Private equity firm Artemis has successfully completed the divestment of its portfolio company Adcole Maryland Aerospace (AMA).

The company has been sold to aviation industry private investment firm AE Industrial Partners (AEI).

Financial details of the deal have not been disclosed.

Based in Marlborough, Massachusetts, US, AMA specialises in designing and producing mission-critical optical sensors such as sun sensors, star trackers and star cameras for satellites.

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It serves the US Department of Defense, other government agencies, and major aerospace and defence companies.

The company’s satellite components have played a key role in various space missions, including Mercury, Mars, Jupiter, Saturn, and Pluto voyages.

Artemis founder and managing partner Peter Hunter said: “We’re very proud of what we have accomplished in partnership with the talented AMA team.

“As a result of the company’s industry recognised commitment to innovation and quality, AMA is uniquely well-positioned to meet the growing demand for high reliability, mission-critical satellite components and subsystems.”

Mesirow Financial and Morgan Lewis respectively acted as the financial adviser and legal adviser for Artemis.

PwC and Akerman served as the financial adviser and legal adviser to AEI.

AMA was Adcole Corporation’s Aerospace Division before the latter was acquired by Artemis in May 2014.

It was formed following the spin-out and merger of Adcole Corporation Aerospace Division with Maryland Aerospace Incorporated (MAI) in April 2017.