Proteus Enterprises Acquires Ricardo Defense Inc., Leading System Integrator for US Army Systems

Acquisition Overview - Proteus Enterprises acquired Ricardo Defense Inc in partnership with Gladstone Investment Corporation [1] - Financial terms of the acquisition were not disclosed [1] Company Profiles Proteus Enterprises - Maryland-based holding company investing in middle and lower middle market aerospace, defense and government services businesses [4] - Focuses on cultivating next generation of middle-tier ADG management teams and companies [4] - Professionals have deep ADG sector experience, providing networks, operational expertise, and strategic insights [4] Ricardo Defense - Engineering services and systems integration company headquartered in Troy, Michigan [5] - Specializes in integrated vehicle engineering solutions for US Department of Defense and prime contractors [5] - Employs approximately 240 individuals as of January 2025, with US operations and some international field services [5] - Industry leader in developing engineering and product solutions for US Army vehicle and logistics programs [2] Strategic Rationale - Ricardo Defense has developed innovative technical solutions including ABS/ESC system for HMMWV [3] - Acquisition brings US ownership and access to capital for Ricardo Defense [3] - Proteus aims to leverage its government services and technology expertise to expand Ricardo's capabilities [3] - Synergy expected between Proteus' investment expertise and Ricardo's technical capabilities [3] Leadership Perspectives - Proteus co-founders highlight Ricardo's experienced leadership team and customer relationships [3] - Ricardo President emphasizes employee achievements and potential for expanded success with Proteus partnership [3] - Incoming CEO of Ricardo Defense expresses excitement about providing mission-critical services to US military [3] Transaction Advisors - Holland & Knight served as legal counsel to Proteus [3] - Squire Patton Boggs served as legal counsel to Ricardo Plc [3] - Houlihan Lokey served as financial advisor to Ricardo Plc [3]