Aerospace, Defense & Space M&A Trends: Spring 2023
Published March 20, 2023
M&A Highlights
- The aerospace, defense, and space market remains an attractive sector for M&A supported by strong underlying fundamentals and long term positive outlooks.
- Over the last 12 months the U.S. defense and space sectors saw the most activity for M&A transactions while transactions on the commercial side were still depressed due to COVID impacts on the sector.
- In 2022, AD&S saw 90 transactions per quarter, in line with the historical five year average of 92 quarterly transactions.
Market Insights
M&A Highlights
- The aerospace, defense, and space market remains an attractive sector for M&A supported by strong underlying fundamentals and long-term positive outlooks.
- Over the last 12 months the U.S. defense and space sectors saw the most activity for M&A transactions while transactions on the commercial side were still depressed due to COVID impacts on the sector.
- In 2022, AD&S saw 90 transactions per quarter, in line with the historical five-year average of 92 quarterly transactions.
Defense
- The U.S. defense market remains a bright spot for the AD&S industry, supported by increased demand and budgetary spending resulting from ongoing geopolitical tensions.
- The FY24 U.S. defense budget requested $842B, representing a $26B increase over the FY23 enacted level.1 Some estimates have the U.S. defense budget reaching $1T as early as 2027 to 20322.
- Given the countercyclical nature of the industry, strong budget outlook, and long-term government contracting dynamics, defense companies continued to be viewed as attractive M&A candidates.
- The sector has seen a spectrum of transactions ranging from the $4.7B acquisition of Aerojet RocketDyne by L3 Harris, to multiple platform investments from private equity firms including Highlander Partners and AE Industrial, among others.
U.S. Department of Defense Budget ($B)
Sources: PitchBook, MergerMarket, Company Press Releases, Department of Defense, Meridian Research\
Footnote 1: Budget of the U.S. Government Fiscal Year 2024
Footnote 2: Responsible Statecraft; DefenseNews; Statista
Space
- As the cost of satellite production and launches continue to decrease, the space and satellite sector continues to accelerate its growth trajectory with the global satellite manufacturing and launch market expected to reach $24.2B by 20303.
- The sector has also served as an attractive opportunity for both traditional commercial or defense focused suppliers to diversify end-market and customer exposure utilizing existing capabilities and capacity as well as acquire new technologies through M&A to gain access to the growing market.
- There has been robust M&A activity over the past 12 months with a focus on satellite technology, space related software, and component products for satellites and launch systems. Notable transactions include Advent International’s acquisition of Maxar Technologies by Advent International for $6.4B; PCX Aerosystems’ acquisition of NuSpace to diversify capabilities to the space market; and AE Industrials’ platform investment in York Space Systems.
Commercial Aerospace
- The Boeing commercial supply chain continues to experience relative uncertainty as to when the forecasted build-rate increases will fully take effect across the supply base. However, Boeing reported strong order volume in 2022 with 774 new orders providing optimism for the future.
- Commercial suppliers continue to seek opportunities to diversify their revenue base and utilize open capacity that resulted from the 737 and COVID impacts. In many cases, suppliers have been able to successfully reallocate capacity to new customers in the defense and space sectors. This has the risk of causing capacity and NWC issues for the commercial supply chain as build rates on pre-existing LTA contracts increase.
- As build-rates increase to forecasted levels, suppliers will increasingly need to invest in working capital to support the ramp, potentially creating cash flow challenges and ultimately encouraging companies to evaluate consolidation opportunities.
- Key M&A themes include acquisitions by commercial suppliers to diversify their end-markets, acquisitions of lower tiered companies to sure-up its supply base, and consolidation in the fragmented aero-engine market.
Meridian’s AD&S team recently attended the Northwest Aerospace Alliance Conference, where it co-sponsored the annual Thought Leadership Dinner, and attended the HAI Heli-Expo in Atlanta. Both events provided insight into trends impacting the industry, growth outlooks, and facilitated good discussion on the M&A environment.
Sources: Pitchbook, MergerMarket, Company Press Releases, Meridian Research
Footnote 3: Global Industry Analysts Report
Aerospace, Defense & Space Market Activity
Global AD&S M&A Activity
Stock Index Performance4
Select AD&S Transaction Case Studies
Target Description:
Developer of defense technology systems focused on defending against unmanned systems
Transaction Rationale:
Black Sage joins a group of Highlander investments in the space (High Point) and brings Black Sage key relationships, industry expertise, and financial support
Target Description:
Developer of small-scale spacecraft platforms designed to transform and enable next-generation space mission operations worldwide
Transaction Rationale:
AE Industrial Partners will provide York with a greater level of resources to compete and meet its strong DOD market demand
Target Description:
Provider of aircraft component overhauls and repair services and PMA parts for the regional jet and commercial aircraft operators
Transaction Rationale:
Acquisition aligns with Wencor’s strategy of strengthening its PMA and MRO capabilities, allowing Wencor to deliver a more comprehensive parts solution
Sources: Pitchbook, MergerMarket, Company Press Releases, Meridian Research
Footnote 4: Individual components of AD&S Indices can be found on page 5. Indices weighted by Market Capitalization.
Public Aerospace, Defense & Space Companies
| Aerospace Companies | Ticker | Market Cap | E/V | LTM Rev | LTM EBITDA | EV/LTM Rev | EV/LTM EBITDA | LTM Margin EBITDA | 52-Week Change |
|---|---|---|---|---|---|---|---|---|---|
| Boeing Co. | NYSE:BA | $128,889 | $168,981 | $66,608 | $321 | 2.5x | NM | 0.5% | 27 % |
| Airbus S.A.S. | PAR:AIR | $103,644 | $98,127 | $59,629 | $8,036 | 1.6x | 12.2x | 13.5% | 29 % |
| Safran SA | PAR:SAF | $61,126 | $61,809 | $19,188 | $3,302 | 3.2x | 18.7x | 17.2% | 38 % |
| TransDigm Group, Inc. | NYSE:TDG | $41,889 | $58,412 | $5,632 | $2,780 | 10.4x | 21.0x | 49.4% | 30 % |
| HEICO Corporation | NYSE:HEI | $20,840 | $21,866 | $2,339 | $640 | 9.3x | 34.1x | 27.4% | 18 % |
| Textron Inc. | NYSE:TXT | $15,193 | $16,715 | $12,869 | $1,522 | 1.3x | 11.0x | 11.8% | 10 % |
| MTU Aero Engines AG | ETR:MTX | $13,175 | $13,572 | $5,240 | $823 | 2.6x | 16.5x | 15.7% | 18 % |
| Hexcel Corporation | NYSE:HXL | $6,279 | $6,891 | $1,578 | $314 | 4.4x | 21.9x | 19.9% | 47 % |
| Spirit AeroSystems Inc. | NYSE:SPR | $3,610 | $6,917 | $5,030 | $75 | 1.4x | NM | 1.5% | (11)% |
| Triumph Group, Inc. | NYSE:TGI | $817 | $2,309 | $1,372 | $212 | 1.7x | 10.9x | 15.4% | (45)% |
| Kaman Corporation | NYSE:KAMN | $732 | $1,279 | $688 | $80 | 1.9x | 15.9x | 11.7% | (39)% |
| Ducommun, Inc. | NYSE:DCO | $678 | $915 | $713 | $95 | 1.3x | 9.7x | 13.3% | 8 % |
| Median | $14,184 | $15,143 | $5,135 | $481 | 2.2x | 16.2x | 14.5% | 17.9% | |
| Average | $33,073 | $38,149 | $15,074 | $1,517 | 3.5x | 17.2x | 16.4% | 10.9% |
| Defense Companies | Ticker | Market Cap | E/V | LTM Rev | LTM EBITDA | EV/LTM Rev | EV/LTM EBITDA | LTM Margin EBITDA | 52-Week Change |
|---|---|---|---|---|---|---|---|---|---|
| Raytheon Technologies Corporation | NYS: RTX | $145,060 | $173,922 | $67,074 | $11,785 | 2.6x | 14.8x | 17.6% | 1 % |
| Lockheed Martin Corporation | NYSE:LMT | $122,004 | $134,886 | $65,984 | $8,945 | 2.0x | 15.1x | 13.6% | 3 % |
| Northrop Grumman Corporation | NYSE:NOC | $71,534 | $83,658 | $36,602 | $7,783 | 2.3x | 10.7x | 21.3% | (2)% |
| General Dynamics Corporation | NYSE:GD | $63,404 | $74,276 | $39,407 | $5,449 | 1.9x | 13.6x | 13.8% | (7)% |
| L3 Harris Technologies, Inc. | NYSE:LHX | $40,710 | $47,717 | $17,062 | $3,650 | 2.8x | 13.1x | 21.4% | (21)% |
| BAE Systems Plc | LON:BA. | $33,164 | $37,622 | $26,489 | $3,585 | 1.4x | 10.5x | 13.5% | 11 % |
| Thales SA | PAR:HO | $29,826 | $30,947 | $18,896 | $2,853 | 1.6x | 10.8x | 15.1% | 13 % |
| Leidos, Inc. | NYSE: LDOS | $13,324 | $18,352 | $14,396 | $1,493 | 1.3x | 12.3x | 10.4% | (9)% |
| Elbit Systems Ltd. | NYSE: HII | $8,708 | $11,392 | $10,676 | $1,240 | 1.1x | 9.2x | 11.6% | (0)% |
| Huntington Ingalls Industries, Inc. | TAE:ESLT | $7,451 | $8,621 | $9,284 | $881 | 0.9x | 9.8x | 9.5% | (20)% |
| Oshkosh Corporation | NYSE: OSK | $6,050 | $5,849 | $8,282 | $479 | 0.7x | 12.2x | 5.8% | (10)% |
| Moog Inc. | NYS: MOG.A | $3,253 | $4,027 | $3,072 | $390 | 1.3x | 10.3x | 12.7% | 22 % |
| Kratos Defense & Security Solutions Inc | NAS:KTOS | $1,658 | $1,890 | $898 | $71 | 2.1x | 26.7x | 7.9% | (37)% |
| Median | $29,826 | $30,947 | $17,062 | $2,853 | 1.6x | 12.2x | 13.5% | (2)% | |
| Average | $42,011 | $48,704 | $24,471 | $3,739 | 1.7x | 13.0x | 13.4% | (4)% |
| Space Companies | Ticker | Market Cap | E/V | LTM Rev | LTM EBITDA | EV/LTM Rev | EV/LTM EBITDA | LTM Margin EBITDA | |
|---|---|---|---|---|---|---|---|---|---|
| Ball Corporation | NYSE:BALL | $17,944 | $26,850 | $15,349 | $1,939 | 1.7x | 13.8x | 12.6% | (36)% |
| Aerojet Rocketdyne Holdings, Inc. | NYSE:AJRD | $4,526 | $4,543 | $2,238 | $239 | 2.0x | 19.0x | 10.7% | 38 % |
| ViaSat, Inc. | NYSE:MAXR | $3,833 | $6,143 | $1,605 | $286 | 3.8x | 21.5x | 17.8% | 54 % |
| Maxar Technologies Inc. | NASDAQ:VSAT | $2,491 | $5,615 | $2,867 | $511 | 2.0x | 11.0x | 17.8% | (33)% |
| Gilat Satellite Networks Ltd | NASDAQ:CMTL | $449 | $736 | $501 | $44 | 1.5x | 16.6x | 8.9% | (17)% |
| Comtech Telecommunications Corp. | NASDAQ:GILT | $325 | $243 | $234 | $25 | 1.0x | 9.5x | 10.9% | (28)% |
| Median | $3,162 | $5,079 | $1,921 | $262 | 1.9x | 15.2x | 13.1% | (23)% | |
| Average | $4,928 | $7,355 | $3,799 | $508 | 2.0x | 15.2x | 13.1% | (4)% |
Sources: PitchBook, MergerMarket, Company Press Releases, Meridian Research
Notable Transactions: Aerospace
| Deal Date | Acquirer/Investor | Target | Target Description |
|---|---|---|---|
| Mar-23 | TransDigm Group | Calspan | Provider of research and testing services for the aerospace and transportation industries. |
| Mar-23 | Signia Aerospace | Lifesaving Systems | Designer of helicopter hoist hooks, tethers and safety belts, water and aviation rescue equipment. |
| Feb-23 | Cadrex Solutions | D&R Machine Company | Provider of CNC precision machining solutions for the aerospace & defense market. |
| Feb-23 | First Aviation Services | Associated Aircraft Manufacturing | Manufacturer of a variety of aircraft parts and provides repair and overhaul services for aircraft electronics, avionics, hydraulic and landing gear components. |
| Feb-23 | ATL Partners | Aero Accessories | Provider of aero accessories and repair services. |
| Feb-23 | TriMas | Weldmac | Designer and manufacturer of metal fabricated components and assemblies for the aerospace, defense and space launch end-markets. |
| Feb-23 | Whitcraft | Paradigm Precision | Manufacturer of gas turbine components intended to support the commercial and military aircraft markets. |
| Feb-23 | Prince Industries | Precision Shapes | Manufacturer of precision machining intended for the aerospace, commercial, and defense industries. |
| Feb-23 | Wencor Group | Aero-Glen International | Distributor of aerospace structural hardware equipment. |
| Feb-23 | VSE | Precision Fuel Components | Provider of engineering specializing in small turbine engine components. |
| Jan-23 | Volatus Aerospace | Empire Drone | Distributor of drone integrators for unmanned aerial systems. |
| Jan-23 | Townsend Street Capital | Swiss American Screw Products | Specializes in precision machining on Swiss-type equipment for aerospace & defense, medical, and other specialized industrial end markets. |
| Jan-23 | George Industries | Alexander Machine & Tool Company | Manufacturer of machined products intended for the defense, aerospace and space markets. |
| Jan-23 | Re3dtech | Stanfordville Machine & Manufacturing | Provider of precision machined components and assembling services intended for semiconductor, medical, aerospace, electronics, instrument and packaging industries. |
| Jan-23 | AVEX | Blackhawk Aerospace | Provider of engine upgrade products intended to serve commercial and government markets. |
| Jan-23 | FTAI Aviation, Unical Aviation | QuickTurn Engine Center | Manufacturer of aircraft engines designed to provide personalized engine requirements. |
| Jan-23 | Trive Capital | Kittyhawk | Provider of hot isostatic pressing services for a variety of industries including space, commercial aerospace, defense and medical applications. |
| Dec-22 | Cub Crafters | Summit Aircraft | Provider of aircraft construction and assistance of experimental aircraft and components. |
| Dec-22 | Forged Solutions Group | Continental Forge | Manufacturer of aluminum forgers intended for commercial aerospace, military, automotive and marine transportation industries. |
| Dec-22 | Tiger Infrastructure Partners | International Aerospace Coatings | Provider of aircraft exterior and interior painting and refurbishment services. |
| Nov-22 | Barings, Greenbriar Equity Group | Applied Aerospace Structures | Manufacturer and supplier of complex composite and metal-bonded structural assemblies intended for the aerospace industry. |
| Nov-22 | Jet Parts Engineering | Northeast Aero Compressor | Provider of aerospace component repair services intended for aircraft maintenance, repair and overhaul industry. |
| Nov-22 | Aciturri Aeronautica | Malichaud Atlantique | Manufacturer of moving blades and turbine distributors intended to serve the aeronautics industry. |
| Nov-22 | Veritas Capital | Sequa | Provider of maintenance services intended for the aviation, marine and military segments. |
| Nov-22 | Curtiss-Wright | Keronite | Provider of plasma electrolytic oxidation surface treatments for the defense, aerospace, commercial, and industrial markets. |
| Nov-22 | Albers Aerospace | Garrett Container Systems | Manufacturer of aluminum storage and shipping containers and tactical kits. |
| Nov-22 | Turnout Industries | KIHM Metal Technologies | Provider of metal fabrication and engineering services intended for aerospace, defense, ground power and military industries. |
| Nov-22 | StandardAero, The Carlyle Group | Western Jet Aviation | Provider of aircraft maintenance, repair and avionics services intended for business and general aviation aircraft. |
| Nov-22 | Genstar Capital | Jet Support Services | Provider of aircraft maintenance services catering to the needs of aircraft owners, operators and maintenance, repair and operation (MRO) businesses worldwide. |
| Nov-22 | Re:Build Manufacturing | Answer Engineering | Provider of engineering design, development, structural analysis, testing and repair services for the aviation and aerospace industry. |
| Nov-22 | P4G Capital Management | McCay Tool & Engineering Company | Manufacturer of precision machined parts intended to serve the aerospace industry. |
| Nov-22 | Gold Ridge Asset Management | Seanair Machine | Manufacturer of precision machined parts for the aerospace industry based in New York. |
| Nov-22 | PCX Aerostructures | Timken Aerospace Drive Systems | Manufacturer and supplier of aviation drive system components and sub-assemblies intended for military and civil rotorcraft applications. |
| Oct-22 | Essex Industries | Precision Aerospace | Provider of contract manufacturing services intended to cater to the needs of aerospace and defense companies. |
| Oct-22 | Wencor Group | Aviatron | Provider of aircraft component overhauls and repair services intended to serve regional jet and commercial aircraft operators. |
| Oct-22 | Unical Aviation | CAVU Component Repair | Provider of aircraft parts repair services to the global commercial aerospace market. |
| Sep-22 | Figeac Aero | Kaman Aerospace (Mexico Manufacturing Facility) | Manufacturer of fabricated parts intended for aeroplane manufacturing based out of Chihuahua, Mexico. |
| Sep-22 | Ironwood Capital, Lorraine Capital | Summit Steel & Manufacturing | Manufacturer of precision sheet metal fabrication intended to serve industries including aerospace, automotive, consumer products and military and defense. |
| Sep-22 | Safe Pro Group | Airborne Response | Manufacturer of drones catering to aviation and aerospace industry. |
| Sep-22 | Cadrex Manufacturing Solutions | IDL Precision Machining | Provider of contract manufacturing services intended to serve the medical, aerospace and electronics companies. |
| Sep-22 | Kaman | Parker-Hannifin (Aircraft Wheel & Brake Division) | Manufacturer of mission-critical wheel and brake technology products. |
| Sep-22 | Bain Capital | Industria de Turbo Propulsores (Rolls-Royce Subsidiary) | Developer and manufacturer of aircraft engine components and gas turbines intended for the aeronautical and industrial engines market. |
| Sep-22 | Parker Hannifin | Meggitt | Producer of extreme environment components and smart sub-systems designed to deliver breakthrough performance |
| Sep-22 | Harwood Private Equity | SMT Corporation | Distributor of electronic components and related peripherals to the commercial and defense and aerospace industries. |
| Sep-22 | Safran Group | Thales Group (Aeronautical Electrical Systems Business) | Manufacturer of electrical systems intended to serve the aerospace, defense, transportation and security markets. |
| Aug-22 | PCX Aerosystems, Greenbriar Equity Group | Pacific Contours | Manufacturer and supplier of advanced mechanical systems intended to serve the aerospace industry. |
| Aug-22 | Marand Precision Engineering | TAE Aerospace | Manufacturer of aerospace components including military gas turbine engines, turboprop engines, fuel control systems, avionics and electrical components and aircraft wheels & brakes. |
| Aug-22 | Agility | Menzies Aviation | Provider of ground handling and cargo services as well as into-plane fueling and fuel farm management services across the world. |
| Aug-22 | Heads Up Technologies | STG Aerospace | Manufacturer of safety-critical photoluminescent and electrical products for the commercial and military aerospace market. |
| Aug-22 | HEICO | Sensor Systems | Designer and manufacturer of OEM antennas intended to deliver the antennas available for commercial, business and military aircraft. |
Notable Transactions: Defense
| Deal Date | Acquirer/Investor | Target | Target Description |
|---|---|---|---|
| Mar-23 | Raptor Scientific | King Nutronics Corporation | Developer of test and measurement instruments and equipment specializing in the fields of pressure, temperature, force, and other areas of metrology. |
| Mar-23 | Signia Aerospace | Lifesaving Systems | Manufacturer and retailer of maritime rescue and survival equipment intended to save lives in some of the harshest conditions imaginable. |
| Jan-23 | Highlander Partners | Black Sage Technologies | Developer of defense technology systems focused on defending against unmanned systems threatening your horizon. |
| Jan-23 | Highlander Partners | DZYNE Technologies | Manufacturer and designer of autonomous aircraft, as well as Unmanned Aircraft Systems (UAS), intended to serve the U.S. Department of Defense. |
| Jan-23 | Micross Components | KCB Solutions | Manufacturer of radiofrequency and microwave semiconductor products intended for military, aerospace and satellite industries. |
| Dec-22 | L3 Harris Technologies | Aerojet Rocketdyne | Manufacturer of aerospace and defense products and systems |
| Dec-22 | Forged Solutions Group | Continental Forge | Manufacturer of aluminum forgers intended for commercial aerospace, military, automotive and marine transportation industries. |
| Nov-22 | First Aviation Services | Associated Aircraft Manufacturing & Sales | Manufacturer of engineered parts, electronic systems and structural components intended for the aerospace and defense sector. |
| Nov-22 | Highlander Partners | Liteye Systems | Manufacturer and integrator of multi-domain and multi-mission defense systems. |
| Nov-22 | Unmanned Systems | Garrett Container Systems | Manufacturer of aluminum storage and shipping containers intended to serve the United States military. |
| Nov-22 | Sparton | Logos Technologies | Provider of wide-area motion imagery technology catering to the intelligence community, department of defense and law enforcement. |
| Nov-22 | PCX Aerosystems | Timken Aerospace Drive Systems | Manufacturer and supplier of aviation drive system components and sub-assemblies intended for military and civil rotorcraft applications. |
| Oct-22 | Sky Peak Capital | Hicks Machine | Provider of tight tolerance, precision machining services intended to serve defense, commercial, medical and microwave industries. |
| Sep-22 | Novaria Group, KKR | Stroco Manufacturing | Manufacturer of aerospace products intended for the defense and aerospace industries in both the military and commercial sectors. |
| Sep-22 | SkyePoint Decisions | SNR Government IT Services | Provider of comprehensive information technology services and defense products intended for defense and federal government customers. |
| Sep-22 | Giga-Tronics | Gresham Worldwide | Manufacturer of electronics intended to support the defense and aerospace industry. |
| Sep-22 | Ironwood Capital | Nautilus Integrated Solutions | Manufacturer of critical components intended to serve the defense, nuclear and railroad markets. |
| Aug-22 | Bardin Hill Investment Partners, MB Global Partners | MD Helicopters | Manufacturer of light single and light twin-engine helicopters intended for commercial, military, law enforcement. |
| Aug-22 | General Dynamics Mission Systems | Progeny Systems | Operator of an engineering company intended to drive down the overall cost of combat system upgrades. |
| Aug-22 | By Light Professional IT Services | Veraxx Engineering Corporation | Provider of complex, high-fidelity aircraft modeling and simulation training technology services to the United States military. |
| Aug-22 | Cobham | Ultra Electronics | Provider of electronic and software technologies for the defense, aerospace, security, transport, and energy markets. |
| Jul-22 | Valence Surface Technologies | B&M Painting Company | Provider of corrosive fabrications and spec painting intended for the defense and aerospace industry. |
| Jul-22 | HEICO | Accurate Metal Machining | Manufacturer of high-reliability components and assemblies for the aerospace and defense industries. |
| Jul-22 | V2X | The Vertex Company | Provider of aftermarket aerospace services intended to serve the defense and commercial customers. |
| 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 | 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 | 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 | 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 | 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 | 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 | NowVertical Group | Allegient Defense | Provider of technical contracting services to the federal government as well as aerospace and defense through data analysis and assessment. |
Notable Transactions: Space
| Deal Date | Acquirer/Investor | Target | Target Description |
|---|---|---|---|
| Mar-23 | Voyager Space | ZIN Technologies | Provider of advanced engineering services and product development solutions for launch vehicles, low-Earth orbit infrastructure projects, and spacecrafts. |
| Mar-23 | ReliaSat | Arralis | Developer of satellite communications and radar technology designed to serve the communications, satellite, aerospace, and defense markets. |
| Feb-23 | Micross Components | Infineon Technologies (HiRel DC-DC Converter Business) | Manufacturer and designer of proprietary power systems intended to serve the space, strategic defense, and aerospace industries. |
| Feb-23 | Vast Space | Launcher | Developer of a liquid propellant-based rocket designed to deliver small satellites to orbit. |
| Feb-23 | Boecore | Orbit Logic | Developer of mission planning and scheduling software intended for the aerospace and geo-intelligence communities. |
| Jan-23 | Cesium | TXMission | Developer of an off-the-shelf, end-to-end satellite communications solutions. |
| Jan-23 | Veritas Capital | Frontgrade | Provider of high-reliability electronic solutions for space, defense, healthcare and industrial applications. |
| Jan-23 | Micross Components | KCB Solutions | Manufacturer of radiofrequency and microwave semiconductor products intended for military, aerospace and satellite industries. |
| Dec-22 | Aim MRO, AE Industrial Partners | Tribologix | Developer of surface engineering chemicals and dry film lubricants intended to reduce friction and wear in extreme environments where conventional lubricants do not work. |
| Dec-22 | Advent International | Maxar Technologies | Integrated space and geospatial intelligence company with a full range of space technology solutions for commercial and government customers. |
| Nov-22 | AE Industrial Partners | York Space Systems | Developer of small-scale spacecraft platforms designed to transform and enable next-generation space mission operations worldwide. |
| Nov-22 | Safran Group | Syrlinks | Developer of radiocommunication and radio frequency products intended for the space market, safety, defense & time frequency. |
| Nov-22 | Redwire | QinetiQ Space | Provider of small space systems intended for civil and commercial space customers. |
| Oct-22 | Kongsberg Gruppen | NanoAvionics | Provider of small satellite commercial-grade platform. |
| Oct-22 | Boecore | Ascension Engineering Group | Provider of space system and satellite communications engineering services. |
| Sep-22 | Astrobotic | Masten Space Systems | Provider of end-to-end lunar services including payload development and rocket testing |
| Sep-22 | PCX Aerosystems | NuSpace | Manufacturer of satellite propellant tanks and assemblies. |
| Aug-22 | Slingshot Aerospace | Seradata | Developer of a space research tool offering satellite and launch data, satellite database and space market analysis system. |
| Aug-22 | Slingshot Aerospace | Numerica (Space Domain Awareness Division) | Developer of software intended to help protect satellites from on-orbit hazards and threats. |
| Jul-22 | TCOM | Aerostar International | Developer of stratospheric surveillance platforms designed to bridge the capability gap between aircraft and satellites. |
| Jun-22 | Yulista | Troy7 | Provider of aerospace engineering services catering to missile defense and space flight missions organizations. |
| 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 | L3Harris (Space and Navigation Business) | 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 | DSI Datensicherheit | Manufacturer of cryptography and communication systems designed for Space, Airborne and Naval and Ground systems. |
| Apr-22 | Xplore | Kubos | Developer of an open-source space flight software platform. |
| 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 | 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. |
Sources: PitchBook, MergerMarket, Company Press Releases, Meridian Research
Meridian Capital's Aerospace, Defense & Space Transaction Experience
*Note: Includes transactions completed by Meridian bankers while at previous firms
