The acquisition is in line with Agilitas' focus on backing ambitious management teams of high-quality and defensive businesses, with opportunities for multi-dimensional business transformation and a strong alignment between shareholder value and a fundamental positive purpose. The closing of the acquisition is subject to regulatory approvals.
TenCate Advanced Armour is a global provider of lightweight, mission-critical survivability and protection solutions for people working in hostile environments. Its portfolio of bespoke, highly engineered defensive products covers personal protection, as well as applications for land vehicles, aircraft, and naval vessels. Uniquely positioned as one of only two transatlantic and independent providers globally in the highly regulated survivability solutions industry, TenCate Advanced Armour is a key strategic partner to the world’s leading Original Equipment Manufacturers (OEMs), militaries and law enforcement agencies around the world. The company has 300 employees and is one of the only vertically integrated armour solutions providers with the ability to develop, test and manufacture armour products in-house. It does so through its facilities in Denmark, France and the US, which also hold individual certifications and national security clearances that allow TenCate Advanced Armour to supply survivability systems to governments and OEMs.
The Ashurst team was led by corporate partners David Carter and Braeden Donnelly, senior associates Dallan Pitman and Molly Woods and associates Becky Eaton, Lauren Garrett, Duncan Finnie and Hamish Tester. Partner Nick Pawson and senior associate Sam Tetlow advised on banking aspects. Partner Piers Warburton and senior associate Andreas Elofs advised on investment funds and co-investment. Partner Nigel Parr and associate Emile Abdul-Wahab advised on UK regulatory matters. Counsel Cyrine Abdelmoula and associate Louis Rainguenet advised on French regulatory matters. Counsel John Gordon advised on pensions matters, and senior associate Don McCombie advised on intellectual property matters. Tax advice was provided by partner Alexander Cox. Agilitas was also advised by Houthoff LLP (on Dutch law matters), Choate, Hall & Stewart LLP (on US law matters), Baker & Hostetler LLP (on US regulatory matters) and Lund Elmer Sandager (on Danish law matters).
Commenting on the deal, David Carter said:
"It is a pleasure to act once again for our longstanding client Agilitas on this acquisition. The transaction represents the culmination of a great deal of hard work and collaboration between Agilitas, Ashurst and local counsel teams to get the deal over the line."
