Washington, DC-based The Carlyle Group has agreed to sell Sippican Holdings, a supplier of naval electronics systems, to defense giant Lockheed Martin Corp.
Terms of the deal were not disclosed, according to a statement. The transaction is expected to close later this year.
Sippican, based in Marion, Massachusetts, was originally acquired by Carlyle back in April 2002. The company develops and produces surface ship countermeasures, anti-submarine warfare training and submarine communications systems, as well as meteorological and oceanographic instrumentation.
Lockheed Martin Maritime Systems and Sensors – Undersea Systems, located in Manassas, Virginia, will manage the Sippican business.
In August, Carlyle named managing director Peter Clare as the new head of its global aerospace, defense and government services industry group. Clare has served at Carlyle since 1992, and has focused on buyout opportunities in the aerospace, defense and government services and technology sectors.
In July, Carlyle bought aviation services company Garrett Aviation from General Electric.