Private equity firm Charlesbank Capital Partners has completed its acquisition of EMCORE, a provider of inertial navigation systems, to establish Velocity One. This new entity will focus on delivering advanced products for the aerospace and defense industries.

Velocity One will be led by industry veteran John Borduin as CEO. The company will consist of three operational units: EMCORE, Cartridge Actuated Devices, and Aerosphere Power. Based in Fairfield, New Jersey, Velocity One will employ around 250 people across five facilities, concentrating on the design and production of navigational systems, power solutions, and energetic devices tailored for aerospace and defense markets.

Borduin brings over 20 years of leadership experience from various aerospace and defense firms, including CAD, Safran, Avionic Instruments, and GE Aviation. He expressed enthusiasm about the acquisition, stating it presents a significant opportunity for growth and the potential to leverage a strong M&A pipeline in the aerospace and defense sectors.

Velocity One's board of directors includes Brandon White, managing director and co-head of Flagship at Charlesbank, along with Charlesbank Senior Vice President Samuel Bekenstein and Vice President Karan Talreja. White highlighted the shared reputation of the three companies for delivering high-quality products and their commitment to creating value through organic growth and acquisitions.

The transaction, which was agreed upon in November, involved a cash purchase price of $3.10 per share, unanimously approved by EMCORE’s board. Additionally, Launch Point Partners will act as a strategic co-investor alongside Charlesbank in Velocity One.