Axia Announces Sale of Hydroid
Axia Capital Partners, LP, announced that it has completed the sale of the assets and business of Hydroid to , a division of Kongsberg Gruppen, for approximately $80m and an earn-out based on Hydroid's 2008 and 2009 operating performance.
Hydroid is a manufacturer and supplier of Autonomous Underwater Vehicles (AUV) for military and commercial markets worldwide. The company was established in 2001 to manufacture, support and further develop the REMUS Autonomous Vehicle Technology, originally developed and licensed through an exclusive license with the Woods Hole Oceanographic Institution. Axia invested in Hydroid in December 2005 when Hydroid's revenues approximated $7.5 million. Hydroid's 2007 sales approximated $20 million and is projecting strong revenue growth in the coming years. Hydroid is headquartered in .