Terms were not disclosed, but L-3 stated in its quarterly filing with the Securities and Exchange Commission on April 30 that it divested of its Broadcast Sports business for $27 million.
Hanover, Md.-based Broadcast Sports is a provider of wireless technology and communications systems services for the sports broadcast industry. It has provided point-of-view coverage from events such as the Olympics, Daytona 500 and the America's Cup.
L-3 chairman, president and CEO Michael Strianese mentioned the transaction during an earnings call on April 30, but did not name the buyer.
"We recently sold our Broadcast Sports business to a private equity firm," Strianese said. "Though small, this disposition is consistent with our strategy to continuously evaluate our portfolio, and divest non-core businesses to strengthen our core businesses and better position us to capture growth opportunities."
The Broadcast Sports divestiture comes on the heels of a deal announced by L-3 in December to sell its Marine Systems International business to Wärtsilä of Finland in a transaction valued at an initial €285 million, or $356 million.
New York-based L-3 is focused primarily on serving as a contractor for aerospace systems and as a vendor on national security projects.
Broadcast Sports will operate as Broadcast Sports International following the sale to Slate Capital.
Broadcast Sports' management team, led by Peter Larsson, will stay on with the company.
Slate Capital focuses on companies with $2 million to $10 million of Ebitda in areas including business services, distribution, direct marketing, light manufacturing, food and beverage and retail.
On its website, Slate Capital said it has a strong preference for businesses in the Mid-Atlantic region, but will also consider other companies headquartered east of the Mississippi River.
Slate Capital's portfolio includes transaction processing software provider AllTrust Networks, online marketing company DoublePositive and educational assessment company Questar Assessment.
A representative for L-3 declined to comment Monday on whether there was an auction process for Broadcast Sports. A representative for Slate Capital was not immediately available to provide additional details on the transaction.