US/Europe Event-Driven Analyst

John DeMasi

CFA, CPA (New York State, status: inactive) with 20+ years on buyside (PM & analyst) at numerous hedge funds and proprietary trading desks in NYC and London, covering North American and European event driven investments.

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Event-Driven

<a href="https://www.smartkarma.com/entities/kaman-corp" target="_blank" data-smartkarma-citation="entities:17189:1" rel="noopener">Kaman Corp (KAMN US)</a> is a company with two distinct business segments, Aerospace and Industrial Distribution. Distribution is a leading distributor with 6 million SKUs serving 55,000 active customers in a broad range of industrial markets. Aerospace produces aircraft bearings and components, aerostructures for commercial and military fixed and rotary wing aircraft, arming solutions for missile and bomb systems and engineered products used in medical, industrial and aerospace markets.On June 26, 2019, Kaman announced an agreement to sell its Distribution segment to private equity firm Littlejohn &amp; Co. for $700 million cash as the culmination of a strategic review undertaken by the board of directors. Net proceeds of about $600 million will be used to pay down $100 million of the Company’s $308 million in debt, accelerate internal development efforts and pursue strategic acquisitions in engineered products market.Below I look at the business and valuation of the new, focused Aerospace pure-play company Kaman will become.

Kaman Corp (KAMN US) is a company with two distinct business segments, Aerospace and Industrial Distribution. Distribution is a leading distributor with 6 million SKUs serving 55,000 active customers in a broad range of industrial markets. Aerospace produces aircraft bearings and components, aerostructures for commercial and military fixed and rotary wing aircraft, arming solutions for missile and bomb systems and engineered products used in medical, industrial and aerospace markets.On June 26, 2019, Kaman announced an agreement to sell its Distribution segment to private equity firm Littlejohn &amp; Co. for $700 million cash as the culmination of a strategic review undertaken by the board of directors. Net proceeds of about $600 million will be used to pay down $100 million of the Company’s $308 million in debt, accelerate internal development efforts and pursue strategic acquisitions in engineered products market.Below I look at the business and valuation of the new, focused Aerospace pure-play company Kaman will become.

Kaman Corporation – Morphing into an Aerospace Pure-Play