Advent to Sell Ultra Maritime to Lockheed Martin for $3.45 Billion

Cobham Ultra, a portfolio company of private equity investor Advent, has agreed to sell undersea warfare specialist Ultra Maritime to Lockheed Martin for 3.45 billion dollars. The deal follows a three-year period in which Advent invested around 170 million dollars to transform the business into a unified provider of anti-submarine warfare solutions for allied naval forces. During that time, Ultra Maritime grew annual revenues by roughly 17 percent per year and built strategic partnerships with emerging defence technology firms, positioning it as a leader in next-generation unmanned undersea warfare.

 

Terms of the Transaction

 

Cobham Ultra has agreed to sell Ultra Maritime to Lockheed Martin in a deal valued at 3.45 billion dollars. Ultra Maritime is described as a worldwide leader in next-generation undersea warfare solutions. The seller, Cobham Ultra, is a portfolio company of Advent, a global private equity investor. The transaction transfers a specialised defence business to one of the largest players in the sector. It represents a significant consolidation within the undersea warfare market.

The deal remains subject to standard regulatory processes before it can complete. It is conditional on customary regulatory approvals and closing conditions. Such approvals are typical for defence transactions of this scale and sensitivity. The timing of completion will depend on how quickly those conditions are satisfied. Until then, the agreement represents a commitment rather than a finalised transfer.

 

Advent's Transformation of the Business

 

Advent acquired Ultra Maritime in 2022 and set about reshaping the business. The investor worked closely with the management team to build a unified, mission-focused enterprise. This involved integrating capabilities that had previously been spread across the organisation. Advent also invested in engineering and manufacturing excellence to strengthen the company. These efforts were aimed at establishing Ultra Maritime as a focused provider of anti-submarine warfare solutions.

The transformation was supported by substantial capital investment over three years. Advent invested approximately 170 million dollars in advanced product development and dedicated manufacturing capabilities. This spending was intended to accelerate the company's technology roadmap and improve delivery times. It also expanded production capacity to meet rising demand. A portion of this investment established Ultra Maritime as a fully independent, end-to-end sonobuoy provider.

 

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Financial and Operational Growth

 

The business delivered notable financial growth under Advent's ownership. Annual revenues grew by around 17 percent per year during the ownership period. This consistent growth reflects both rising demand and expanded capacity. The revenue trajectory helped underpin the value realised in the sale. It demonstrates the commercial progress achieved during the transformation.

Operational improvements accompanied this financial performance. The company leveraged deep intellectual property in acoustics alongside advanced manufacturing capabilities. It also built a resilient supply chain to meet growing global customer demand. These capabilities strengthened Ultra Maritime's independence as a sonobuoy provider. Together they positioned the business to serve an expanding international customer base.

 

Strategic Position in Undersea Warfare

 

Ultra Maritime has established a strong position in a rapidly evolving field. The company built on its expertise in acoustics, sonar and radar technologies. This foundation made it a sought-after collaborator for emerging defence technology companies. The business positioned itself as a partner of choice for next-generation unmanned anti-submarine warfare. Its capabilities span the air, surface and undersea domains.

The company reinforced this position through strategic partnerships in 2025. It announced a collaboration with Anduril Industries to advance next-generation autonomous ocean sensing. It also partnered with General Atomics Aeronautical Systems to develop unmanned airborne anti-submarine warfare capabilities. These alliances extended the company's reach into emerging areas of defence technology. They underscored its role in bringing undersea warfare capabilities to a global scale.

 

Significance of the Acquisition

 

The acquisition carries strategic weight for the buyer and the wider sector. For Lockheed Martin, the deal adds specialised undersea warfare capabilities to its portfolio. Ultra Maritime's expertise in acoustics and sonobuoys complements existing defence offerings. The purchase reflects growing strategic interest in undersea and anti-submarine capabilities. It positions the acquirer to serve rising demand from allied naval forces.

The transaction also marks a successful exit for the private equity owner. Advent's investment transformed the business over three years before this sale. The realised value reflects the growth and repositioning achieved during that period. The deal illustrates how focused investment can reshape a defence business for sale. It also signals the continued consolidation of specialised capabilities among major defence contractors.