Advent International is targeting strategic buyers in the sale of its naval defense business Ultra Maritime, six sources familiar with the matter said.

Ultra Maritime, which is part of Cobham Ultra, is expected to generate EBITDA of around USD 150m to USD 160m in 2026, two of the sources said. The company could fetch an EBITDA multiple in the 20x range, they added.

JP Morgan and Guggenheim are advising Advent on the sale of Ultra Maritime, three of the sources said.

Marketing materials have not yet been distributed to potential buyers, three sources said.

The business is expected to generate a high level of interest from both US and European strategics, according to several sources. Two sources noted that Advent was likely targeting a strategic buyer as it could deliver a higher multiple for Ultra Maritime.

Potential strategic acquirers could include L3Harris, Leonardo DRS and Northrop Grumman, three sources and a sector advisor said. UK-headquartered BAE Systems and Lockheed Martin could also make sense as buyers, two of the sources said.

Private equity firms are also expected to show interest in the business, five sources said, with one of them adding that strategics may view Ultra Maritime as a business that could be owned for decades, as opposed to a sponsor buyer that could look at an exit in five years time.

In January 2025, Mergermarket reported that Ultra Maritime was expected to receive acquisition interest. Bloomberg reported earlier this month that Advent was weighing a potential sale of Ultra Maritime.

Ultra Maritime specializes in anti-submarine warfare solutions, which makes the business very attractive as national security becomes more of a focus in the world, according to the 2025 report by this news service. Maritime-related companies are in steep demand as spending in that subsector is expected to increase, the report said.

Ultra Maritime is a provider of maritime defense and anti-submarine warfare capabilities across air, surface, and undersea domains for global naval forces. Among the company’s products are sonobuoys, which are used in anti-submarine warfare.

Advent-backed aerospace technology company Cobham completed its GBP 2.5bn (USD 3.1bn) acquisition of Ultra Electronics, which included Ultra Maritime, in 2022. Advent acquired Cobham in 2020 for GBP 4bn (USD 5bn).

Advent International, Cobham, Ultra Electronics, JP Morgan and Guggenheim declined to comment.