Kadokawa Licensed It, FUNimation Distributed, ADV Produced the Localization
North American DVD release began November 14, 2006
Kadokawa Pictures USA awarded The Second Raid to FUNimation for its North American release. FUNimation handled the commercial release and distribution, while ADV Films produced the English-language localization, including the dub and subtitles.
That arrangement allowed the familiar ADV-era English cast to continue in the new series even though the release itself was no longer simply another ADV Films license.
Why it matters
The Second Raid sits in an odd licensing handoff. The packaging and distributor changed, but much of the English production lineage from the earlier Full Metal Panic! anime remained recognizable.
FUNimation Later Added the Earlier FMP Television Series
Anime USA 2009 · Remastered DVD/Blu-ray releases followed
By Anime USA 2009, FUNimation announced that it had acquired the North American rights to the earlier Full Metal Panic! television material as well. Remastered DVD and Blu-ray releases followed in 2010.
What changed
The Second Raid had entered the market through Kadokawa Pictures USA and FUNimation while the earlier anime had been associated with ADV. A few years later, those television releases were being collected under the same distributor.