June 2, 2025
Willkie represented Karman Space & Defense (NYSE: KRMN) in its acquisition of Industrial Solid Propulsion (ISP), a leader in specialty energetic propulsion technologies.
ISP designs, tests, qualifies and manufactures small-diameter energetic and propulsion systems, including small boost motors and solid propellant gas generators for the unmanned aircraft systems (UAS), UAS intercept, and rocket-assisted takeoff systems markets.
In connection with the acquisition, which closed on May 28, 2025, Karman successfully closed an offering to increase the size of its existing $300 million Term Loan B by $75 million. The majority of the proceeds from this offering were used to fund the acquisition of ISP, which consisted of $50 million in cash, approximately $5 million in Karman common shares and $5 million in potential earnout payments.
Willkie previously represented Karman in its recent acquisition of Metal Technology Inc. and in its initial public offering earlier this year.
Karman Space & Defense is a leader in the rapid design, development and production of critical, next-generation system solutions for launch vehicle, satellite, spacecraft, missile defense, hypersonic and UAS customers.
The Willkie team was led by partner Brandon McCoy with associates Omar Shariff, Morgan Butkus and R. Connor Brown. The team also included partners John Bain and Andres Mena, associates Robert Mostek and Payne Roberts, and law clerk Lindsey Girkin.
ISP designs, tests, qualifies and manufactures small-diameter energetic and propulsion systems, including small boost motors and solid propellant gas generators for the unmanned aircraft systems (UAS), UAS intercept, and rocket-assisted takeoff systems markets.
In connection with the acquisition, which closed on May 28, 2025, Karman successfully closed an offering to increase the size of its existing $300 million Term Loan B by $75 million. The majority of the proceeds from this offering were used to fund the acquisition of ISP, which consisted of $50 million in cash, approximately $5 million in Karman common shares and $5 million in potential earnout payments.
Willkie previously represented Karman in its recent acquisition of Metal Technology Inc. and in its initial public offering earlier this year.
Karman Space & Defense is a leader in the rapid design, development and production of critical, next-generation system solutions for launch vehicle, satellite, spacecraft, missile defense, hypersonic and UAS customers.
The Willkie team was led by partner Brandon McCoy with associates Omar Shariff, Morgan Butkus and R. Connor Brown. The team also included partners John Bain and Andres Mena, associates Robert Mostek and Payne Roberts, and law clerk Lindsey Girkin.
