Lyntris supplies connectivity solutions for military customers, including the U.S. Department of Defense and allies. Its work spans sensor architecture, sensor hardware, and data platforms used in missile defense, maritime domain awareness, and space ISR and communications.

The company was put together earlier this year by Trive Capital through the combination of two portfolio businesses, and it reported roughly $451 million in revenue over the last twelve months.

A big chunk of the shares being sold are secondary, so most of the proceeds go to existing shareholders rather than the company itself. Under normal conditions, a company looking to pay off its existing shareholders is a red flag — but with this defense company, this might be different.