Covington Represents AE Industrial Partners in $75 Million Series B Growth Equity Investment

Covington Represents AE Industrial Partners in $75 Million Series B Growth Equity Investment

March 22, 2022

NEW YORK—Covington advised AE Industrial Partners, LP (“AE Industrial Partners”), a U.S.-based private equity firm specializing in aerospace, defense and government services, space, power and utility services, and specialty industrial markets, in leading a $75 million Series B financing round in Firefly Aerospace (“Firefly”), an emerging leader in economical launch vehicles, spacecraft, and in-space services and in its concurrent completion of its previously reported acquisition of Noosphere Venture Partners LP’s stake in Firefly.

The Series B investment will support Firefly’s next stage of growth by providing capital for future Alpha flights, the Blue Ghost Lunar Lander Program, and the development of additional launch and in-space solutions.

AE Industrial Partners is a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. It is a signatory to the United Nations Principles for Responsible Investment and the ILPA Diversity in Action initiative.

Firefly is developing a family of launch and in-space vehicles and services. Firefly’s launch vehicles utilize common technologies, manufacturing infrastructure and launch capabilities, providing LEO launch solutions for up to ten metric tons of payload at the lowest cost per kg in the small-launch class. Combined with Firefly’s in-space vehicles, such as the Space Utility Vehicle and Blue Ghost Lunar Lander, Firefly provides the space industry with a single source for missions from LEO to the surface of the Moon or beyond.

The Covington team includes Amy Wollensack and Michelle Chan (corporate) and Mark Plotkin (national security).