Sleeping Bear Capital Portfolio Company Sold to Redwire for Over $1.14 Billion

Sleeping Bear Capital has sold its portfolio company Edge Autonomy, a UAV system technology provider, to Redwire Corporation for over $1.14 billion, marking the firm's first billion-dollar exit. Edge Autonomy was previously acquired by Sleeping Bear Capital in 2022 after the company spun out the fuel cell technology business from Ultra Electronics Holdings in 2018.

San Francisco, June 17, 2025 - Sleeping Bear Capital (SBC), a private equity sponsor specializing in mid-market acquisitions, has announced the successful sale of its portfolio company, Edge Autonomy, to Redwire Corporation (NYSE: RDW) for over $1.14 billion. This marks SBC's first billion-dollar exit and a significant milestone in the firm's investment track record.

Edge Autonomy, a leading provider of unmanned aerial vehicle (UAV) system technology, was previously acquired by SBC in 2022. The acquisition was facilitated by the spin-out of the fuel cell technology business from Ultra Electronics Holdings in 2018. Edge Autonomy specializes in providing autonomous systems and resilient energy solutions to the U.S. Department of Defense, federal civilian agencies, and allied governments worldwide.

The sale to Redwire Corporation, a global leader in aerospace and defense technology solutions, was completed at a stock price of $19.32 on June 12, 2025. The transaction was approved by Redwire shareholders on June 13 and is expected to transform Redwire into a scaled and profitable space and defense tech company focused on integrated autonomous operations.

Ranvir Gujral, Managing Partner of Sleeping Bear Capital, commented on the successful sale, stating, "When we first invested in Adaptive Energy, we saw a best-in-class power solution for the most demanding defense and aerospace environments. Combining Adaptive with Edge Autonomy’s unmanned systems platform created something truly differentiated, and the outcome has exceeded our highest expectations."

Redwire's Chairman and CEO, Peter Cannito, expressed his enthusiasm for the acquisition, stating, "This acquisition establishes Redwire as a global leader in the aerospace and defense sector. With Edge Autonomy, we are uniquely positioned to transform the future of multi-domain operations and provide decisive advantages to U.S. and allied warfighters."

The combined company is expected to deliver innovative space and airborne platforms, leveraging connectivity across space and airborne operations. The transaction is immediately accretive to Redwire's revenue, adjusted EBITDA, and free cash flow.

References:
[1] https://www.stocktitan.net/news/RDW/sleeping-bear-capital-portfolio-company-completes-sale-to-4wv634i8dwrv.html
[2] https://www.stocktitan.net/news/RDW/redwire-completes-acquisition-of-edge-autonomy-establishing-company-qfpzbxxkpz5r.html