Arlington Capital Partners Agrees to Sell Endeavor Robotics to FLIR Systems, Inc. for $385 Million

WASHINGTON–(BUSINESS WIRE)–Arlington Capital Partners (“Arlington Capital”), a Washington, DC-based
private equity firm, today announced it has agreed to sell Endeavor
Robotics (“Endeavor”) to FLIR Systems, Inc. (NASDAQ:FLIR) for $385
million. Formerly known as iRobot Defense & Security, Endeavor Robotics
was carved out by Arlington Capital in 2016 and has since become the
leading independent provider of ground-based robotic systems to the
United States Department of Defense, allied militaries, and industrial
and utility customers worldwide. Endeavor is headquartered in
Chelmsford, Massachusetts and has delivered over 7,000 systems to
customers in over 55 countries.

Peter Manos, a Managing Partner at Arlington Capital, said, “Through
significant investments in technology and people, Endeavor has achieved
over 100% organic growth during our ownership and solidified its role as
the technological leader in robotics for the U.S. military. Endeavor
provides the broadest robotics offering to its customers which will be
complemented by FLIR’s world class unmanned aerial systems, sensor and
payload capabilities.”

“Through a combination of growth investments from Arlington Capital and
an extremely committed employee base, Endeavor has built an enduring
market position that will accrue to FLIR’s benefit in the coming years,”
said Sean Bielat, CEO of Endeavor. “We are not only grateful to our
customers who have entrusted their missions to us, but also to our
employees who believed in and contributed to the Endeavor vision.”

Tom Frost, President of Endeavor, said, “In just the last three years,
Endeavor introduced two new robotic systems to the market, was selected
for three programs of record, and fostered a culture of innovation that
meshes well with FLIR’s approach to technology development. Moving
forward, we are excited to join forces with our new partners and
collaborate on each of our strategic objectives in the unmanned systems
market.”

Ben Ramundo, a Vice President at Arlington Capital, said, “Endeavor’s
achievements have been nothing short of tremendous and have positioned
the company for continued success in the rapidly-growing market for
unmanned ground vehicles. The company’s momentum and best-in-class
management team will serve as a key growth engine within FLIR’s broader
strategy for autonomous and intelligent sensing technologies.”

About Arlington Capital Partners

Arlington Capital Partners is a Washington, D.C.-area private equity
firm that has managed $2.2 billion of committed capital via four
investment funds. Arlington focuses on middle market investment
opportunities in growth industries, including: aerospace/defense,
government services and technology, healthcare, and business services
and software. Arlington invests in companies in partnership with high
quality management teams that are motivated to establish and/or advance
their Company’s position as leading competitors in their field. www.arlingtoncap.com

About Endeavor Robotics

Endeavor Robotics, Inc. is the largest global provider of tactical
unmanned ground vehicles, delivering more than 7,000 robots to customers
in over 55 countries. The Company designs and builds the most trusted,
rugged, easiest-to-operate robots used to safeguard life and property
around the world. Whatever the mission, Endeavor’s advanced robots are
out there every day supporting U.S. and international military, law
enforcement, and industrial users. Endeavor products are 100% designed
and built in the U.S. http://endeavorrobotics.com/

About FLIR Systems

Founded in 1978 and headquartered in Wilsonville, Oregon, FLIR Systems
is a world-leading maker of sensor systems that enhance perception and
heighten awareness, helping to save lives, improve productivity, and
protect the environment. Through its nearly 3,700 employees, FLIR
Systems’ vision is to be “The World’s Sixth Sense” by leveraging thermal
imaging and adjacent technologies to provide innovative, intelligent
solutions for security and surveillance, environmental and condition
monitoring, outdoor recreation, machine vision, navigation, and advanced
threat detection. www.flir.com

Contacts

Peter Manos and Ben Ramundo
Arlington Capital Partners
5425
Wisconsin Avenue, Suite 200
Chevy Chase, MD 20815
(202)
337-7500

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