Houlihan Lokey Advises Endeavor Robotics

Houlihan Lokey is pleased to announce the sale of Endeavor Robotics to FLIR Systems (FLIR) for $382 million. The transaction closed on March 4, 2019.

Based in Chelmsford, Massachusetts, Endeavor Robotics is the global leader in the design and manufacture of battle-tested unmanned ground vehicles (UGVs). Endeavor's unique platforms and payload capabilities are ideal for a wide range of applications, including reconnaissance, IED, route clearance, hazmat response and subterranean operations, among others. Endeavor's proven track record of designing and delivering the most widely-fielded UGVs has resulted in the award or down-selection for several highly coveted Programs of Record (PORs), including the U.S. Army's Man Transportable Robotic System Increment II (MTRS Inc II), the Common Robotic System Individual (CRS[I]), and Common Robotic System Heavy (CRS[H]) programs. Since inception, Endeavor has delivered more than 7,000 platforms to more than 55 countries worldwide.

FLIR is a world-leading manufacturer of sensor systems that enhance perception and heighten awareness, helping save lives, improve productivity, and protect the environment. Through its nearly 3,700 employees, FLIR's vision is to be "the world's sixth sense" by leveraging thermal imaging and adjacent technologies to provide innovative, intelligent solutions for security and surveillance, environmental and condition monitoring, outdoor recreation, machine vision, navigation, and advanced threat detection.

The acquisition of Endeavor Robotics by FLIR is validation of a fundamental industry shift towards autonomy. Over the last decade, nearly every major military platform has been re-envisioned into an unmanned version. This is true in the air, land and sea domains, though headlines have historically focused on airborne systems. More recently, acquisition aperture has shifted towards land and sea as the airborne market matures. Endeavor's acquisition by FLIR represents the most significant acquisition yet within the unmanned ground vehicle market. 

Houlihan Lokey served as the financial advisor to Endeavor Robotics. This transaction represents Houlihan Lokey's thirteenth unmanned systems transaction in recent years and underscores our continued global leadership and expertise in the unmanned systems market.

Houlihan Lokey's Aerospace•Defense•Government (ADG) practice is among the leading M&A advisory services to aerospace, defense, government services, and homeland security companies. Since 2016, Houlihan Lokey closed 55 transactions and with a staff of approximately 30 investment bankers in Washington, D.C. and Los Angeles, the ADG practice is one of the largest dedicated industry banking groups worldwide.