Advent International-backed Ultra Electronics recently collected initial bids in the sale of its signature management and power business, said four sources familiar with the matter.

Private equity firms and strategics are showing interest in the business, three of the sources said.

This news service reported in February that Ultra is exploring a sale of its signature management and power business with Lazard advising. The business generates around USD 50m in EBITDA, it was further reported.

The business is part of Ultra’s maritime segment and its systems are installed on US Navy and UK Royal Navy fleets as well as vessels of allied navies worldwide.

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

Advent International, Cobham and Lazard declined to comment. Ultra Electronics did not return requests for comment.