Harris Williams Advises Aeryon Labs Inc. on its sale to FLIR Systems

January 28, 2019

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Aeryon Labs Inc. (Aeryon), a portfolio company of Summit Partners, on its sale to FLIR Systems, Inc. (FLIR; NASDAQ:FLIR) for $200 million. Aeryon is a leading developer of unmanned aerial systems (UAS), imaging and delivery payloads and flight management software for military, public safety and critical infrastructure markets. The transaction was led by Chris Rogers, Chris Smith, Mike Rohman and Jon Behrendt of Harris Williams’ Aerospace, Defense & Government Services (ADG) Group.

“Aeryon is a category creator within Group 1 UAS, the fastest growing segment within the defense UAS market,” said Chris Rogers, a managing director at Harris Williams. “Aeryon is world-renowned for combining a deep understanding of tactical intelligence, surveillance and reconnaissance (ISR) mission requirements with a culture of commercial technology innovation, customer collaboration and applied research and development. The Aeryon team, with the backing of Summit Partners, has built one of the most innovative defense technology platforms in the market today.”

“Future combat requirements are driving doctrinal shifts to increase focus on tactical ISR capabilities,” added Chris Smith, a director at Harris Williams. “The acquisition of Aeryon by FLIR is indicative of the growing emphasis on unmanned and autonomous solutions that provide real-time intelligence at the tactical level. We truly believe that the partnership between FLIR and Aeryon will significantly benefit militaries and security forces around the world.”

Based in Waterloo, Canada, and with offices in Denver and Salt Lake City, Aeryon Labs was founded in 2007 and is a leading designer and manufacturer of mission-focused military and commercial Group 1 UAS solutions built around aircraft under 20 pounds. Aeryon’s family of UAS platforms is deployed by 20 militaries around the world, including the United States Department of Defense, and has seen over 100,000 hours of flight time. Aeryon develops UAS solutions that include hardware, embedded software, ground control stations, payloads and software for flight operations, as well as supporting services for its global customers. 

Rugged, reliable and field-proven, Aeryon’s SkyRanger UAS are rucksack portable and can be deployed in minutes by a single operator. SkyRanger UAS are renowned for operating in demanding environments and inclement weather, including at high altitudes, gusting winds and rain and snow. The latest additions to the SkyRanger family of aircraft establish a new benchmark for small UAS performance and reliability. Now with a modular and open architecture, end users and third-party developers can create tightly integrated payloads and software systems for the SkyRanger platform, enabling rapid solution development, onboard artificial intelligence (AI) and autonomous operations.

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology and industrial technology companies financed by Summit Partners include Avast, Darktrace, E-TEK Dynamics, FLEETCOR Technologies, OnRobot, Smartsheet, Uber, Ubiquiti Networks and Welltec International. Summit Partners maintains offices in North America and Europe, and invests in companies around the world.

Founded in 1978 and headquartered in Wilsonville, Oregon, FLIR is a world-leading maker of sensor systems that enhance perception and heighten awareness, helping to 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.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

Harris Williams’ ADG Group offers strategic advice to a global base of leading aerospace, defense and government services clients. For more information on the ADG Group and other recent transactions, visit the ADG Group’s section of the Harris Williams website. 

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.