I Squared Capital to acquire Orizon Aerostructures, a leading advanced manufacturing company of mission-critical aerospace components

I Squared Capital, a leading independent global infrastructure investor, today announced it has entered into a definitive agreement to acquire Orizon Aerostructures, a leading advanced manufacturer of large, complex structural components and subassemblies for commercial aviation, defence and space applications. The acquisition represents an opportunity to capitalise on multi-decade growth in aviation through a highly specialised, regulated, long-term contracted business with infrastructure characteristics and significant barriers to entry.

Founded in 2016 and headquartered in Kansas City, Missouri, Orizon is one of North America's largest and most automated independent aerostructures manufacturers, producing complex, load-bearing aircraft components at scale. The Company's state-of-art dual-use facilities employ a highly skilled labour force of more than 900 employees across five facilities in Kansas and Oklahoma, supported by partnerships with leading research, technical, and academic organisations.

Gautam Bhandari, Managing Partner and Chief Investment Officer at I Squared Capital, commented, "Expanding aircraft production requires investment in essential industrial infrastructure throughout the supply chain. Orizon provides a critical part of that infrastructure: highly specialised production capacity deeply embedded in aircraft programmes that span decades. Its exclusive, life-of-programme contracts, cost pass-through provisions and demanding qualification requirements combine long-term customer relationships with significant barriers to entry, the attributes we seek as infrastructure investors. With aircraft order books stretching over a decade into the future, expanding qualified manufacturing capacity is essential to ramping up aircraft deliveries. We look forward to partnering with Charlie, Henry and the Orizon team to expand this capacity and strengthen the U.S. aerospace industrial base."

Charlie Newell, Co-Founder and Chief Executive Officer at Orizon, and Henry Newell, Co-Founder and President at Orizon, added, "Our goal with Orizon was to build something unique. For us, that meant an organically grown, vertically integrated business which could machine, process and assemble the industry's most complex parts and subassemblies with advanced manufacturing technology to solve our customers' biggest problems. While our equipment and facilities are new and built from the ground up, we have been on a 30-year journey to work with the industry's best people, supply chain partners and customers. The result has been mission-critical plants with long-term contracts where we lead with disruptive, award-winning technologies that always place quality first. There is no end to building Orizon, and we look forward to being part of the I Squared family in this next phase of growth for our Company."

Aerospace supply constraints are creating a significant need for investment in qualified manufacturing capacity, with the IATA reporting the global aircraft order backlog exceeded 18,000 in June 2026. Rising defence spending and growth in space infrastructure is adding to that demand. Years of underinvestment have constrained manufacturing capacity, which specialist suppliers such as Orizon can help alleviate. I Squared's investment will enable Orizon to expand its manufacturing capacity, solve critical chokepoints across supply chains, and broaden its capabilities to deliver more integrated solutions.

I Squared is partnering with Orizon's founders, Charlie and Henry Newell, who will continue to lead the Company and will serve on its Board of Directors. Orizon's senior management will also be reinvesting a meaningful equity portion alongside I Squared.

The transaction is expected to close in 4Q 2026, subject to customary closing conditions and regulatory approvals. The financial terms of the transaction were not disclosed.