Deal Wrap: Arcline to take Kaman private in $1.8B deal; CerraCap backs Acorai

Deal Wrap is updated as of 3 p.m. ET.

– Arcline Investment Management LP agreed to acquire aerospace and defense company Kaman Corp. in an all-cash deal valued at about $1.8 billion. Kaman will become a privately held company upon completion of the deal, which is expected to take place in the first half of 2024 and is subject to shareholder and regulatory approvals. J.P. Morgan Securities LLC is the financial adviser to Kaman, and Skadden Arps Slate Meagher & Flom LLP and Wiggin and Dana LLP are its legal counsel. Morgan Stanley & Co. LLC is the financial adviser to Arcline and Latham & Watkins LLP and Paul Hastings LLP are its legal advisers.

– Acorai AB, a cardiovascular health technology company, received funding from CerraCap Ventures LLC. Acorai will use the investment to advance the development and deployment of its novel Acorai Heart Monitor, designed to aid in heart failure management.

– Hegel AI Inc., which is working on a developer platform for generative AI applications, secured investment from O'Shaughnessy Ventures LLC.

– Martis Capital Management LLC and Din Ventures invested in Archway Dental Partners to support the dental platform's growth plans in new and existing markets.

– Cynosure Inc. agreed to merge with medical aesthetics technology peer Lutronic Corp., a portfolio company of Hahn & Co., for undisclosed terms. The deal is likely to close during the first quarter. Jefferies LLC was the financial adviser to Cynosure, and Weil Gotshal & Manges LLP and Debevoise & Plimpton LLP were its legal advisers. PJT Partners LP was the financial adviser to Lutronic, while Cleary Gottlieb Steen & Hamilton LLP and Kim & Chang served as legal advisers to Lutronic and Hahn.

For more private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.