Sleeping Bear Capital, a middle market-focused independent sponsor, today announced the successful sale of portfolio company Edge Autonomy, a leading provider of UAV system technology, to Redwire Corporation. Edge Autonomy is a leader in providing autonomous systems and resilient energy solutions to the U.S. Department of Defense, U.S. Federal Civilian Agencies, and allied governments around the world.

Sleeping Bear Capital previously sold its wholly owned portfolio company, Adaptive Energy, to Edge Autonomy and has maintained a board seat and minority equity stake since 2022. As of the closing stock price of $19.32 on June 12, 2025, the deal value totaled over $1.14 billion—marking SBC’s first billion-dollar exit and a major milestone in the firm’s investment track record. SBC acquired Adaptive Energy by spinning out the fuel cell technology business from Ultra Electronics Holdings in 2018.

“When we first invested in Adaptive Energy, we saw a best-in-class power solution for the most demanding defense and aerospace environments,” said Ranvir Gujral, Managing Partner of Sleeping Bear Capital. “We believed that combining Adaptive with Edge Autonomy’s unmanned systems platform could create something truly differentiated—and the outcome has exceeded even our highest expectations. This result is a credit to the leadership and engineering teams who executed relentlessly on a shared vision.”