SOURCE: Axia Advisors

August 07, 2008 09:42 ET

Axia Advises Hydroid on $80 Million Acquisition by Kongsberg Maritime AS

BURLINGTON, MA--(Marketwire - August 7, 2008) - Axia Advisors is pleased to announce that we advised Hydroid, LLC, a leading manufacturer of Autonomous Underwater Vehicles (AUV) for military and commercial markets, on its recent sale to Kongsberg Maritime. Kongsberg Maritime AS is wholly owned by Kongsberg Gruppen ASA, headquartered in Kongsberg Norway.

Chris von Alt, President and CEO of Hydroid, LLC, stated, "As a Kongsberg company, Hydroid will continue to improve the products and services we offer, so they will be of greater value to our customers. This strategic fit is very important to our shareholders, and we are grateful to Axia Advisors for their contributions to this remarkably successful outcome."

Background

Hydroid was founded in 2001 to manufacture, support and further develop the REMUS Autonomous Vehicle Technology, originally developed and licensed through an exclusive license with the Woods Hole Oceanographic Institution. REMUS is the product of over 15 years of leading edge research and development, culminating in the world's most capable and reliable compact AUV. Hydroid employs 50 employees in the U.S. and U.K., and manufactures REMUS vehicles at its state of the art facility in Pocasset, MA.

About Axia Advisors, LLC

Axia Advisors, LLC is a leading boutique investment bank that specializes in developing profitable relationships between buyers, sellers and investors in industrial technology. Our unique combination of engineering know-how and hands-on management expertise provides public and private companies with deep domain expertise, actionable advice and best in class execution. As an affiliate of Axia Partners, Axia Advisors has been providing middle market industrial technology clients with strategic advisory, capital raising and M&A services since 2004.

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