NewSpring acquires radar system provider

Private equity firm NewSpring Holdings has added a second company to its government technology portfolio by acquiring C Speed, a provider of radar systems for civilian and military agencies.

C Speed has been in existence for three decades as a maker of software-defined radar receivers, exciters and signal processors for use in surveillance and other similar missions.

Terms of the transaction announced Tuesday were not disclosed. C Speed plans to use its newfound backing for organic growth initiatives and work to identify potential acquisitions.

In the fall of 2023, C Speed booked the recompete of a Customs and Border Protection agency task order to continue operating and maintaining L-88 series radars that are part of the Tethered Aerostat Radar System.

TARS provides CBP air surveillance capabilities across the border with Mexico and around Puerto Rico. GovTribe data shows the potential three-year, $8.9 million task order is C Speed’s largest prime federal contract.

Separate to that, C Speed is part of a team led by QinetiQ’s U.S. subsidiary that is responsible for broad operations and sustainment work in support of the TARS program.

QinetiQ US also booked that potential five-year, $170 million contract in the fall of 2023.

NewSpring’s other government market holding is BCore, a provider of IT and digital transformation solutions to defense and intelligence agencies. BCore was NewSpring’s first major investment in the market following the sale of Avantus Federal in 2022 to QinetiQ US.

“Our business continues to innovate, supporting national and international defense initiatives beyond our traditional software-defined radar/modernization business," C Speed chief executive Dave Lysack said in a release. "We're entering a pivotal phase of expansion, and NewSpring Holdings brings the expertise, network, and strategic support we need to help us capitalize on new opportunities.”

As part of the transaction, C Speed’s board of directors has added two new members in former Avantus CEO Andy Maner and retired Air Force Lt. Gen. Kevin McLaughlin. Maner will hold the title of executive chairman and McLaughlin was named a senior adviser.