On January 23, 2024, Headwall Photonics, Inc. (“Headwall"), a portfolio company of Arsenal Capital Partners, acquired inno-spec GmbH (“inno-spec”).

Kroll provided buy-side financial and tax due diligence in connection with the transaction.

About Headwall

Headwall Photonics, Inc. is a leader in providing spectral imaging solutions for remote sensing, industrial machine vision, and advanced optical components. The company specializes in developing and manufacturing integrated spectral imaging systems and components that deliver precise, high-resolution data for a wide range of applications. The company was acquired in 2022 by Arsenal Capital Partners, a leading mid-market private equity firm.

About Arsenal Capital Partners

Arsenal Capital Partners is a leading private equity firm that specializes in investments in industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 290 platform and add-on acquisitions, and achieved more than 35 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.

About inno-spec

inno-spec GmbH is a leading provider of hyperspectral imaging systems, specializing in industrial machine vision applications. Based in Nuremberg, Germany, inno-spec has been at the forefront of developing innovative solutions since 2005 that enhance efficiency and accuracy in various industrial processes.