FR Capital Acquires Fregata Systems, Inc., Launching Its Aerospace & Defense C5ISR Investment Strategy

WASHINGTON, D.C., May 22, 2023 – FR Capital is pleased to announce its acquisition of Fregata Systems, Inc. (“Fregata”), marking a significant milestone in its plan to build a leading platform within the Command, Control, Communication, Computers, Cyber, Intelligence, Surveillance, and Reconnaissance (“C5ISR”) segment of the aerospace and defense industry.

Fregata is a leading provider of innovative networking, data management, and communications technologies solving vital needs of the defense and intelligence communities. With a “mission-first” focus, Fregata builds technology solutions to get the data, intelligence, and tools to those who need it most, all at mission relevant speeds.

Mike Twyman will become CEO of Fregata Systems. Mike has built leading market positions in protected communications, classified & acknowledged space, digital intelligence, and 5G/IoT markets. He previously led Northrop Grumman’s Defense Systems Division and was the President of Cubic Mission Solutions C5ISR business.

David Walsh, CEO of FON Advisors, commented on the transaction, saying, “This acquisition will allow us to leverage our diverse experience and understanding of the key customer concerns throughout the sector. Many of our team members have lived the mission, serving in harm’s way before leading sophisticated programs for both government and commercial industry. Our comprehensive understanding of the constituents’ needs will enable us to create affordable, best-in-class solutions that benefit our national security.”

Richard Keller, Managing Partner of Rotor Capital, further underscored the strategic importance of this acquisition: “Fregata is a nimble, innovative company with an impressive pedigree of success. We plan to build upon its strong foundation to create a market leading company in the C5ISR sector. Given persistent tense and uncertain geopolitical realities, investments like this can protect our warfighters and will enable the U.S. to keep pace with the near peer threats facing our nation. Fregata provides the best available solutions for our soldiers, sailors, airmen, marines, and guardians.”

The acquisition of Fregata represents the initiation of FR Capital’s focused investment in the Aerospace & Defense industry and the firm plans to make several strategic acquisitions in the C5ISR area over the next 36 months.

About FR Capital

FR Capital is a private equity firm formed by FON Advisors and growth oriented private investment firm, Rotor Capital. FR Capital fuses a unique combination of deep industry knowledge and experience with extensive expertise in building and financing growing companies at all stages of development.  


David Walsh

Richard Keller

FR Capital Acquires Fregata Systems, Inc., Launching Its Aerospace & Defense C5ISR Investment Strategy