Deal Details

Resonant to Be Acquired by Joby Aviation

Industrial

Resonant, a portfolio company of Cerberus, sale to Joby

Summary

Resonant Sciences, LLC (“Resonant” or the “Company”), a portfolio company of certain funds advised by Cerberus Capital Management, L.P. (“Cerberus”), is to be acquired by Joby Aviation, Inc. (“Joby”) (NYSE: JOBY) for approximately $500 million in a combination of cash and equity. The transaction is subject to various regulatory approvals and customary closing conditions.

Baird served as exclusive financial advisor to Resonant on this transaction.

About

Resonant is a leading defense technology company specializing in enhanced survivability and spectrum dominance for the most advanced U.S. national security programs. Founded in 2015, the Company pioneers low-observability and electronic warfare technologies, combining world-class R&D capabilities with scaled manufacturing operations to rapidly advance from prototype to fielded products. Resonant is a trusted mission partner for key defense customers, with an extensive track record of successful execution across critical national security programs. Since its founding, Resonant has grown to approximately 250 employees and operates more than 200,000 square feet of engineering & manufacturing facilities. Resonant is headquartered in Dayton, Ohio.

Post-close, Resonant will operate as Joby’s dedicated defense business unit, bringing entrenched positions on multiple programs of record and scaled production capacity. The Company’s low observable apertures, RF sensing, and signal-processing capabilities will complement Joby’s aircraft, propulsion, and autonomy technologies accelerating the development of software-defined autonomous systems for next-generation, defense platforms.

Joby’s acquisition of Resonant underscores several themes in Defense, Space & Government M&A: (1) increasing interest from commercial tech and industrials companies in national security; (2) autonomy and full-spectrum dominance as key defense priorities; and (3) focus on scaled manufacturing capabilities to address urgent mission needs.

Founded in 1992, Cerberus is an alternative investment firm with approximately $72 billion in assets across complementary credit, private equity, and real estate strategies. Cerberus invests across the capital structure, where it believes its integrated investment platforms and proprietary operating capabilities can help to improve performance and drive long-term value. Through its dedicated Supply Chain strategy, Cerberus seeks to advance the interests of the United States and allied partners in domains critical to the future. Cerberus is headquartered in New York, New York.

Joby Aviation is a transportation company developing an all-electric, vertical take-off and landing air taxi. Joby intends to both operate its fast, quiet, and convenient air taxi service in cities around the world and sell its aircraft to other operators and partners. Joby is headquartered in Santa Cruz, California.

Industrial

Resonant, a portfolio company of Cerberus, sale to Joby