Key Takeaways
- • Lockheed Martin is acquiring Ultra Maritime from Advent International for $3.45 billion to strengthen its naval defence and undersea warfare capabilities, with the business integrating into Lockheed's rotary and mission systems division (generating $17.3bn revenue in 2025).
- • Ultra Maritime specializes in anti-submarine warfare and undersea defence technologies, including sonar sensing systems, and recently secured a US Navy development contract for underwater acoustic decoy systems.
- • The acquisition reflects heightened demand for advanced defence technology driven by ongoing geopolitical conflicts in Ukraine and the Middle East, coupled with increased US defence spending.
- • Ultra Maritime originates from Cobham Ultra, formed after Advent's 2020 acquisition of Cobham and subsequent 2022 combination with Ultra Electronics, positioning the target as a mature platform within the defence-industrial base.
- • The company is actively developing next-generation capabilities through partnerships with Anduril Industries and General Atomics Aeronautical Systems on autonomous and unmanned anti-submarine warfare systems.
Summary
Lockheed Martin has agreed to acquire Ultra Maritime from private equity firm Advent International in a $3.45 billion transaction aimed at consolidating its position in naval defence and undersea warfare technologies. The acquisition will integrate Ultra Maritime into Lockheed Martin's rotary and mission systems division, the company's largest segment by revenue, which generated $17.3 billion in 2025 and employs approximately 35,000 people globally.
Ultra Maritime brings specialized capabilities in anti-submarine warfare and undersea defence, with a core competency in sonar sensing systems. The business has demonstrated commercial traction in the current geopolitical environment, having recently secured a US Navy development contract for an underwater acoustic decoy system. Additionally, Ultra Maritime is engaged in strategic partnerships with defence technology firms Anduril Industries and General Atomics Aeronautical Systems to develop autonomous and unmanned anti-submarine warfare platforms.
The target company originates from Cobham Ultra, a platform assembled by Advent International following its acquisition of Cobham in 2020 and the subsequent 2022 takeover of Ultra Electronics. This deal structure reflects Advent's strategy of building consolidated defence-focused businesses within the portfolio and represents an exit opportunity for the private equity sponsor.
The transaction is positioned within the context of elevated defence sector activity, driven by sustained geopolitical tensions in Ukraine and the Middle East, combined with higher US defence spending allocations. These macroeconomic tailwinds have created strategic urgency for prime contractors to acquire specialized capabilities that address modern naval threats, particularly in submarine detection and autonomous underwater systems—areas where traditional defence primes have historically relied on partnerships or organic development.
Ultra Maritime brings specialized capabilities in anti-submarine warfare and undersea defence, with a core competency in sonar sensing systems. The business has demonstrated commercial traction in the current geopolitical environment, having recently secured a US Navy development contract for an underwater acoustic decoy system. Additionally, Ultra Maritime is engaged in strategic partnerships with defence technology firms Anduril Industries and General Atomics Aeronautical Systems to develop autonomous and unmanned anti-submarine warfare platforms.
The target company originates from Cobham Ultra, a platform assembled by Advent International following its acquisition of Cobham in 2020 and the subsequent 2022 takeover of Ultra Electronics. This deal structure reflects Advent's strategy of building consolidated defence-focused businesses within the portfolio and represents an exit opportunity for the private equity sponsor.
The transaction is positioned within the context of elevated defence sector activity, driven by sustained geopolitical tensions in Ukraine and the Middle East, combined with higher US defence spending allocations. These macroeconomic tailwinds have created strategic urgency for prime contractors to acquire specialized capabilities that address modern naval threats, particularly in submarine detection and autonomous underwater systems—areas where traditional defence primes have historically relied on partnerships or organic development.
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