Trive Is Said to Weigh Sale, IPO of Karman Space & Defense

Trive Capital is exploring options including a sale or initial public offering of Karman Space & Defense, according to people familiar with the matter.

The private equity firm is working with advisers on a potential deal that could value Karman at about $3 billion or more, the people said. The firm has sounded out possible suitors for Karman, which is expected to attract interest from private equity firms, the people said.

A listing for the Huntington Beach, California-based supplier to firms including Northrop Grumman Corp. and Lockheed Martin Corp. could raise $400 million to $500 million, one of the ...