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Aerospace, Defense & Space M&A Trends: Fall 2023

Published October 24, 2023

Home > M&A Trends > Aerospace, Defense & Space M&A Trends: Fall 2023

Key Insights

  • Engineered Components and Aftermarket Remain M&A Priorities
  • Increased Military Spending Favors C4ISR Segment
  • Improving Air Travel and Order Momentum Supporting Positive Outlook for Commercial Market

Supported by strong underlying fundamentals, the aerospace, defense, and space market continues to be an attractive sector for investors. Assets providing engineered products, aftermarket exposure, or diversification opportunities remain at the forefront of investment strategies and have benefitted from competitive processes.

View the Report

Market Insights

Engineered Components and Aftermarket Remain M&A Priorities

  • Both strategic and private equity investors have continued to show a strong preference for acquisitions of companies with a highly engineered product portfolio or meaningful exposure to aftermarket sales.
  • Engineered products, either proprietary components or design-to-spec, offer more protected revenue streams with high barriers to entry as a result of the significant investment in R&D, testing, and certification of the products. In the rising cost environment, investors are seeking these companies that are able to command stronger gross margins and are better insulated from the customer pricing pressures due to the lack of available alternatives.
  • Companies providing aftermarket parts and services supporting key platforms benefit from recurring or predictable revenue streams due to the large in-service fleets and regular maintenance needs. In recent years, given depressed build rates on commercial aircraft, investors have favored companies serving the large existing fleet addressable market as opposed to those tied to new production rates. With the recent strength of passenger air traffic, the commercial market has benefited from strong customer demand, creating even more favorable tailwinds for investors. Additionally, aftermarket providers can better control pricing and margin due to necessity of customers to minimize time that aircrafts are inoperable, which can be leveraged in times of strong demand and constrained capacity.
  • As a result of these dynamics and the strong investor interest in these assets, transactions in the space have generally benefited from more competitive processes and higher average valuations.

Increased Military Spending Favors C4ISR Segment

  • The C4ISR segment has seen favorable tailwinds with the U.S. DoD allocating an increasing portion of the budget towards military technology development as the U.S. military becomes increasingly focused on electronic warfare, cybersecurity, and modernization. The 2024 RDT&E budget request of $145B was 12% higher than the 2023 request, representing the largest figure in department history.1 
  • Increased government funding is expected to drive growth in the sector with companies competing for long-term contract awards and a focus on R&D and new technology development. 
  • Strategic and financial investors alike have been active, seeking to capitalize on the significant funding and the related proprietary technology that is being developed. 
  • Notable strategic transactions in the sector include General Atomics’ acquisition of EO Vista and Saab’s acquisition of Blue Bear Systems. On the financial investor side, Arlington Capital has been active in the space this year with acquisitions of Verus Technology and PRKK as well as Highlander Partners with acquisitions of Black Sage Technologies and DZYNE Technologies. 

Improving Air Travel and Order Momentum Supporting Positive Outlook for Commercial Market

  • Commercial air travel has been strong through 2023. In the U.S., the average number of daily passengers has reached levels comparable to pre-pandemic 2019 and is up 12% from the same period last year.2
  • The recovery in air travel has resulted in increasing demand for maintenance, repair, and overhaul (“MRO”) needs. MRO companies are being challenged with skilled workforce availability and decreasing availability of aftermarket components as OEMs increase production goals. 
  • With strong demand for aftermarket services and parts, companies may seek outside investment to help add capacity, enhance resources to help with hiring and procurement, or pursue consolidation opportunities to realize synergies and economies of scale.
  • Supported by continued new commercial aircraft order momentum, Boeing has indicated it remains on track to raise production rates across its platforms and is actively working to transition the 737 rate from 31 aircraft per month to 38.3 
  • The stability of the supply chain will remain the critical factor in Boeing’s ability to increase rates. Companies with existing LTAs and excess capacity are expected to benefit from production ramp providing organic, near-term growth.
  • Investors have been watching the commercial supply chain through the pandemic recovery, evaluating opportunities where they can help companies capitalize on the market rebound. With air travel recovering, good order momentum, and forecasted near-term rate increases, Meridian expects an increasing investor appetite for the sector.

Boeing Commercial Aircraft Orders and Deliveries3

Sources: Pitchbook, MergerMarket, Company Press Releases, Business Wire, Meridian Research
Footnote 1: Department of Defense
Footnote 2: Transportation Security Administration
Footnote 3: Boeing

Aerospace, Defense & Space Market Activity

Global AD&S M&A Activity

Stock Index Performance4

Select AD&S Transaction Case Studies

Target Description:
Developer of ice protection and drag reduction technology intended to serve the aviation sector.

Transaction Rationale:
The acquisition allows Loar to provide a full offering of de-icing and ice protection solutions expanding its portfolio of proprietary solutions for its customers. 

Target Description:
Provider of aerospace aftermarket  component manufacturing, distribution, and MRO services.

Transaction Rationale:
Wencor will join Heico’s growing flight support group which provides complementary design, engineering, manufacturing, repair, overhaul, and distribution services.

Target Description:
Provider of aero-engine component manufacturing and repair services for engine OEMs, Tier 1 suppliers, and MRO providers.

Transaction Rationale:
The acquisition expands Barnes Group’s ability to support AD&S customers, from new product development and manufacturing to OEM-approved repair services. 

Sources: Pitchbook, MergerMarket, Company Press Releases, Meridian Research
Footnote 4: Individual components of AD&S Indices can be found on page 6. Indices weighted by Market Capitalization. 

Notable Investor Profiles — Engineered Products

HQCleveland, Ohio
OwnershipPublic (NYSE:TDG)
Market Cap ($B)48
Acquisitions53
EBITDA Margin47.1%

Business Description

Manufacturer and provider of diverse sets of components and parts for commercial and military aircraft and is a leading global designer, producer, and supplier of highly engineered aircraft components.

Acquisition Commentary

TransDigm’s strategy is to drive private equity like returns to its shareholders. The Company is focused on acquiring aerospace product companies that have proprietary, engineered products with significant aftermarket exposure. It targets opportunities in the small and mid-size range.

HQHollywood, Florida
OwnershipPublic (NYSE:HEI)
Market Cap ($B)20
Acquisitions56
EBITDA Margin26.4%

Business Description

Provider of commercial, non-OEM, FAA-approved aircraft replacement parts, aircraft accessories component repair & overhaul services, and manufacturer of other critical aircraft parts.

Acquisition Commentary

HEICO is focused on acquiring niche A&D businesses with strong margins and limited competition resulting from proprietary or engineered products. The Company targets transactions between $50M to $1B in EV and companies generating a min $10M – $15M EBIT and operating margins in excess of 20%. Management has indicated a preference for opportunities where owners and management teams like to participate as minority shareholders and typically pay valuations of between 8x – 10x EBIT.

HQBristol, Connecticut
OwnershipPublic (NYSE: B)
Market Cap ($B)2
Acquisitions19
EBITDA Margin15.1%

Business Description

Manufacturer and provider of aircraft engines, engineered products, and airframes intended to serve turbine manufacturers, commercial airlines, and the military.

Acquisition Commentary

Barnes Group remains active in the M&A market and has stated a preference for larger transactions in the A&D space rather than pursuing multiple smaller deals. The Company’s acquisitions are focused on opportunities with complementary technical capabilities and  footprint that can expand relationships with OEMs and increase aftermarket exposure.

HQWhite Plains, New York
OwnershipPE-Backed
Acquisitions15
EBITDA MarginData not provided

Business Description

Manufacturer of engineered components, systems, and assemblies intended for the aerospace and defense sectors.

Acquisition Commentary

Loar Group has continued its strategy of acquiring companies that can add niche capabilities and proprietary products to its portfolio of customer solutions. The Company also looks for acquisitions with aftermarket opportunities that have the ability to leverage Loar’s experience.

Sources: Pitchbook, MergerMarket, Company Press Releases, Meridian Research

Public Aerospace, Defense & Space Companies

Aerospace Companies

Company NameTickerMarket CapEnterprise EVLTM RevLTM EBITDAEV/LTM REVEV/LTM EBITDALTM Margin EBITDA52-Week Change
Boeing Co.NYSE: BA$111,955$150,485$73,608$5552.0xNM0.8%35.1 %
Airbus SEPAR: AIR$102,067$95,065$64,473$7,5061.5x12.7x11.6%32.8 %
Safran SAPAR: SAF$66,103$66,516$22,996$4,4612.9x14.9x19.4%45.2 %
TransDigm Group, Inc.NYSE: TDG$47,633$64,334$6,243$3,18410.3x20.2x51.0%59.8 %
HEICO CorporationNYSE: HEI$20,069$20,979$2,641$7107.9x29.6x26.9%11.6 %
Textron Inc.NYSE: TXT$15,822$17,608$13,162$1,5571.3x11.3x11.8%27.7 %
MTU Aero Engines AGETR: MTX$9,532$9,695$6,230$9971.6x9.7x16.0%2.5 %
Hexcel CorporationNYSE: HXL$5,666$6,341$1,706$3633.7x17.5x21.3%19.5 %
Spirit AeroSystems Inc.NYSE: SPR$1,810$5,250$5,393($136)1.0xNANA(30.3)%
Barnes Group Inc.NYS: B$1,703$2,203$1,303$2071.7x10.7x15.9%1.2 %
Ducommun, Inc.NYSE: DCO$690$983$743$1001.3x9.9x13.4%8.6 %
Triumph Group, Inc.NYSE: TGI$569$2,101$1,357$2221.5x9.5x16.4%(19.2)%
Kaman CorporationNYSE: KAMN$563$1,117$759$1071.5x10.4x14.2%(36.3)%
Median$9,532$9,695$5,393$5551.6x11.3x15.9%11.6%
Average$29,552$34,052$15,432$1,5262.9x14.2x18.2%12.2%

Defense Companies

Company NameTickerMarket CapEnterprise EVLTM RevLTM EBITDAEV/LTM RevEBITDALTM Margin EBITDA52-Week Change
Lockheed Martin CorporationNYSE: LMT$111,090$124,962$67,393$10,7021.9x11.7x15.9%2.2%
Raytheon Technologies CorporationNYS: RTX$107,548$140,687$70,573$12,5492.0x11.2x17.8%(15.4)%
Northrop Grumman CorpNYSE: NOC$73,986$86,170$37,881$7,4792.3x11.5x19.7%(3.5)%
General Dynamics CorporationNYSE: GD$65,877$76,208$40,859$5,4051.9x14.1x13.2%1.6%
BAE Systems PlcLON: BA.$39,801$44,097$27,080$3,4721.6x12.7x12.8%31.8%
L3Harris Technologies, Inc.NYSE: LHX$33,722$42,983$17,988$3,4562.4x12.4x19.2%(24.6)%
Thales SAPAR: HO$31,406$32,784$18,864$2,8611.7x11.5x15.2%19.6%
Leidos Holdings, Inc.NYSE: LDOS$13,113$18,282$14,842$1,5351.2x11.9x10.3%1.9%
Huntington Ingalls Industries, Inc.NYSE: HII$8,889$11,680$10,899$1,1341.1x10.3x10.4%(6.5)%
Elbit Systems Ltd.TAE: ESLT$8,652$10,081$5,703$5361.8x18.8x9.4%(1.3)%
Oshkosh CorporationNYSE: OSK$6,312$6,554$8,952$7680.7x8.5x8.6%21.6%
Moog Inc.NYS: MOG.A$3,747$4,638$3,215$3791.4x12.2x11.8%48.2%
Kratos Defense & Security Solutions, Inc.NAS: KTOS$2,269$2,521$967$782.6x32.4x8.0%73.9%
Median$31,406$32,784$17,988$2,8611.8x11.9x12.8%1.9%
Average$38,955$46,280$25,017$3,8731.7x13.8x13.3%11.5%

Space Companies

Company NameTickerMarket CapEVLTM RevLTM EBITDAEV/LTM RevEBITDALTM Margin EBITDA52-Week Change
Iridium Communications, Inc.NAS: IRDM$5,510$6,887$776$4438.9x15.6x57.0%(10.8)%
ViaSat, Inc.NASDAQ: VSAT$2,676$8,317$2,754$5363.0x15.5x19.5%(45.5)%
Rocket Lab USA, Inc.NASDAQ: RKLB$2,165$1,987$232($68)8.6xnm(29.2)%3.0%
Gilat Satellite Networks LtdNASDAQ: GILT$351$267$260$351.0x7.6x13.5%18.8%
Comtech Telecommunications Corp.NASDAQ: CMTL$290$590$528$471.1x12.5x9.0%0.8%
Median$2,165$1,987$528$473.0x14.0x13.5%0.8%
Average$2,198$3,610$910$1994.5x12.8x13.9%(6.8)%

($US in millions)

Sources: Pitchbook, MergerMarket, Company Press Releases, Meridian Research 
Market data as of Oct 17th, 2023

Notable Transactions: Aerospace

Deal DateAcquirer/InvestorTargetTarget Description
PendingGama AviationWest Star AviationProvider of maintenance, repair, and overhaul services for the business aviation industry.
Oct-23ITP AeroBP AeroProvider of maintenance and repair services for aircraft engines in the commercial aerospace industry.
Oct-23Arcline Investment ManagementHartzell AviationManufactures proprietary aircraft subsystems and aftermarket components.
Oct-23AirtecPax Aero SolutionsProvider of aviation maintenance services.
Oct-23JetEXE AviationLancair AerospaceManufacturer of general aviation aircraft kits.
Oct-23ZIM Aircraft SeatingHAECO Cabin SolutionsManufacturer of aircraft cabin products.
Oct-23Yano Special Vehicle ManufacturingTitan AviationManufacturer of refueling equipment intended for aircraft and helicopters.
Sep-23CeratizitXcelironManufacturer of cutting tools intended to serve the aerospace industry.
Sep-23Rock West CompositesPerformance PlasticsManufacturer of aerospace parts and sub-assemblies.
Sep-23MubeaCyclone ManufacturingManufacturer of aerospace structural components.
Aug-23RBC BearingsSpeclineManufacturer of precision bearings intended for the commercial and defense aerospace markets.
Aug-23AmpaireTalynDeveloper of vertical take-off and landing electric aircraft.
Aug-23HEICOWencor GroupProvider of aerospace aftermarket component manufacturing and distribution and MRO services.
Aug-23D&S ManufacturingTechnical Metal SpecialtiesManufacturer of metal products and provider of fabrication services.
Aug-23FlexjetFlying ColoursProvider of aviation services intended for mid and large-sized business aircraft.
Jul-23SafranCollins Aerospace
(Flight Control and Actuation Business)
Manufacturer of aerospace components and systems.
Jun-23VSEDesser AerospaceDistributor and retreader of specialty aviation tires and other aircraft components.
Jun-23TinicumPenn Manufacturing IndustriesManufacturer of specialty components intended for aerospace and defense.
Jun-23Lockheed MartinSintaviaManufacturer of advanced mechanical systems.
Jun-23HC Private InvestmentsVulcan MachineManufacturer of tight tolerance precision machined parts.
Jun-23MarubeniDASISupplier of aircraft inventory parts and equipment intended for major aircraft platforms.
Jun-23New State Aviation Holdings
New State Capital Partners
Finnoff AviationProvider of proprietary engine and propeller upgrades.
Jun-23AE Industrial PartnersYingling AviationProvider of maintenance, repair, and overhaul, and fixed-base operator services.
Jun-23FCAH Aerospace
O2 Investment Partners
Cobalt Aero ServicesProvider of aircraft repair services intended for the aerospace industry.
Jun-23KKR & Co. Inc.Circor InternationalManufacturer of mission-critical flow control products for industrials and aerospace and defense customers.
Deal DateAcquirer/InvestorTargetTarget Description
Jun-23Barnes GroupMB AerospaceManufacturer of critical engine components for the aerospace and defense markets.
May-23Graco RobertsPacific Coast CompositiesDistributor of composite materials catering to aerospace, automotive, sports and recreation, education, and medical industries.
May-23John Bean TechnologiesJBT AeroTechDistributor of aviation and aerospace components.
May-23Loar GroupAOG Aviation SparesProvider of aircraft component and repair services.
May-23AIM MROGeraly Poly MouldingsManufacturer of masking products for aerospace and gas turbine engines.
Apr-23FDH Aero
Audax
BJG Electronics GroupManufacturer of electronic components intended to serve the defense, commercial aerospace, and business aviation industries.
Apr-23FCAH Aerospace
O2 Investment Partners
Air Cargo EquipmentSpecializes in the repair, overhaul, exchange, and sale of on-aircraft cargo systems and parts.
Apr-23Audax Private EquityKrayden, inc.Distributor of specialty adhesives, sealants, and coatings intended to serve the aerospace, electronics, transportation, and general industrial end markets.
Apr-23BICO SteelRE Metal FinishingProvider of steel peening and metal finishing services to a variety of industrial customers.
Apr-23Vance Street CapitalAero Group HoldingsOwns a portfolio of leading brands who are focused on designing and manufacturing proprietary FAA approved new and replacement components.
Mar-23LifePortAeromatrix CompositesManufacturer of advanced and composite aerospace products intended to serve the aerospace and defense sector.
Mar-23DucommunBLR AerospaceDeveloper of customized aerodynamic products and solutions catering to the needs of the aerospace industry.
Mar-23Ajax DefenseWhelan Machine & ToolProvider of precision machined products and services.
Mar-23TransDigm GroupCalspanProvider of research and testing services for the aerospace and transportation industries.
Mar-23IDAGAce AeronauticsProvider of avionic and airframe services intended to serve commercial and government aviation users.
Mar-23ARCH Medical SolutionsBettanini’s Custom ManufacturingContract manufacturer of precision-machined components.
Mar-23Signia AerospaceLifesaving SystemsDesigner of helicopter hoist hooks, tethers and safety belts, and water and aviation rescue equipment.
Feb-23Cadrex SolutionsD&R Machine CompanyProvider of CNC precision machining solutions for the aerospace and defense market.
Feb-23First Aviation ServicesAssociated Aircraft ManufacturingManufacturer of a variety of aircraft parts and provider of repair and overhaul services for aircraft electronics, avionics, hydraulic, and landing gear components.
Feb-23ATL PartnersAero AccessoriesProvider of aero accessories and repair services.
Feb-23TriMasWeldmacDesigner and manufacturer of metal fabricated components and assemblies for the aerospace, defense, and space launch end-markets.
Feb-23WhitcraftParadigm PrecisionManufacturer of gas turbine components intended to support the commercial and military aircraft markets.
Feb-23Prince IndustriesPrecision ShapesManufacturer of precision-machined components intended for the aerospace, commercial, and defense industries.
Feb-23Wencor GroupAero-Glen InternationalDistributor of aerospace structural hardware equipment.
Feb-23VSEPrecision Fuel ComponentsProvider of engineering specializing in small turbine engine components.

Notable Transactions: Defense

Deal DateAcquirer/InvestorTargetTarget Description
PendingBernhard Capital PartnersDuotecg Services, IncProvider of services for radar and related systems.
PendingBAE SystemsBall AerospaceLeading provider of mission critical space systems and defence technologies across air, land, and sea domains.
Oct-23The Jordan CompanyiNRCOREManufacturer of catalog and magnetic components for the defense industry.
Oct-23Operational SolutionsNexus NineProvider of unmanned aircraft system and counter unmanned aircraft system platform testing and support.
Sep-23A&M Capital PartnersVTG GroupProvider of modernization and digital transformation solutions to defense and intelligence community.
Sep-23Loar GroupCAV Systems GroupDeveloper of ice protection and drag reduction technology intended to serve the aviation sector.
Aug-23SaabBlue Bear Systems ResearchProvider of autonomous and unmanned systems.
Aug-23CBC Global AmmunitionSinterFireManufacturer of frangible ammunition projectiles for the military and law enforcement market.
Aug-23AeroVironmentTomahawk RoboticsDeveloper of AI-enabled robotic control systems for the military.
Aug-23Enterprise InvestorsAdvanced Protection SystemsDeveloper of a multi-sensor drone detection and tracking system.
Aug-23FrontgradeAethercommManufacturer of radiofrequency and microwave products intended to serve airborne platforms.
Aug-23RheinmetallEXPAL SystemsManufacturer of weapon systems and munitions.
Jul-23L3 Harris TechnologiesAerojet RocketdyneManufacturer of aerospace and defense products and systems.
Jul-23SafranCollins Aerospace
(Flight Control and Actuation Business)
Manufacturer of aerospace components and systems.
May-23Avem PartnersASTECH Engineered ProductsSupplier of welded honeycomb metallic aerostructures intended for the global aerospace and defense industry.
May-23FR CapitalFregata SystemsProvider of innovative command, control, communication, computers, cyber, intelligence, surveillance, and reconnaissance technology services.
May-23Delta DroneTonner DronesManufacture of drones catering to military use.
May-23Reppert Capital PartnersInertial LabsDeveloper of position and orientation technologies for the aerospace and defense industry.
Apr-23Arlington Capital PartnersVerus Technology GroupDeveloper and manufacturer of counter unmanned aircraft systems.
Apr-23Capital Southwest BDCEdge AutonomyManufacturer of unmanned aircraft systems intended for federal and private customers.
Mar-23Nexus Capital ManagementAviation Ground Equipment Corp.Manufacturer of aviation ground support equipment.
Mar-23Raptor ScientificKing Nutronics CorporationDeveloper of test and measurement instruments and equipment.
Jan-23Highlander PartnersBlack Sage TechnologiesDeveloper of defense technology systems focused on defending against unmanned systems.
Jan-23Highlander PartnersDZYNE TechnologiesManufacturer and designer of autonomous aircraft, as well as unmanned aircraft systems, intended to serve the U.S. Department of Defense.
Jan-23Micross ComponentsKCB SolutionsManufacturer of radiofrequency and microwave semiconductor products intended for military, aerospace, and satellite industries.
Deal DateAcquirer/InvestorTargetTarget Description
Dec-22Forged Solutions GroupContinental ForgeManufacturer of aluminum forgers intended for commercial aerospace, military, automotive, and marine transportation industries.
Nov-22First Aviation ServicesAssociated Aircraft ManufacturingManufacturer of a variety of aircraft parts and provider of repair and overhaul services.
Nov-22Highlander PartnersLiteye SystemsManufacturer and integrator of multi-domain and multi-mission defense systems.
Nov-22SpartonLogos TechnologiesProvider of wide-area motion imagery technology.
Nov-22PCX AerosystemsTimken Aerospace Drive SystemsManufacturer and supplier of aviation drive system components and sub-assemblies intended for military and civil rotorcraft applications.
Oct-22Sky Peak CapitalHicks MachineProvider of tight tolerance, precision machining services intended to serve defense, commercial, medical, and microwave industries.
Sep-22Novaria Group, KKRStroco ManufacturingManufacturer of aerospace products intended for the defense and aerospace industries in both the military and commercial sectors.
Sep-22SkyePoint DecisionsSNR Government IT ServicesProvider of comprehensive information technology services and defense products intended for defense and federal government customers.
Sep-22Giga-TronicsGresham WorldwideManufacturer of electronics intended to support the defense and aerospace industry.
Sep-22Ironwood CapitalNautilus Integrated SolutionsManufacturer of critical components intended to serve the defense, nuclear, and railroad markets.
Aug-22Bardin Hill Investment Partners
MB Global Partners
MD HelicoptersManufacturer of light single and light twin-engine helicopters.
Aug-22General Dynamics Mission SystemsProgeny SystemsOperator of an engineering company intended to drive down the overall cost of combat system upgrades.
Aug-22CobhamUltra ElectronicsProvider of electronic and software technologies for the defense, aerospace, security, transport, and energy markets.
Aug-22By Light Professional IT ServicesVeraxx Engineering CorporationProvider of complex, high-fidelity aircraft modeling and simulation training technology services.
Jul-22Valence Surface TechnologiesB&M Painting CompanyProvider of corrosive fabrications and spec painting intended for the defense and aerospace industry.
Jul-22HEICOAccurate Metal MachiningManufacturer of high-reliability components and assemblies for the aerospace and defense industries.
Jul-22V2XThe Vertex CompanyProvider of aftermarket aerospace services intended to serve the defense and commercial customers.
Jun-22Primus AerospaceRaloidManufacturer of detailed mechanical components and assemblies for the defense industry.
Jun-22Precision Products GroupBreyden ProductsManufacturer of military specification lacing tapes, twines, and cords intended to serve the aerospace and defense industries.
Jun-22Allied MotionAirexDesigner and manufacturer of precision and specialty controlled motion products and solutions.
Jun-22iNRCOREVanguard ElectronicsManufacturer of inductors and transformers for defense, aerospace, space, medical, down-hole, and energy industries.
Jun-22Rafael Advanced Defense SystemsPVP Advanced EO SystemsDeveloper and manufacturer of electro-optic EO systems catering to air, land, sea, and critical homeland security applications.
Jun-22P4G Capital ManagementTIGHITCODesigner and manufacturer of engineered components intended for aerospace and industrial applications.
May-22Allied MotionFPH GroupDeveloper of technically advanced engineered products and systems designed for ground-based vehicles in the defense market.
May-22Adani Defence Systems and TechnologiesGeneral AeronauticsDeveloper of advanced aerial technologies addressing the challenges of unmanned aerial vehicle design.

Notable Transactions: Space

Deal DateAcquirer/InvestorTargetTarget Description
Sep-23AvioT4iManufacturer of innovative engines designed to serve small satellite platforms.
Sep-23General AtomicsEO VistaManufacturer of space-borne electro-optical systems.
Jun-23AndurilAdranosDeveloper of solid rocket propellant designed to enable private space exploration.
Jun-23Firefly AerospaceSpaceflightProvider of premier launch and space transportation services.
Jun-23York Space SystemsEmergent Space TechnologiesEmergent researches, develops, integrates, and tests advanced systems and software solutions for civil, military, and commercial space missions.
May-23Advent InternationalMaxar TechnologiesIntegrated space and geospatial intelligence company with a full range of space technology solutions for commercial and government customers.
Mar-23Voyager SpaceZIN TechnologiesProvider of advanced engineering services and product development solutions for launch vehicles, low-Earth orbit infrastructure projects, and spacecrafts.
Mar-23ReliaSatArralisDeveloper of satellite communications and radar technology designed to serve the communications, satellite, aerospace, and defense markets.
Feb-23Micross ComponentsInfineon Technologies
(HiRel DC-DC Converter Business)
Manufacturer and designer of proprietary power systems intended to serve the space, strategic defense, and aerospace industries.
Feb-23Vast SpaceLauncherDeveloper of a liquid propellant-based rocket designed to deliver small satellites to orbit.
Feb-23BoecoreOrbit LogicDeveloper of mission planning and scheduling software intended for the aerospace and geo-intelligence communities.
Jan-23CesiumTXMissionDeveloper of an off-the-shelf, end-to-end satellite communications solutions.
Jan-23Veritas CapitalFrontgradeProvider of high-reliability electronic solutions for space, defense, healthcare, and industrial applications.
Jan-23Micross ComponentsKCB SolutionsManufacturer of radiofrequency and microwave semiconductor products intended for military, aerospace, and satellite industries.
Dec-22Aim MRO
AE Industrial Partners
TribologixDeveloper of surface engineering chemicals and dry film lubricants intended to reduce friction and wear in extreme environments where conventional lubricants do not work.
Nov-22AE Industrial PartnersYork Space SystemsDeveloper of small-scale spacecraft platforms designed to transform and enable next-generation space mission operations worldwide.
Nov-22Safran GroupSyrlinksDeveloper of radiocommunication and radio frequency products.
Nov-22RedwireQinetiQ SpaceProvider of small space systems intended for civil and commercial space customers.
Oct-22Kongsberg GruppenNanoAvionicsProvider of small satellite commercial-grade platform.
Oct-22BoecoreAscension Engineering GroupProvider of space system and satellite communications engineering services.
Sep-22AstroboticMasten Space SystemsDeveloper of space infrastructure designed for sustainable lunar access and utilization.
Sep-22PCX AerosystemsNuSpaceManufacturer of satellite propellant tanks and assemblies.
Aug-22Slingshot AerospaceSeradataDeveloper of a space research tool offering satellite and launch data, satellite database, and space market analysis system.
Aug-22Slingshot AerospaceNumerica
(Space Domain Awareness Division)
Developer of software intended to help protect satellites from on-orbit hazards and threats.
Jul-22TCOMAerostar InternationalDeveloper of stratospheric surveillance platforms designed to bridge the capability gap between aircraft and satellites.
Deal DateAcquirer/InvestorTargetTarget Description
Jun-22YulistaTroy7Provider of aerospace engineering services catering to missile defense and space flight missions organizations.
May-22FCDECobham MicrowaveFrench manufacturer of microwave components and systems for space.
May-22FCDEHOSTmiDeveloper of a space mobility platform designed to simplify space mission requirements management.
May-22EmcoreL3Harris
(Space and Navigation Business)
Developer of radars, antenna, acousto-optics, commercial imaging payloads, communication systems, satellites, and other space navigation products.
Apr-22AE Industrial PartnersFirefly AerospaceManufacturer of orbital launch vehicles designed to provide economical and convenient access to space.
Apr-22Airbus GroupoDSI DatensicherheitManufacturer of cryptography and communication systems designed for space, airborne, naval, and ground systems.
Apr-22XploreKubosDeveloper of an open-source space flight software platform.
Jan-22Breeze Holdings AcquisitionD-OrbitDeveloper of a decommissioning device designed to dispose of satellites at the end of their lifespan.
Jan-22Blue OriginHoneybee RoboticsDeveloper and manufacturer of robotic systems intended for space and other extreme environments.
Jan-22Allianz GroupIntelsatOperator of integrated satellite and terrestrial network providing communications services for telecommunications operators, media companies, and internet service providers.
Jan-22Rocket LabSolAero TechnologiesManufacturer of solar cells and solar panels for satellite and spacecraft applications.
Jan-22ParagonFinal Frontier DesignManufacturer and supplier of spacesuits and ancillary components intended to serve the aerospace industry.
Dec-21NextGen Acquisition IIVirgin Orbit HoldingsProvider of satellite launch services intended to make space accessible to everyone.
Dec-21dMY Technology Group IVPlanet LabsPlanet Labs PBC is an earth imaging company. It provides daily satellite data that helps businesses, governments, researchers, and journalists understand the physical world.
Dec-21J.F. Lehman & CompanyNarda-MITEQDesigner and manufacturer of custom radiofrequency, microwave subsystems, and components.
Dec-21Inertial LabsMemsenseDeveloper of inertial measurement units.
Dec-21Rocket LabPlanetary SystemsDeveloper of mechanical separation systems and satellite dispensers.
Nov-21Raytheon TechnologiesSEAKR EngineeringDeveloper of high end electronic assemblies designed for space applications.
Nov-21Beach Point Capital ManagementTerran OrbitalProvider of small satellites.
Nov-21Voyager SpaceSpace MicroManufacturer and designer of communications, electro-optic, and digital systems intended to focus on technology advancement and product implementation for satellite electronics.
Nov-21RedwireTechshotDeveloper of spaceflight equipment and space bioprinting products.
Oct-21Edgewater Capital PartnersSemiGenManufacturer of radiofrequency / microwave electronic devices.
Oct-21Rocket LabAdvanced SolutionsDeveloper of space software designed to deliver mission simulation, test systems, guidance, navigation, and control solutions.
Oct-21Voyager SpaceValley Tech SystemsOperator of an aerospace engineering company intended to help solve pressing technology challenges.
Sep-21Karman SystemsSystima TechnologiesManufacturer of energetic components and integrated systems.

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

Meridian Capital’s Aerospace, Defense & Space Team

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Brian Murphy
CEO, Managing Director
Aaron Franzheim Photo
Aaron Franzheim
Director

Aerospace, Defense & Space M&A Reports

Aerospace, Defense & Space: Q1 2025 M&A Market Update

April 23, 2025

Aerospace, Defense & Space: Q4 2024 M&A Market Update

March 27, 2025

Aerospace, Defense & Space M&A Activity Update: Summer 2024

July 10, 2024

Aerospace, Defense & Space M&A Update: Winter 2024

January 17, 2024

Key Satellite Platforms and Space M&A Trends: April 2023

April 21, 2023

Aerospace, Defense & Space M&A Trends: Spring 2023

March 20, 2023

Aerospace, Defense & Space M&A Update: Winter 2023

January 11, 2023

Aerospace, Defense & Space M&A Trends: Summer 2022

July 26, 2022

Aerospace, Defense & Space M&A Trends: Spring 2022

March 1, 2022

Aerospace & Defense M&A Trends: Fall 2021

November 8, 2021

Aerospace & Defense M&A Trends: Summer 2021

July 14, 2021

Aerospace & Defense M&A Trends: Winter 2021

April 21, 2021

Aerospace & Defense M&A Trends: Summer 2020

August 25, 2020

Aerospace & Defense M&A Update: Winter 2019

January 23, 2019

Aerospace M&A Update – Spring 2018

April 15, 2018

Aerospace M&A Update – Summer 2017

June 30, 2017

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