Houlihan Lokey Advises Karman Space & Defense on Successful IPO

Houlihan Lokey is pleased to announce that on February 13, 2024, TCFIII Spaceco Holdings
LLC, dba Karman Space and Defense (Karman), successfully completed its initial public
offering (IPO) and began trading on the New York Stock Exchange. Prior to the transaction,
Karman operated as a portfolio company of the Dallas-based private equity firm Trive
Capital. Following the transaction’s close, Karman was renamed Karman Holdings and now
trades under the ticker symbol KRMN. Karman and its existing shareholders raised $506
million in an upsized IPO, pricing at $22 per share, above the marketed range.

Karman Holdings is a leading provider of mission-critical systems for missile defense and space
programs. The company is a trusted supplier to industry giants, including Northrop Grumman and
Lockheed Martin, offering highly engineered solutions across three key product families: Payload
Protection & Deployment Systems, Propulsion Systems, and Aerodynamic Interstage Systems.
These solutions are vital in supporting critical Department of Defense and space sector initiatives.

Karman operates across three core markets: Hypersonics & Strategic Missile Defense, Missile and
Integrated Defense Systems, and Space & Launch. With over 100 active programs, Karman
maintains a diversified revenue portfolio, ensuring that no single program accounts for more than
10% of total sales. This commitment to innovation and engineering excellence has solidified
Karman’s position as a leader in the defense and space sectors. Headquartered in Huntington
Beach, California, Karman employs approximately 1,100 professionals across the U.S., with
locations in California, Oregon, Washington, and Alabama.

Houlihan Lokey served as an advisor for Karman and advised management through public
company readiness needs as well as complex accounting and SEC reporting requirements. This
transaction exemplifies the continued success of Houlihan Lokey’s dedication to working closely
with clients through their complex deal-related financial requirements.

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