SCHAUMBURG, IL -- A Cerberus Capital Management subsidiary has completed its acquisition of Sparton for $18.50 per share, or roughly $182 million.

With the deal consummated, Sparton becomes a wholly owned subsidiary of Sparton Parent, formerly known as Striker Parent. Going forward, Sparton will operate as a privately held company.

“This transaction represents an important milestone for our company,” said Joseph Hartnett, interim president and chief executive, Sparton. “Cerberus is an exceptional financial and operating partner that will help drive Sparton’s long-term growth and continue our track record of delivering industry-leading solutions to our customers around the world.”

“We are excited to partner with Sparton as it looks to the future,” said Dev Kapadia, co-chief investment officer of private equity and senior managing director, Cerberus. “Building on the company’s foundation of market-leading capabilities and strong customer relationships, we look forward to supporting the Sparton team as they drive new innovations and capitalize on dynamic global opportunities.”