, and delivering superior client service with outstanding results.


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