Karman (KRMN, Financial) has successfully acquired ISP, a company known for its proprietary propellant formulations and tactical motor configurations, effective as of May 28. ISP, established in 1983 and headquartered in Cedar City, Utah, has a notable track record with key U.S. Department of Defense initiatives.
Karman increased its existing $300 million Term Loan B by $75 million to facilitate this acquisition. The transaction was funded with a combination of $50 million in cash, approximately $5 million in Karman common shares, and potential earnout payments of $5 million. This strategic move aims to enhance Karman’s capabilities within defense-related projects.
