Origination

Redwire Corporation (NYSE: RDW) was founded in 2020 by AE Industrial Partners to invest in the high-growth space economy with a roll-up strategy. Bain Capital recognized strong secular demand for space-based hardware, especially in defense, where Redwire had outsize exposure. Importantly, in more nascent industries like space, there are many unknown and uncontrollable variables that can skew the range of outcomes for an individual investment. Redwire’s diversified portfolio of companies operating in more practical, “picks and shovels” areas of the industry offered greater sector coverage and utility.

Opportunity and investment

Redwire went public via SPAC in 2021 with the goal of using its public stock to acquire nascent space companies. As investor sentiment toward SPACs weakened and share prices declined, Redwire’s stock became a less effective acquisition currency, limiting its ability to pursue targets despite a sound strategy and strong execution. Still, the company identified an attractive target in Qinetiq’s Space division and needed capital to support its acquisition. Our ability to provide a creative, tailored financing solution that allowed the company to preserve cash while equity markets were structurally challenged positioned us as the best partner. Since then, the stock has traded as much as 10x higher than our entry price ~3 years ago.

Value creation

From our diligence, it was clear that the company had a strong operational team with sponsor backing. Through active board involvement, we helped refine Redwire’s long-term strategic roadmap and provided targeted M&A diligence to support the transformative acquisition of Edge Autonomy, a leader in unmanned aerial systems and autonomous technologies. The acquisition complemented Redwire’s space-based capabilities and extended its reach into the high-growth defense, intelligence, and multi-domain autonomy markets. Today, Redwire is a scaled player in the fast-growing space and unmanned aerial vehicle markets, delivering strong margins and cash flows.

Next Chapter

In October 2025, we sold our Redwire position. The company’s core business in space infrastructure, defense systems, satellites, and mission-critical technologies remains aligned for growth. By converting its strategic potential into execution—through contract wins, margin expansion, and improved cash flow—Redwire is poised to re-enter a strong growth phase in a dynamic sector.

“By partnering with Bain Capital at a pivotal point in our growth trajectory, Redwire was able to scale quickly and build significant momentum, resulting in a strong return on this investment.”¹These endorsements are provided by certain CEOs and or founders of investments held by certain investment vehicles advised by Bain Capital affiliate investment advisers. None of these CEOs and or founders were directly compensated for providing these endorsements, however, the funds have made investments into such CEOs and or founders’ companies. As a result of this investment, a conflict of interest exists because the CEOs and or founders have an incentive to make positive statements about Bain Capital and their experiences with Bain Capital to maintain the goodwill with Bain Capital.

Peter Cannito / Chairman and CEO / Redwire

“Redwire has a rare combination of proven capability in both space and defense and a scalable platform positioned to benefit from the next decade of growth in these sectors, which is a major thematic we are excited to invest behind.”

Michael Bevacqua / Partner / Bain Capital