Aerospace, Defense & Space M&A Update: Winter 2023
Published January 11, 2023
Aerospace, Defense & Space M&A remained active in 2022 as deal volumes reverted closer to historical averages with ~360 transactions announced for the year.
A few themes from Q4 to watch in 2023:
1. Increased activity for aerostructure components across commercial, defense, and space applications.
2. Consolidation in the engine component market.
3. Continued private equity / add-on acquisitions for aftermarket services and parts.
Aerospace, Defense & Space M&A Transaction Volume
Select 4Q-22 Transactions
| Deal Date | Acquirer/Investor | Target | Target Description |
|---|---|---|---|
| Dec-22 | Tikehau Ace Capital | Formecal | Manufacturer of precision components. |
| Dec-22 | NV5 (NAS: NVEE) | L3Harris Technologies (VIS Business) | Developer of geospatial technology and software. |
| Dec-22 | L3 Harris Technologies (NYS: LHX) | Aerojet Rocketdyne Holdings (NYS: AJRD) | Manufactures driving and launch systems for defense and space applications, weapons, and weapons systems for tactical missions. |
| Dec-22 | Advent International | Maxar Technologies (NYS: MAXR) | Integrated space and geospatial intelligence company with a full range of space technology solutions for commercial and government customers. |
| Dec-22 | Arlington Capital Partners, Forged Solutions Group | Continental Forge | Manufacturer of aluminum forgers intended for commercial aerospace, military, automotive and marine transportation industries. |
| Dec-22 | Bpifrance, Daher | Chabrillac | Provider of satellite and launcher transportation services catering to the space industry. |
| Dec-22 | Tiger Infrastructure Partners | International Aerospace Coatings | Provider of aircraft exterior and interior painting and refurbishment services. |
| Dec-22 | Fonds de solidarité FTQ, Groupe Meloche | Hemmingford Aerospace | Manufacturer of engine components such as pneumatic values, mechanical values, fuel systems, high precision machining, and services such as painting and assembly. |
| Nov-22 | Greenbriar Equity Group | Applied Aerospace Structures | Manufacturer and supplier of complex composite and metal-bonded structural assemblies. |
| Nov-22 | Trive Capital | Forward Slope | Developer of mission-critical software and surveillance system intended for the defense industry. |
| Nov-22 | Jet Parts Engineering, Vance Street Capital | Northeast Aero Compressor | Provider of aerospace component repair services intended for aircraft maintenance, repair and overhaul industry. |
| Nov-22 | Clayton, Dubilier & Rice, Greenbriar Equity Group | Paradigm Precision | Manufacturer of gas turbine components intended to support the commercial and military aircraft, marine, and industrial gas turbine markets. |
| Nov-22 | Clayton, Dubilier & Rice | Whitcraft | Manufacturer and supplier of precision-formed machined and fabricated aviation engine parts and components. |
| 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 | Aciturri Aeronautica | Malichaud Atlantique | Manufacturer of engine components that includes high-precision blades and vanes for the main aeronautical engine platforms. |
| Nov-22 | StandardAero, The Carlyle Group (NAS: CG) | 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 MRO businesses. |
| Nov-22 | AE Industrial Partners, BlackRock Private Equity Partners | York Space Systems | Developer of small-scale spacecraft platforms designed to transform and enable next-generation space mission operations worldwide. |
| Nov-22 | Latecoere (PAR: LAT) | Avcorp Industries | Designer and manufacturer of metallic and composite aerostructures. |
| Nov-22 | ATL Partners | Aero Accessories & Repair, LLC | A leading provider of aerospace component maintenance, repair, and overhaul services |
| Nov-22 | P4G Capital Management | McCay Tool & Engineering Company | Manufacturer of precision machined parts intended to serve the aerospace industry. |
| Nov-22 | Redwire (NYS: RDW) | QinetiQ Space | Provider of small space systems intended for civil and commercial space customers. |
| Nov-22 | Gold Ridge Asset Management | Seanair Machine | Manufacturer of precision machined structural parts, flight controls, material handling, ground support, fuel systems, landing gears, and other components. |
| Nov-22 | Greenbriar Equity Group, 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. |
| Oct-22 | Essex Industries | Precision Aerospace | Provider of low-volume contract manufacturing services for aerospace and defense. |
| Oct-22 | Warburg Pincus, Wencor Group | Aviatron | Provider of aircraft component overhauls and repair services for regional and commercial aircraft operators. |
| Oct-22 | Platinum Equity, Unical Aviation | CAVU Component Repair | Provider of aircraft parts repair services to the global commercial aerospace market. |
Meridian Capital's Aerospace, Defense & Space Transaction Experience
*Note: Includes transactions completed by Meridian bankers while at previous firms
