Arlington Capital Partners-Backed Pegasus Steel Announces Key Executive and Board Appointments
CHARLESTON, SC, September 13, 2023 – Pegasus Steel LLC (“Pegasus” or the “Company”), a leading provider of complex fabricated steel structures used for the construction of submarines, aircraft carriers and other naval and industrial systems, is pleased to announce the appointment of Brian Carter as its incoming CEO, RADM (ret.) David Goggins as an independent Board member, and Matt DeMichiel as Vice President of Corporate Development. Founded by Tony Deering in 2007, Pegasus has experienced rapid growth as it has expanded into the naval and defense fabrication markets. Arlington Capital Partners (“Arlington”) acquired the company in partnership with Mr. Deering in June 2023.
Mr. Carter has more than 25 years of industrial leadership experience including as President and CEO of Seaspan Shipyards, where he transformed the group of three shipyards into an industry leader, adding thousands of jobs and driving significant organic growth. Prior to Seaspan, Brian was an executive in General Dynamics’ NASSCO unit. Most recently, Brian served as the first operational executive at Nexii Building Solutions, helping the startup become Canada’s fastest-ever private company to a $1B valuation. As part of Brian’s appointment, Tony Deering will transition from CEO to Executive Advisor at the end of 2023 and continue as a Board member and minority investor of the Company.
RADM (ret.) Goggins began his career as a submariner and went on to become the Navy’s Program Manager for both the Virginia and Columbia Class programs. Before retiring in July, David served in a leadership role in the AUKUS partnership, an enhanced trilateral security partnership between Australia, the United Kingdom and the U.S.
Mr. DeMichiel joins Pegasus from UBS Investment Bank in New York, where he advised on transactions in the aerospace, defense and industrial sectors. Prior to UBS, he was a Surface Warfare Officer after graduating from the Naval Academy.
Mr. Deering said, “We have built a strong foundation at Pegasus focused on quality and meeting customer expectations for some of our Navy’s most complicated structures. These appointments are a critical and necessary step in the Company’s strategic growth vision to meet the country’s submarine and shipbuilding objectives by expanding production capacity, broadening capabilities and strengthening business infrastructure. I am thrilled to welcome Brian and Matt to the company and look forward to working with David on the Board in the coming years.”
Mr. Carter said “I am excited to continue Tony’s legacy at Pegasus and lead a well-positioned team into its next phase of growth. With Arlington’s financial backing and deep experience investing in the defense sector, we have the ingredients to accomplish something special, and I can’t wait to get going.”
About Arlington Capital Partners
Arlington Capital Partners is a Washington, DC-based private equity firm that has managed approximately $7 billion in capital commitments. Arlington is focused on middle market investment opportunities in growth industries including aerospace & defense, government services and technology, healthcare, and business services and software. The firm’s professionals and network have a unique combination of operating and private equity experience that enable Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company’s position as leading competitors in their field. For more information: www.arlingtoncap.com.
About Pegasus Steel
Pegasus Steel is a leading provider of complex fabricated steel structures used for the construction of submarines, aircraft carriers and other naval and industrial systems. The Company specializes in cutting, forming, machining and welding of large-scale, complex fabrications. Pegasus is headquartered near Charleston, South Carolina. For more information: www.pegasussteel.com.
Kelsey Clute, Peter Manos, Ben Ramundo
Arlington Capital Partners
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