Aerospace, Defense & Space M&A Trends: Summer 2022
Published July 26, 2022
Key Insights
- Continued recovery of commercial aerospace & commercial aircraft build rate forecasts
- Suppliers’ movement up the value chain
- Consolidation in the finish processing sector
Commercial air travel continues its path of recovery to pre-pandemic levels led by domestic air travel. As a result, OEMs are increasing build rates on single aisle aircrafts with the A320 increasing rates 11% while the 737 has undergone 60%+ increase since Q4-21. Aerospace, defense, and space suppliers are continuing to utilize M&A as a means to move up the value chain for customers and improve their competitive positioning by expanding capabilities and providing customers with increasingly more complex subsystems, assemblies, and components. Companies offering finish processing services have become attractive M&A targets over the past 24 months driven by manufacturers looking to vertically integrate and pure-play processing companies seeking to gain customer diversification and scale.
Market Insights
Continued Recovery of Commercial Aerospace
- Commercial air travel continues its path of recovery to pre-pandemic levels led by domestic air travel. In the U.S., the average number of daily passengers reached approximately 90% of 2019 levels in Q2, up from 67% for the same period last year
- Overall, long-term growth fundamentals remain solid with Airbus forecasting passenger traffic growth of 3.6% between 2022 and 20411; this represents a slightly lower growth rate than previously stated (3.9%) accounting for the impacts of increasing fuel costs
- Fleet modernization will become an important factor in response to increasing fuel costs as airlines will look to upgrade fleets with new aircrafts that are more fuel efficient, driving continued aircraft demand. Airbus estimates only 20% of the current fleet is the latest generation of aircraft
- Since Q4 2021, both Airbus and Boeing have increased the build rate on their single aisle aircrafts with the A320 Series increasing rates 11% while the 737 has undergone a 60%+ increase. Build rates will continue to grow as Airbus and Boeing both secured large orders for their narrowbody jets at the Farnborough Airshow
- As build rates continue to increase historical supply chain challenges are likely to resurface. In response, OEMs and Tier 1 suppliers are encouraging lower-tiered suppliers to consider consolidation and vertical integration strategies in order to ensure the stability of the supply chain
Commercial Aircraft Build Rate Forecasts
Average Number of Daily Travelers in the U.S. (In Millions)4
1) Airbus Global Market Forecast
2) Airbus Press Release; Bloomberg; Simple Flying
3) Boeing Press Release; Simple Flying
4) TSA
Suppliers’ Movement Up the Value Chain
- Aerospace, defense, and space suppliers are continuing to utilize M&A as a means to move up the value chain for customers and improve their competitive positioning by expanding capabilities and providing customers with increasingly more complex subsystems, assemblies, and components
- Companies offering build-to-spec capabilities, engineering services, proprietary products, and complete program management remain at the forefront of M&A strategies by strategics and private equity buyers, as investors value the benefit of spec’d or sole-source positions on customer programs
- Recent strategic acquisitions focused on proprietary technologies and engineering capabilities include Senior Aerospace’s acquisition of Spencer Aerospace for its proprietary fittings and Allied Motions acquisition of Airex, a provider of patented linear motor technology
- There has also been significant recent M&A activity among Tier 2 suppliers as they seek to expand capabilities and provide customers with a greater product offering. Recent examples in Q2 include Accurus’ acquisition of Ferra Engineering and Primus Aerospace’s acquisition of Raloid
Description:
Provide precision component manufacturing, chemical plating, assembly and integration, non-destructive testing.
Rationale:
Primus further strengthens Raloid’s position as a Tier 1
supplier in the defense industry because it works directly with OEMs and Tier 1 companies to develop key solutions.
Description:
Manufacturer of passive antennas intended for critical space and ground applications. The Company also offers complex precision microwave components & assemblies, electroplating, and engineering services.
Rationale:
The acquisition will enable Vitesse Systems to support a broad range of LEO and GEO satellite programs and related ground-based systems.
Description:
Manufacturer of engineered structural parts, complex assemblies, and electromechanical subsystems.
Rationale:
Expands Accurus’ complex assembly and advanced manufacturing capabilities, extends its geographic presences, and improves revenue/program diversification.
Sources: Pitchbook, company press releases, company websites & Meridian research
Consolidation in the Finish Processing Sector
- Companies offering finish processing services have become attractive M&A targets over the past 24 months driven by manufacturers looking to vertically integrate and pure-play processing companies seeking to gain customer diversification and scale
- Finish processing services are expected to be in increasingly greater demand as commercial aerospace build-rates recover, creating an attractive time for investors to pursue acquisitions
- Companies that have the engineering resources to develop proprietary coatings and/or conduct collaborative engineering with customers to solve unique surface treatment needs will be among the most attractive assets due to the high barriers of entry created
- The sector has seen several private equity roll-ups in the space companies including ATL Partners-backed Valence, having acquired two companies over the past two years, Aterian-backed Pioneer with three acquisitions over the past two years, and KKR-backed Novaria Group, having made five recent acquisition of finish processing companies
- As a highly fragmented sector where scale, engineering capabilities, and geographic proximity to customers is important, Meridian expects to see continued consolidation in the sector
Description:
Provider of finishing and coating services for the worldwide aerospace and defense market.
Rationale:
The acquisition of Hohman strengthens Novaria’s position in the A&D market and expands its suite of proprietary coating solutions.
Description:
Provider of metal finishing, electroplating, and industrial coating services to the aerospace and defense industries.
Rationale:
H&W is aligned with Valence’s strategy to strengthen its footprint in the Northeast and increase its exposure to defense platforms.
Description:
Metal finishing company providing a range of highly technical finishing solutions.
Rationale:
The acquisition expands Pioneer’s presence on the West Coast and adds new technical capabilities.
Aerospace, Defense & Space M&A Activity
M&A Activity and Market Trends
Sector Index Performance5
Global Defense Program Spending ($B)
5) Individual components of Aerospace and Defense Indices can be found on page 6. Indices weighted by Market Capitalization.
Sources: Pitchbook, Meridian research & company press releases
Publicly-Traded Aerospace, Defense & Space Companies
Aerospace
| Company Name | Market Cap | EV | LTM Rev | LTM EBITDA | EV/LTM Rev | EV/LTM EBITDA | LTM Margin EBITDA | 52-Week Change |
|---|---|---|---|---|---|---|---|---|
| Boeing Co. | $87,408 | $132,997 | $61,060 | ($759) | 2.2x | NA | NA | (29)% |
| Airbus S.A.S. | $81,869 | $77,044 | $62,359 | $10,074 | 1.2x | 7.6x | 16.2% | (24)% |
| Safran SA | $44,484 | $46,997 | $17,892 | $3,235 | 2.6x | 14.5x | 18.1% | (25)% |
| TransDigm Group, Inc. | $29,387 | $45,074 | $5,018 | $2,393 | 9.0x | 18.8x | 47.7% | (11)% |
| HEICO Corporation | $16,182 | $16,673 | $2,010 | $544 | 8.3x | 30.7x | 27.1% | 3 % |
| Textron Inc. | $12,937 | $14,466 | $12,504 | $1,471 | 1.2x | 9.8x | 11.8% | (5)% |
| MTU Aero Engines AG | $9,803 | $10,373 | $4,951 | $765 | 2.1x | 13.6x | 15.4% | (20)% |
| Hexcel Corporation | $4,529 | $5,274 | $1,405 | $257 | 3.8x | 20.5x | 18.3% | 1 % |
| Spirit AeroSystems Inc. | $3,374 | $6,091 | $4,227 | $138 | 1.4x | 44.0x | 3.3% | (18)% |
| Triumph Group, Inc. | $858 | $2,226 | $1,460 | $217 | 1.5x | 10.3x | 14.9% | (20)% |
| Kaman Corporation | $829 | $908 | $695 | $91 | 1.3x | 10.0x | 13.0% | (31)% |
| Ducommun, Inc. | $512 | $787 | $652 | $92 | 1.2x | 8.6x | 14.1% | (16)% |
| Median | $12,420 | $4,589 | $400 | 1.8x | 13.6x | 15.4% | (19)% | |
| Mean | $29,909 | $14,519 | $1,543 | 3.0x | 17.1x | 18.2% | (16)% |
Defense
| Company Name | Market Cap | EV | LTM Rev | LTM EBITDA | EV/LTM Rev | EV/LTM EBITDA | LTM Margin EBITDA | 52-Week Change |
|---|---|---|---|---|---|---|---|---|
| Raytheon Technologies Corporation | $135,679 | $164,298 | $64,853 | $11,867 | 2.5x | 13.8x | 18.3% | 13 % |
| Lockheed Martin Corporation | $106,012 | $115,774 | $65,750 | $9,555 | 1.8x | 12.1x | 14.5% | 7 % |
| Northrop Grumman Corporation | $71,691 | $84,010 | $35,307 | $8,942 | 2.4x | 9.4x | 25.3% | 30 % |
| General Dynamics Corporation | $59,087 | $69,353 | $38,472 | $5,346 | 1.8x | 13.0x | 13.9% | 16 % |
| L3 Harris Technologies, Inc. | $43,173 | $50,714 | $17,350 | $3,802 | 2.9x | 13.3x | 21.9% | 3 % |
| BAE Systems Plc | $29,621 | $34,687 | $26,844 | $3,738 | 1.3x | 9.3x | 13.9% | 34 % |
| Thales SA | $26,169 | $27,433 | $19,144 | $2,817 | 1.4x | 9.7x | 14.7% | 17 % |
| Leidos, Inc. | $13,487 | $18,950 | $13,916 | $1,479 | 1.4x | 12.8x | 10.6% | (4)% |
| Elbit Systems Ltd. | $9,940 | $11,149 | $9,297 | $936 | 1.2x | 11.9x | 10.1% | 82 % |
| Huntington Ingalls Industries, Inc. | $8,195 | $11,254 | $9,822 | $1,061 | 1.1x | 10.6x | 10.8% | 5 % |
| Oshkosh Corporation | $5,301 | $4,951 | $8,009 | $469 | 0.6x | 10.6x | 5.9% | (29)% |
| Moog Inc. | $2,525 | $3,238 | $2,927 | $331 | 1.1x | 9.8x | 11.3% | 4 % |
| Kratos Defense & Security Solutions Inc | $1,631 | $1,731 | $814 | $79 | 2.1x | 22.0x | 9.7% | (49)% |
| Median | $27,433 | $17,350 | $2,817 | 1.4x | 11.9x | 13.9% | 7 % | |
| Mean | $45,965 | $24,039 | $3,879 | 1.7x | 12.2x | 13.9% | 10 % |
Space
| Company Name | Market Cap | EV | LTM Rev | LTM EBITDA | EV/LTM Rev | EV/LTM EBITDA | LTM Margin EBITDA | 52-Week Change |
|---|---|---|---|---|---|---|---|---|
| Ball Corporation | $21,260 | $29,886 | $14,402 | $2,159 | 2.1x | 13.8x | 15.0% | (21)% |
| Aerojet Rocketdyne Holdings, Inc. | $3,223 | $3,104 | $2,203 | $309 | 1.4x | 10.0x | 14.0% | (17)% |
| ViaSat, Inc. | $2,002 | $4,607 | $2,788 | $611 | 1.7x | 7.5x | 21.9% | (44)% |
| Maxar Technologies Inc. | $1,800 | $4,041 | $1,783 | $495 | 2.3x | 8.2x | 27.8% | (21)% |
| Gilat Satellite Networks Ltd | $346 | $274 | $222 | $20 | 1.2x | 13.9x | 8.9% | (33)% |
| Comtech Telecommunications Corp. | $254 | $507 | $505 | $53 | 1.0x | 9.6x | 10.5% | (59)% |
| Median | $3,572 | $1,993 | $402 | 1.5x | 9.8x | 16.3% | (27)% | |
| Mean | $7,070 | $3,650 | $608 | 1.6x | 10.5x | 16.3% | (32)% |
Sources: Pitchbook
Notable Transactions: Aerospace
| Deal Date | Acquirer/Investor | Target | Target Description |
|---|---|---|---|
| Jul-22 | Daher | Triumph Group (Aerostructures Business) | Manufacturer of aero-structures intended to specialize in assembly of large, complex metallic structures. |
| Jun-22 | Mcfarlane Aviation Products | Airforms | Manufacturer and supplier of proprietary aftermarket PMA parts and components for the general aviation sector. |
| Jun-22 | Senior (LON: SNR) | Spencer Aerospace Manufacturing | Manufacturer of high-pressure hydraulic fluid fittings intended for commercial and military aerospace applications. |
| Jun-22 | P4G Capital Management | TIGHITCO | Designer and manufacturer of engineered components intended for aerospace and industrial applications. |
| May-22 | RattanIndia Enterprises | Throttle Aerospace Systems | Manufacturer and designer of drones and aerospace systems intended to redefine future mobility segments. |
| May-22 | Kaman (NYS: KAMN) | Parker-Hannifin (Aircraft Wheel & Brake Division) | Manufacturer of mission-critical wheel and brake technology products. |
| May-22 | Tikehau Ace Capital | BT2i Group | Manufacturer of composite parts & complex assemblies intended for aerospace, defense and advanced technology markets. |
| May-22 | StandardAero, The Carlyle Group (NAS: CG) | EB Airfoils | Provider of fan blade and compressor blade repair and overhaul services. |
| May-22 | Adept Fasteners Inc. | Innovative Tooling Services | Manufacturer of tooling solutions intended to create value and time savings in airframe maintenance or manufacturing environments. |
| May-22 | Arx Equity Partners | Brebeck Composite | Manufacturer of carbon fiber composite parts intended for the automotive, aerospace and motorsport industries. |
| May-22 | CPI International | CPI AdamWorks | Designer and manufacturer of composite material structures intended to serve aerospace and defense. |
| May-22 | Latecoere (PAR: LAT) | Avcorp Industries (TSE: AVP) | Canadian designer and developer of structures for aircraft manufacturers. |
| Apr-22 | KKR & Co. Inc. (NYS: KKR) | FMi Chemical | Manufacturer of heat-resistant silicone sealants, compounds and coatings intended for the aerospace industry. |
| Apr-22 | AE Industrial Partners, G.S Precision | F.T.Gearing Systems | Provider of precision geared components manufacturing services intended for the aerospace and defense sector. |
| Apr-22 | Textron (NYS: TXT) | Pipistrel | Manufacturer of private aircraft intended to help deliver the most reliable flying experience. |
| Apr-22 | American Industrial Acquisition Corporation | Vital Engineered Components Company | Manufacturer of cast components intended for the aerospace and industrial markets. |
| Apr-22 | Aviation Safety Resources | Pioneer Aerospace | Manufacturer of aircraft equipment catering to civil aviation companies. |
| Apr-22 | Liberty Hall Capital (Accurus Aerospace Corporation) | Ferra | Manufacturer of engineered structural parts, complex assemblies, and electromechanical subsystems for the A&D industry. |
| Apr-22 | Novaria Holdings, KKR & Co. Inc. (NYS: KKR) | Hohman Plating | Provider of finishing and coating services for the worldwide aerospace and defense market. |
| Apr-22 | First Aviation Services | Heliblade | Provider of aircraft maintenance and repair services. |
| Apr-22 | AE Industrial Partners, Applied Composites | North Coast Composites | Manufacturer of advanced composites intended for aerospace industries. |
| Apr-22 | BJG Electronics | United Avionics | Manufacturer of cable assemblies and wiring harness intended for aircraft, defense commercial and aerospace industries. |
| Mar-22 | AE Industrial Partners, G.S Precision | SMC Aerospace | Manufacturer of engineered tubes and machined components for aerospace and defense industries. |
| Mar-22 | Enjet Aero | Spartan Aerospace | Manufacturer of machined aero-engine components, sheet metal stampings, brackets, fabrications, and assemblies for the commercial and defense aerospace industries. |
| Mar-22 | DC Capital Partners | uAvionix | Developer and manufacturer of communications, navigation and surveillance products intended to create safety solutions for the unmanned aviation industry. |
| Mar-22 | AVIC Innovation Capital | Dalian C&L Technology Development | Manufacturer of aviation parts. |
| Mar-22 | DART Aerospace | Paravion Technology | Manufacturer of aircraft equipment intended for the helicopter industry. |
| Feb-22 | CGI Automated Manufacturing | Richlind Metal Fabricators | Provider of precision sheet metal fabrication and machining services specializing in complex, tight tolerance parts and assemblies. |
| Jan-22 | Dorilton Capital, Versa Integrity Group | Avion Commercial | Provider of unmanned aircraft systems in Huntsville, Alabama. |
| Jan-22 | Levine Leichtman, Avia Technique | Fire-TEC Aero Systems | Provider of maintenance, repair and overhaul (MRO) solutions to the aviation safety equipment industry. |
| Jan-22 | INDIE | Totalshield | Manufacturer of transparent blast shielding products used by industrial and aerospace customers to keep their employees safe. |
| Jan-22 | Curtiss-Wright | Safran Aerosystems Arresting | Designer and manufacturer of aircraft emergency arresting systems intended to optimize aircraft performance and flight safety. |
| Jan-22 | Cutter Aviation | GTU Jet FBO | Operator of hangers and provider of FBO services based in Georgetown, Texas. |
| Jan-22 | Prototek Rapid Prototyping | Sac EDM & Waterjet | Provider of cutting and machining services intended for aerospace, medical, architectural, semiconductor, energy and commercial industries. |
| Jan-22 | KKR & Co. Inc. (NYS: KKR) | Hydro Fitting Manufacturing | Manufacturer of high-pressure valves, charging kits, hose assemblies and fittings intended for aerospace, commercial automotive, mining and defense industries. |
| Jan-22 | Titus Group | Precision Plastics | Manufacturer of engineered molded components intended for a variety of industries. |
| Jan-22 | Ridgewood Infrastructure | APP Jet Center | Operator of a fixed-base operator intended to provide essential aviation infrastructure. |
| Jan-22 | Plansee | Mi-Tech Tungsten Metals | Manufacturer of precision tungsten alloys and tungsten composites intended to serve the aerospace, defense, medical, oil and gas and machining industries. |
| Jan-22 | Jackson Jet Center | Swift Aviation Group | Provider of aviation services based in Phoenix, Arizona. |
| Jan-22 | Cargo Repair | Aviation Inflatables | Manufacturer and supplier of repair, overhaul and maintenance of emergency evacuation devices for the aviation industry. |
| Jan-22 | FlightSafety International | Frasca International | Manufacturer of flight stimulators intended to improve aviation safety. |
| Jan-22 | Elevate Holdings | Keystone Aviation | Provider of aircraft management services based in Salt Lake City, Utah. |
| Jan-22 | StandardAero, The Carlyle Group (NAS: CG) | PTS Aviation | Supplier of aviation equipment to domestic and international companies. |
| Jan-22 | Cutter Aviation | AeroJet FBO | Provider of fixed-base operator services based in Georgetown, Texas. |
| Dec-21 | ADB SAFEGATE | DBT Transportation Services | Provider of transportation technology and services intended for the aviation industry. |
| Dec-21 | Motion Industries | Kaman Distribution Group | Distributor of highly engineered products and provider of related services across the United States and Puerto Rico. |
| Dec-21 | Yellowstone Acquisition | Sky Harbour | Operator of private airplane hangars based in White Plains, United States. |
| Dec-21 | Transcat | Tangent Labs | Provider of instrument calibration services based in Indianapolis, Indiana. |
| Dec-21 | Aircraft Fasteners International | Calco Aerospace | Distributor of fasteners and hardware for the aerospace and defense industry. |
| Dec-21 | VBG Group | The Carlyle Johnson Machine Company | Manufacturer of motion control components and products for medical, aerospace, industrial and defense industry. |
Notable Transactions: Defense
| Deal Date | Acquirer/Investor | Target | Target Description |
|---|---|---|---|
| Jul-22 | Novaria, KKR & Co. Inc. (NYS: KKR) | Stroco Manufacturing | Producer of small precision sheet metal and machined parts and assemblies for aerospace and defense customers. |
| Jul-22 | HEICO | Accurate Metal Machining | Manufacturer of high-reliability components and assemblies for the aerospace and defense industries. |
| Jun-22 | Primus Aerospace | Raloid | Manufacturer of detailed mechanical components and assemblies for the defense industry. |
| Jun-22 | Precision Products Group | Breyden Products | Manufacturer of military specification lacing tapes, twines and cords intended to serve the aerospace and defense industries. |
| Jun-22 | Allied Motion (NAS: AMOT) | Airex | Designer and manufacturer of precision and specialty controlled motion products and solutions intended to serve the aerospace, military, semiconductor, medical and photonics industry. |
| Jun-22 | iNRCORE | Vanguard Electronics | Manufacturer of inductors and transformers for defense, aerospace, space, medical, down-hole and energy industries. |
| Jun-22 | Rafael Advanced Defense Systems | PVP Advanced EO Systems | Developer and manufacturer of electro-optic EO systems catering to air, land, sea and critical homeland security applications. |
| May-22 | Allied Motion (NAS: AMOT) | FPH Group | Developer of technically advanced engineered products and systems designed for ground-based vehicles in the defense market. |
| May-22 | Adani Defence Systems and Technologies | General Aeronautics | Developer of advanced aerial technologies addressing the challenges of unmanned aerial vehicle design. |
| May-22 | TransDigm Group (NYS: TDG) | DART Aerospace | Manufacturer of helicopter mission equipment focused on services and replacement of parts and tools. |
| May-22 | WestView Capital Partners | Summit7 | Provider of cybersecurity and compliance services intended to serve the U.S. aerospace and defense industry and corporate enterprises. |
| May-22 | Latecoere (PAR: LAT) | Málaga Aerospace Defence and Electronics Systems | Manufacturer of microelectronic devices for applications across defense, commercial aviation and industrial end markets. |
| May-22 | Hill Technical Solutions, DC Capital Partners | Valkyrie Enterprises | Engineering and technology company intended for departments of defense clients. |
| Apr-22 | Accurus Aerospace | Ferra Engineering | Manufacturer of fully integrated advanced components, sub-systems and assemblies for the military aerospace and commercial aerospace, renewables, medical and automotive industries. |
| Mar-22 | BAE Systems (LON: BA) | Bohemia Interactive Simulations | Developer of gaming technology for military training and interactive simulation software serving defense, emergency and mission-critical customers. |
| Feb-22 | Trive Capital | Systems Innovation Engineering | Provider of engineering services intended for defense suppliers. |
| Feb-22 | Flight Support Group | Pioneer Industries | Distributor of specialty defense spares intended to provide solutions from the assembly to the front line military needs. |
| Jan-22 | RSC2 | TriMech Services | Provider of systems engineering, modeling, and simulation services catering to the Department of Defense. |
| Jan-22 | Enlightenment Capital | Boecore | Provider of aerospace and defense engineering services dedicated to ensuring customers mission success. |
| Jan-22 | Federal Advisory Partners | FTC | Provider of information technology solutions that deliver digital transformation for Federal Government partners across the civilian, defense and intelligence landscape. |
| Jan-22 | Sagewind Capital, Sigma Defense System | Solute | Operator of technology and engineering firm focused on serving U.S. Department of Defense (DoD). |
| Jan-22 | Godspeed Capital | Exceptional Software Strategies | Provider of information technology solutions intended to serve the intelligence community and department of defense agencies. |
| Jan-22 | Rheinmetall | EMT | Developer of an aircraft center intended to shape the future of unmanned aircraft systems (UAS) for civilian use. |
| Jan-22 | Simulator Product Solutions | Panel Products | Designer and manufacturer of simulation displays and lighted panels catering to aerospace and military industries. |
| Jan-22 | Volex | TCP Cable | Manufacturer of wire harnesses designed for military equipment manufacturers. |
| Jan-22 | ESAM, VergePointe Capital | Englander Enterprises | Provider of electronic and electromechanical solutions for aerospace, defense, and homeland security applications. |
| Dec-21 | CACI International | ID Technologies | Developer of cloud-based information technology systems catering to government agencies across the defense, intelligence and federal civilian communities. |
| Dec-21 | Giga-Tronics | Gresham Worldwide | Manufacturer of electronics intended to support the defense and aerospace industry. |
| Dec-21 | NowVertical Group | Allegient Defense | Provider of technical contracting services to the federal government as well as aerospace and defense through data analysis and assessment. |
| Dec-21 | AE Industrial Partners | Crestwood Technology Group | Distributor of parts and materials intended for the government as well as defense and commercial aviation industries. |
| Dec-21 | Tevano Systems Holdings | Illuria Security | Developer of cyber-deception automation and threat intelligence technology intended to reduce time-to-detection and incident response. |
| Dec-21 | RF Industries | Microlab | Manufacturer of radio frequency components developed for broadband applications in infrastructure, military and aerospace markets. |
| Dec-21 | Ducommun | Magnetic Seal | Manufacturer of magnetic sealing products intended to serve the aerospace and defense industry. |
| Dec-21 | Exaktera | ProPhotonix | Designer and manufacturer of light-emitting diode systems and laser modules based in Salem, New Hampshire. |
| Dec-21 | Vishay Intertechnology | Barry Industries | Manufacturer and designer of passive electronics and resistors designed for communication, defense and medical applications. |
| Dec-21 | ManTech International | Gryphon Technologies | Provider of advanced digital and systems engineering services intended for the defense industry. |
| Dec-21 | Mustang Survival | Stearns | Manufacturer of protective and flotation equipment for water rescue professionals, military elites and commercial and industrial mariners. |
| Dec-21 | Arcline Investment Management, Fairban | Welin Lambie | Manufacturer of davits intended for the shipyard, defense and commercial marine customers. |
| Dec-21 | American Industrial Partners | Raytheon Technologies (Defense Training and Mission Critical Solutions) | Provider of training and sustainment services intended for the defense and commercial aerospace industries. |
| Dec-21 | Thales Group | Moog (Navigation Aids Business in Salt Lake City, Utah) | Designer and manufacturer of ship-based radio frequency navigation beacons and related antennas catering to military and civilian applications. |
| Dec-21 | Fonds de Consolidation et de Developpe | Bertin Technologies | Developer and manufacturer of technical equipment intended to serve the defense, security, aerospace, energy and environment sectors. |
| Dec-21 | The Albers Group | Heritage Aviation | Provider of custom metal fabrication and wire assembly services for aviation, space, military and defense industries. |
| Nov-21 | Cherokee Federal | Preting | Provider of national security services catering to businesses and government clients and partners. |
| Nov-21 | Aircraft Fasteners International | Unical Defense | Provider of aftermarket component parts and logistics services intended for government contractors, military fleet managers and defense procurement divisions. |
| Nov-21 | Interconnect Solutions Company | Tri-Tek Electronics | Manufacturer of electronic wiring products intended for the aerospace and defense industries. |
| Nov-21 | Longacre Group, Pyroban | Euro Access | Manufacturer of ground support equipment designed specifically for the maintenance of aircraft. |
| Nov-21 | Mercury Systems | Avalex Technologies | Designer and manufacturer of avionics and electronic products for defense, law enforcement, search and rescue and commercial operators both in the U.S. and globally. |
| Nov-21 | Arlington Capital Partners | Citadel Defense | Developer of counter-unmanned aircraft system (cUAS) intended for military, government and commercial end-users. |
| Nov-21 | ESCO Technologies | Networks Electronic Company | Manufacturer of mini-pyrotechnic devices and ordnance products intended to serve the aerospace and defense industries. |
| Nov-21 | BAE Systems | Bohemia Interactive Simulations | Developer of gaming technology for military training and interactive simulation software serving defense, emergency and mission-critical customers. |
Notable Transactions: Space
| Deal Date | Acquirer/Investor | Target | Target Description |
|---|---|---|---|
| May-22 | FCDE | Cobham Microwave | French manufacturer of microwave components and systems for space. |
| May-22 | FCDE | HOSTmi | Developer of a space mobility platform designed to simplify space mission requirements management. |
| May-22 | Emcore (NAS: EMKR) | L3Harris Space and Navigation | Developer of radars, antenna, acousto-optics, commercial imaging payloads, communication systems, satellites, and other space navigation products. |
| Apr-22 | AE Industrial Partners | Firefly Aerospace | Manufacturer of orbital launch vehicles designed to provide economical and convenient access to space. |
| Apr-22 | Airbus Groupo (PAR: AIR) | DSI Datensicherheit | Manufacturer of cryptography and communication systems designed for Space, Airborne and Naval and Ground systems. |
| Jan-22 | Breeze Holdings Acquisition | D-Orbit | Developer of a decommissioning device designed to dispose of satellites at the end of their lifespan. |
| Jan-22 | Blue Origin | Honeybee Robotics | Developer and manufacturer of robotic systems intended for space and other extreme environments. |
| Jan-22 | Allianz Group | Intelsat | Operator of integrated satellite and terrestrial network providing communications services for telecommunications operators, media companies, and internet service providers. |
| Jan-22 | Rocket Lab | SolAero Technologies | Manufacturer of solar cells and solar panels for satellite and spacecraft applications. |
| Jan-22 | Paragon | Final Frontier Design | Manufacturer and supplier of spacesuits and ancillary components intended to serve the aerospace industry. |
| Dec-21 | NextGen Acquisition II | Virgin Orbit Holdings | Provider of satellite launch services intended to make space accessible to everyone. |
| Dec-21 | dMY Technology Group IV | Planet Labs (NYS: PL) | Planet Labs PBC is an Earth imaging company. It provides daily satellite data that helps businesses, governments, researchers, and journalists understand the physical world. |
| Dec-21 | J.F. Lehman & Company | Narda-MITEQ | Designer and manufacturer of custom radiofrequency, microwave subsystems and components for defense and commercial end markets. |
| Dec-21 | Inertial Labs | Memsense | Developer of inertial measurement units in South Dakota, United States. |
| Dec-21 | Rocket Lab | Planetary Systems | Developer of mechanical separation systems and satellite dispensers intended to serve the aerospace industry. |
| Nov-21 | Raytheon Technologies | Seakr Engineering | Developer of high end electronic assemblies designed for space applications based in Centennial, Colorado. |
| Nov-21 | Beach Point Capital Management | Terran Orbital | Provider of small satellites intended to offer cost-effective end-to-end new space aerospace services. |
| Nov-21 | Voyager Space | Space Micro | Manufacturer and designer of communications, electro-optic and digital systems intended to focus on technology advancement and product implementation for satellite electronics. |
| Nov-21 | Redwire | Techshot | Developer of spaceflight equipment and space bioprinting products. |
| Oct-21 | Edgewater Capital Partners | SemiGen | Manufacturer of radiofrequency / microwave electronic devices intended for defense, satellite communication, space and advanced communications markets. |
| Oct-21 | Rocket Lab | Advanced Solutions | Developer of space software designed to deliver mission simulation, test systems, guidance, navigation, and control solutions. |
| Oct-21 | Voyager Space | Valley Tech Systems | Operator of an aerospace engineering company intended to help solve pressing technology challenges for aerospace and defense missions. |
| Sep-21 | Karman Systems | Systima Technologies | Manufacturer of energetic components and integrated systems intended for supporting the defense, space and commercial markets. |
| Sep-21 | BAE Systems | In-Space Missions | Developer and operator of satellites intended for new space and traditional space companies, institutions and government agencies. |
| Sep-21 | Osprey Technology | BlackSky | Provider of real-time geospatial intelligence, imagery, and data analytics services intended to deliver intelligence into the hands of decision-makers. |
| Sep-21 | Genesis Park Acquisition | Redwire | Engaged in mission-critical space solutions and reliable components for the next generation space economy. |
| Aug-21 | Industrial Growth Partners | AEM | Explorer, developer and producer of mineral properties in Canada, Finland, and Mexico intended to build a growing, high-quality, low risk, sustainable business. |
| Aug-21 | Vector Acquisition | Rocket Lab | Manufacturer of commercial rocket launchers intended to provide frequent satellite launch opportunities to lower Earth orbit and remove barriers to commercial space. |
| Aug-21 | Phantom Space | Micro Aerospace Solutions | Developer of space communications, propulsion systems and electrical hardware design for spacecraft and rockets. |
| Aug-21 | NavSight Holdings | Spire | Provider of satellite-powered data and analytics solutions intended to offer real-time global coverage of every point on Earth. |
| Aug-21 | Stable Road Acquisition | Momentus | Developer of in-space transportation and infrastructure technology intended to enable enterprise and human existence to flourish in space. |
| Jul-21 | Astra | Apollo Fusion | Manufacturer of electric propulsion systems intended to supply power to small satellites. |
| Jun-21 | Holicity | Astra | Manufacturer of space-rocket equipment intended to provide routine access to earth’s orbit. |
| Jun-21 | Vitesse Systems, Trive Capital | Custom Microwave Inc. | Manufacturer of passive antennas intended for critical space and ground applications. |
| Jun-21 | GLOBAL Systmes Asia Sdn Bhd | RUAG | Owner and operator of a space equipment manufacturing company intended to develop and market civil and military technology applications for use in space, in the air and on land. |
| Jun-21 | General Atomics Corp. | Synopta | Manufacturer of complex optoelectronic instrumentation for space and terrestrial applications. |
| May-21 | Voyager Space Holdings | NanoRacks | Operator of commercial space station company intended to create space microgravity environment for various studies and projects. |
| Mar-21 | Calspan | ACENT Laboratories | Developer of aerospace propulsion and power technology intended to provide clean energy services. |
| Feb-21 | AE Industrial Partners | Deployable Space Systems | Manufacturer of deployable space systems for the global space market. |
| Feb-21 | Axient | Millennium Engineering and Integration | Provider of engineering services for space, defense, cyber, intelligence and aviation sectors. |
| Feb-21 | General Atomics | Tiger Innovations | Developer of spacecraft and space-related systems for a broad range of U.S. Government customers. |
| Jan-21 | AE Industrial Partners | Oakman Aerospace | Developer of space technologies specializing in rapid and responsive, modular and open-architecture space systems. |
| Dec-20 | AAC Clyde Space | SpaceQuest | Provider of advanced satellite technology systems intended for government, university and commercial entities. |
| Dec-20 | Raytheon Technologies | Blue Canyon Technologies | Manufactures spacecraft and components. |
| Dec-20 | AE Industrial Partners | LoadPath | Designer and developer of payload adapters, deployable structures, and thermal products for the space industry. |
| Nov-20 | Parsons | Braxton Technologies | Provider of spacecraft command and control products and services for government and commercial applications. |
| Nov-20 | Charger Investment Partners | Advanced Composite Products and Technology | Manufacturer of engineered composite structures for defense, space, automotive, marine, industrial machinery and subsea telecom applications. |
| Oct-20 | BlueHalo | Applied Technology Associates | Provider of advanced technology products intended to tackle sensing, measurement and controls problems. |
| Sep-20 | Arotech, Greenbriar Equity Group | Aldetec | Provider of integrated microwave assemblies (IMAs) and radio frequency amplifier equipment for the commercial, military, and space flight industry sectors. |
| Jul-20 | Voyager Space Holdings | Pioneer Astronautics | Operator of a space research laboratory intended to explore new technologies that have the potential to advance the nation’s space program. |
Meridian Capital's Aerospace, Defense & Space Transaction Experience
*Note: Includes transactions completed by Meridian bankers while at previous firms
