WASHINGTON, Jan. 8, 2025 /PRNewswire/ -- Proteus Enterprises ("Proteus"), a Maryland-based Aerospace, Defense and Government Services holding company, today announced that it acquired Ricardo Defense, Inc. ("Ricardo Defense" or the "Company") in partnership with Gladstone Investment Corporation (NASDAQ: GAIN). Financial terms were not disclosed.
Headquartered in Troy, MI, with operations in California, Texas, Alabama, and overseas, Ricardo is an industry leader working to develop engineering and product solutions for US Army vehicle and logistics programs.
Pierre Chao and Greg Bowie, Proteus co-founders, said, "The Ricardo Defense team has done a remarkable job providing innovative technical and product solutions for US Army and DoD customers. Ricardo Defense's experienced leadership team has grown the Company significantly to date by developing new capabilities and customer relationships, including the ABS/ESC system for the HMMWV. In bringing US ownership and access to capital, we look forward to partnering with management to grow the company while building a business focused on solving the defense customer's most challenging problems."
Ricardo President, Chet Gryzcan stated, "I am proud of our employees and what our team has built over the last 10 years, and we are excited to expand upon our success as we partner with Proteus. We felt an immediate synergy with the Proteus team, and we look forward to leveraging Proteus's knowledge and expertise as an experienced government services and technology investor to expand our capabilities and continue delivering solutions that enhance warfighter effectiveness."
Pete Roney, Proteus co-founder and incoming CEO of Ricardo Defense added, "We are beyond excited to join the Ricardo Defense team in providing mission critical services and solutions to our Nation's military services. I am looking forward to working with Ricardo Defense's exceptional team to help position the business for continued growth and greater scale in the future."
Holland & Knight served as legal counsel to Proteus; Squire Patton Boggs served as legal counsel to Ricardo Plc.; and Houlihan Lokey served as financial advisor to Ricardo Plc.
About Proteus Enterprises
Proteus Enterprises is a Maryland-based holding company that invests in middle and lower middle market aerospace, defense and government services ("ADG") businesses. The firm's mission is to cultivate and develop the next the next generation of middle-tier ADG management teams and companies. The firm's professionals have spent their careers in the ADG sector and provide deep networks, operational and investment expertise, knowledge of government customers and strategic insights to the firm's portfolio companies. Proteus believes its holistic view of the ADG sector provides a unique perspective whereby we can build business and management teams that both serves our country and our investors. For more information, please visit: www.proteusadg.com.
About Ricardo Defense, Inc.
Ricardo Defense, Inc., headquartered in Troy, Michigan, is an engineering services and systems integration company specializing in delivering integrated vehicle engineering solutions for the U.S. Department of Defense and prime contractors. The company offers both product and technical service solutions to address complex integration challenges across various U.S. defense platforms. As of January 2025, Ricardo Defense employs approximately 240 individuals, with operations primarily in the United States and some field services operating internationally.
About Gladstone Investment Corporation
Gladstone Investment is a publicly traded business development company that seeks to make equity and secured debt investments in lower middle market businesses in connection with acquisitions, changes in control, and recapitalizations Corporation (NASDAQ: GAIN). Additional information on the transaction can be found at www.gladstoneinvestment.com.
SOURCE Proteus Capital Solutions
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