Karman acquires ISP for $50M cash plus stock; upsizes term loan by $75M

Karman Holdings Inc.

Acquired Industrial Solid Propulsion (ISP) for $50M cash, ~$5M in Karman common shares, plus $5M in potential earnout payments.
Funded cash portion via $75M incremental term loan upsizing its existing $300M Term Loan B.
ISP is a 40-year-old provider of small-diameter energetic propulsion for UAS, intercept, and rocket-assisted takeoff systems.
Acquisition is accretive to Karman across revenue growth, EBITDA margin, contracted revenue, and cash flow.
Transaction closed May 28, 2025; ISP has 14 proprietary propellant families and 400+ motor configurations.

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