Houlihan Lokey Advises Ricardo Defense

Transaction: Ricardo Defence - Ricardo - Proteus Enterprises - Gladstone Investment

Houlihan Lokey is pleased to announce that Ricardo Defense, a subsidiary of Ricardo PLC (LON: RCDO), has been acquired by Proteus Enterprises LLC (Proteus) and Gladstone Investment Corp. (NASDAQ: GAIN). The transaction closed on December 31, 2024. Houlihan Lokey served as the exclusive financial advisor to Ricardo Defense.

Michigan-based Ricardo Defense is an engineering services and systems integration firm specializing in helping Department of Defense (DoD) customers overcome technical challenges in modernizing, managing, and maintaining military fleets. With an embedded presence at 20 DoD locations, Ricardo Defense provides seamless support to longstanding customers by leveraging advanced expertise in design, engineering, manufacturing, and integration. Among its comprehensive solutions, Ricardo Defense provides proprietary antilock braking and electronic stability control systems for High Mobility Multipurpose Wheeled Vehicles (HMMWVs).

Proteus makes control investments in middle-market aerospace, defense, and government services companies with the strategic goal of building the next generation of mid-tier competitors in the sector. The Proteus team has spent a lifetime investing in, supporting, and operating aerospace, defense, and government services businesses and has a deep passion for the industry.

Gladstone Investment Corp. 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.

Houlihan Lokey served as the exclusive financial advisor to Ricardo Defense. This transaction exemplifies the continued success of Houlihan Lokey’s Aerospace, Defense & Government practice within the engineered solutions and defense services sector. Since 2020, the team has closed more than 70 transactions worth over $13 billion in enterprise value. With a staff of approximately 20 investment banking professionals, Houlihan Lokey’s Aerospace, Defense & Government practice is among the largest dedicated industry banking groups worldwide. In 2023, Houlihan Lokey’s Industrials Group was ranked as the No. 1 M&A advisor for global industrials transactions under $1 billion, according to LSEG (formerly Refinitiv).*

*Excludes accounting firms and brokers.

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