Canyon Partners, LLC (“Canyon”), a $28 billion global alternative investment manager, today announced it has provided a financing package to Coherent's Aerospace and Defense business as lead lender supporting global private equity investor Advent in its carveout leveraged buyout from Coherent Corp (COHR US).
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Coherent's aerospace and defense business is an independent provider of optical components and high-powered energy laser modules for the defense industry, including mirrors, lenses, windows, and coatings that are mission critical for military aircraft, satellites, and missiles. The company employs more than 500 employees with offices and manufacturing plants across the United States.
This financing package establishes a strong capital structure for Advent to capitalize on the business's strengths and fund further growth opportunities after its carveout from Coherent Corp.
“We are delighted to support Advent on this deal aslead lender,” said Davide Amico, Partner and Co-Head of Private Credit at Canyon Partners.”Our partnership has proven to be invaluable, and this deal represents yet another successful collaboration following our recent transactions in the sector with Cobham, Ultra Electronics, and Maxar.”
“We are proud to work with Advent on this deal and look forward to supporting the growth story of Coherent's Aerospace and Defense business' through this financing,” said Maximilian Lichtenheld, Managing Director at Canyon Partners. “We believe the company is well positioned to meet the growing and resilient demand for various defense platforms. This transaction underscores Canyon's established strategy of supporting high-quality businesses with flexible capital solutions in a fast and efficient way.”
“Coherent's Aerospace and Defense business is an exceptional business with a distinguished heritage in pioneering optical and laser technology for the world's most demanding applications,” said Shonnel Malani, Managing Partner at Advent. “This acquisition is complementary to our existing investments in the sector and underscores our commitment to investing in mission-critical national security technologies.”
“We see tremendous potential in this business as a standalone entity, said Rory McMahon, Vice President at Advent. “Our goal is to build upon its impressive legacy and its culture of innovation by providing the resources needed to accelerate production capacity, pursue next-generation opportunities and meet the evolving strategic needs of its customers.”
About Canyon Partners, LLC Founded in 1990, Canyon employs a deep value, credit intensive approach across public and private corporate credit, asset backed credit, and real estate. The firm seeks to capture excess returns available to those investors with specialized expertise, rigorous research capabilities, and the ability to underwrite complexity. Canyon invests on behalf of a broad range of institutions globally. For more information visitwww.canyonpartners.com.
About Advent Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, Advent oversees more than USD $94 billion in assets under management* and have made over 430 investments across 44 countries.
*Assets under management (AUM) as of March 31, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.
Contacts
Canyon Partners:Kris ColeProsek PartnersPro-Canyon@prosek.com
Advent: Peter FollandVice President, Communications, Adventpfolland@adventinternational.co.uk
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SOURCE Canyon Partners, LLC
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