Trive-Backed Space and Defense Firm Karman Files for US IPO

(Bloomberg) — Karman Holdings Inc., a maker of integrated systems for space and defense programs backed by Trive Capital, has filed for an initial public offering.

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The Huntington Beach, Calif.-based company, which does business as Karman Space and Defense, reported rising earnings in its filing with the U.S. Securities and Exchange Commission on Tuesday.

Carman had net income of $11 million on revenue of $254 million for the nine months ended Sept. 30, compared with a net loss of $342,182 on revenue of $203.7 million a year earlier, according to filings.

Bloomberg News reported in December that a list of Huntington Beach, Calif.-based suppliers, including Northrop Grumman Corp. and Lockheed Martin Corp., could raise between $400 million and $500 million.Trive was exploring options for Karman, including a sale or An IPO that could have valued it at about $3 billion or more, people familiar with the matter said.

Karman specializes in the design, testing, manufacturing and sales of missile, defense and space program systems, the filings show.The company has about 1,100 employees in California, Oregon, Washington state and Alabama, according to the filings.

After the IPO, Trive’s subsidiaries will continue to hold majority voting stock.The Dallas-based private equity firm has more than $7 billion in regulatory assets under management, its website shows.

The offering is being led by Citigroup Inc. and Evercore Inc., the filing shows.The company plans to trade its shares on the New York Stock Exchange under the symbol KRMN.

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