Behrman oversees $300m dividend recap

Behrman Capital recently executed two transactions, a dividend recapitalisation and spin-off, linked to its $303m acquisition of defense contractor ILC Industries in 2003.

The $2 billion private equity group Behrman Capital has completed a $300 million dividend recapitalisation for the defense and aerospace company Data Device Corporation.

The Bohemia, NY-based high-tech firm had previously been a subsidiary of ILC Industries, which Behrman Capital and a co-investor acquired in 2003 for $303 million. The dividend recapitalisation was executed through a six-year term loan financed by Credit Suisse and GE Capital, according to statement released by the private equity firm. Cash raised will be used to provide strategic growth capital for the firm.

At the same time, GE Capital also supplied a $37 million credit facility that allowed Behrman Capital to execute a tax-free spin-off of Frederica, Delaware-based ILC Dover.

A defense contractor, ILC Dover has supplied NASA with spacesuits continuously since the Apollo lunar missions. It also provided the space agency with other key components over the years including parts used for the Mars rover missions in 2003. ILC Dover was also a former subsidiary of the Behrman Capital portfolio company ILC Industriess.

Behrman Capital could not be reached for comment.

The private equity group invests in the defense industries, specialty manufacturing, outsourcing, healthcare and information technology. The firm has offices in New York and San Francisco.