AE Industrial closes $850 million continuation vehicle for Blue Raven

AE Industrial Partners has closed AE Industrial Partners BR Fund, a single-asset continuation vehicle of approximately $850 million tied to the recapitalization of its portfolio company Blue Raven. The continuation vehicle is led by Lexington Partners, with additional participation from several institutional investors. Blue Raven management and certain existing shareholders rolled significant proceeds into the transaction.

Blue Raven, invested in by AE Industrial in 2019, serves as an authorized and exclusive distributor of highly engineered parts, complex systems and hard-to-source components for OEM partners, selling to customers in more than 40 countries. AE Industrial said the new capital will fund organic initiatives and potential strategic acquisitions. Lexington said it was drawn to Blue Raven's business model, performance and defense market exposure.

Harris Williams served as lead financial adviser and Kirkland & Ellis as legal counsel to AE Industrial and Blue Raven. Simpson Thacher & Bartlett served as legal counsel to Lexington.