DEAL NOTE: Crowell Advises Firefly Aerospace in $75 Million Series B Financing Round and the Secondary Sale of Noosphere’s Firefly Equity to AE Industrial Partners

Los Angeles, CA –March 28, 2022: The closing of Crowell & Moring client Firefly Aerospace’s $75 million Series B preferred equity issuance and the secondary sale of Noosphere Venture Partners’ equity in Firefly to AE Industrial Partners LLP (AEI) was announced. The transaction values Firefly above its May 2021 Series A valuation of more than $1 billion. These two transactions constitute a change of control of the company, as well as providing Firefly with the resources to deliver new innovations in space launch vehicles.

Firefly, based in Cedar Park, TX, is committed to providing economical and convenient access to space for small-to-medium payloads through the design, manufacturing, and operation of reliable spacecraft and launch vehicles.

AEI, a U.S.-based private equity firm, specializes in aerospace, defense and government services, space, power and utility services, and specialty industrial markets. Its portfolio companies have a history of serving as strategic partners to the top national security agencies. This Series B investment will support Firefly’s next stage of growth by providing capital for future Alpha flights, the Blue Ghost Lunar Lander Program, and the development of additional launch and in-space solutions.

Crowell’s cross-practice deal team was led by corporate partner Renée Delphin-Rodriguez and includes partners Steven Ryan and Jon O'Connell and associates Ryan Flynn and Justin Lurie.