Karman Space acquires Cedar City’s Industrial Solid Propulsion
Karman Holdings Inc., which does business as Karman Space & Defense in Huntington Beach, California, has acquired Industrial Solid Propulsion (ISP) of Cedar City.
The transaction, which consisted of $50 million in cash, approximately $5 million in Karman common shares and $5 million in potential earnout payments, closed on May 28.
Founded in 1983, ISP provides specialty energetic propulsion technologies, including small-boost motors and solid propellant gas generators for the rapidly growing unmanned aircraft systems (UAS) market, UAS intercept and rocket-assisted takeoff systems markets.
Karman specializes in rapid design, development and production of next-generation system solutions for launch vehicle, satellite, spacecraft, missile defense, hypersonic and UAS customers.
“We have been working collaboratively with ISP on a number of exciting opportunities for many months and believe that ISP is a natural, strategic fit within the Karman portfolio,” said Tony Koblinski, Karman CEO. “This acquisition strengthens our core competency in energetics, expands our offering in small-diameter solid propellant technologies and will allow us to serve our customers even better. We welcome the talented ISP team to Karman and look forward to working together to deliver even more value to our customers.”