Newly Formed Aerospace Manufacturing Holding Company Velocity One Acquires Emcore Corp

Velocity One, a newly formed aerospace manufacturing holding company, announced the acquisition of Emcore Corp. for $31.4 million. Aerospace manufacturer Emcore was headquartered in Alhambra until it recently closed its local manufacturing facility.

The purchase price of $3.10 per share in cash was backed by private investment firm Charlesbank Capital Partners.

In addition to Emcore, Velocity One is comprised of Cartridge Actuated Devices Inc. (CAD) and Aerosphere Power, a manufacturer of power system solutions for commercial and military aerospace, military ground vehicles and UAV applications.

“Emcore has excellent technology and offers a large product portfolio. We believe this, combined with our industry experience and shared customer portfolio, puts EMCORE on a new trajectory for growth. With Charlesbank’s investment, Emcore, CAD and Aerosphere Power’s businesses can align and be poised for growth while focusing on our collective core philosophies,” said John Borduin, chief executive of Velocity One, in a statement.