Aerospace & Defense Acquisitions in 2019

WHI Global, a portfolio company of RVE Partners, has acquired the assets of Aero-Bond Corporation through affiliated vehicle Aerobond Composites, LLC. The acquisition brings composite fabrication capabilities (layup, compression molding, adhesive bonding, vulcanization) and AS9100/ISO 9001-certified capacity in Springfield, Massachusetts into WHI's aerospace manufacturing platform as part of RVE's buy-and-build strategy.

FDH, a portfolio company of Audax Private Equity, has acquired BTC Electronic Components, a Wake Forest, North Carolina-based specialty distributor of high-performance connectors serving aerospace, military and industrial end markets. The acquisition is an add-on to FDH that expands its product offering into electronic connectors and strengthens its OEM and MRO capabilities.

Whitcraft Group, an Eastford, Connecticut-based aeroparts manufacturer, acquired substantially all assets of EvoAero, Inc. (Evolution Aero) in Windsor, CT and Condor Industries, LLC in Fort Lauderdale, FL. The deal increases Whitcraft's production capacity and expands its reach into the power generation market while consolidating complementary aerospace manufacturing capabilities.

Shimtech Industries, a PE-backed aerospace components platform, has acquired Fastener Technology Corp. (FTC), a North Hollywood supplier of high-strength specialty fasteners for commercial and military aerospace customers. FTC will remain led by its existing management team and will integrate with Shimtech's aerospace divisions to expand manufacturing capacity and product offerings.

CTCOA LLC d/b/a Olympic Aviation, a portfolio company of The Anderson Group, acquired the assets of Mayday Aviation. The add-on acquisition will integrate Mayday's hard-to-find aircraft fasteners and parts into Olympic Aviation's Cerritos, California distribution facility to expand product offerings and grow Olympic's domestic aerospace customer base.

Centauri, a PE-backed defense technology and engineering firm, has acquired The Design Knowledge Company (TDKC) and PreTalen, Ltd., both headquartered in the Dayton, Ohio region. The transactions expand Centauri's capabilities in microelectronics trust, space domain awareness, PNT (positioning, navigation and timing) and cyber warfare, more than doubling its Dayton headcount and prompting new R&D and secure facilities in the region.

Arlington Capital Partners, via its newly formed aerospace platform Forged Solutions Group (FSG), acquired Firth Rixson Forgings Limited from Arconic. The deal brings Firth Rixson's Sheffield forging capabilities into FSG, creating a multi-facility supplier with expanded manufacturing capacity and complementary capabilities to serve OEM and Tier 1 aerospace & defense engine customers.

AE Industrial Partners (AEI) has acquired AIM MRO, a Cincinnati-based manufacturer and supply chain manager of consumable repair products for the aerospace engine aftermarket. The transaction, which closed Dec. 2, 2019, positions AEI to expand AIM MRO's capabilities and accelerate growth across global aerospace engine and gas turbine MRO customers.

Kellstrom Holding Corporation (KHC) has acquired Airborne Technologies, Inc. (ATI), a Camarillo, California-based manufacturer of complex defense aircraft parts. ATI will be combined with Kellstrom Defense's Engineered Products segment to expand OEM-sanctioned parts manufacturing and aftermarket sustainment capabilities for military aircraft.

Hannover Finanz has agreed to acquire E.I.S. Aircraft Products & Services, a German supplier of lightweight cabin interior products and composites-based solutions, from the EQT Mid Market fund. The transaction, subject to merger authority approvals, represents a portfolio sale by EQT and positions Hannover Finanz to expand its industrial/aerospace investments; financial terms were not disclosed.

Columbia River Partners (CRP), a newly formed private investment firm, completed the carveout acquisition of the avionics division now operating as Sagetech Avionics Corp, based in White Salmon, Washington. CRP acquired the business from a company in receivership and intends to expand Sagetech's product portfolio, engineering capacity and global reach to serve commercial and military unmanned aerial systems (UAS) markets.

Radius Aerospace, a portfolio company of Arlington Capital Partners, acquired Doncasters Group Limited's aerospace forming and fabricating business in Sheffield and Shrewsbury, UK. The acquired business has been renamed Radius Aerospace UK Ltd (Radius Europe) and will operate under its historical Bramah and Shrewsbury names to expand Radius's capabilities and international footprint in engine component forming and fabrication.

Graham Partners, a U.S. private investment firm focused on technology-driven advanced manufacturing, has acquired Damping Technologies, Inc. (DTI), an advanced materials company specializing in vibration and noise control for aerospace, defense, and space markets. Graham intends to leverage DTI's proprietary polymer formulations, engineering capabilities, and market position to fuel growth as composite materials adoption increases demand for damping solutions.

Bromford Industries, a portfolio company of Liberty Hall Capital Partners, acquired Numet Machining Techniques, a precision aerospace engine component manufacturer based in Orange, Connecticut. The add-on deal — financed in part by Citizens Bank and second-lien financing plus an equity co-investment from Stellus Capital Management — expands Bromford's machining capabilities and platform exposure across key engine platforms and major OEM customers.

Cadence Aerospace, a portfolio company of Arlington Capital Partners, has acquired the OEM Manufacturing Division of B&E Group, adding two Massachusetts facilities (Southwick and Westfield) that specialize in complex, difficult-to-machine engine components for aerospace and defense customers. The deal expands Cadence's engine-component capabilities and creates scale across its Tell Tool and ADM operations as an add-on to the Cadence platform.

Molecular Products Group, a portfolio company of Arlington Capital Partners, has acquired the O.C. Lugo Company, a Connellsville, Pennsylvania manufacturer of sodium chlorate–based chemical oxygen generators and a prime contractor to the U.S. Navy. The acquisition adds a second U.S. manufacturing site for chemical oxygen generation systems, expanding Molecular Products' product offerings and strengthening its position in the defense market.

Arlington Capital Partners agreed to make a majority investment in AEgis Technologies and has appointed Jonathan Moneymaker as CEO. The investment will support expanded R&D and strategic acquisitions as Arlington builds AEgis into a platform focused on space superiority, directed energy, missile defense and related national security capabilities.

Levine Leichtman Capital Partners sold Nobles Worldwide, a St. Croix Falls, Wisconsin-based designer and manufacturer of ammunition handling systems, to an affiliate of Ducommun Incorporated. The acquisition expands Ducommun's aerospace and defense manufacturing capabilities and integrates Nobles' ammunition feed and handling products into Ducommun's Electronic and Structural Systems offerings.

Methuen-based kSARIA Corporation, a Behrman Capital portfolio company, has acquired Co-Operative Industries Aerospace & Defense (CIA&D), an AS9100-registered manufacturer of wiring harnesses and interconnect products headquartered in Fort Worth, Texas. The deal is intended to broaden kSARIA's connectivity product offering and create cross-selling opportunities by combining kSARIA's fiber-optic strengths with CIA&D's electrical interconnect and MRO capabilities.

AirMap acquired Hangar Technology, a drone workflow automation platform, to expand its enterprise-focused airspace management capabilities and integrate high-precision flight planning and automated image processing into its platform. Hangar will retain its headquarters and team in Austin, Texas, while its JobSight and TowerSight products gain access to AirMap's international developer and enterprise ecosystem.

By Light Professional IT Services LLC has entered into a definitive agreement to acquire Cole Engineering Services, Inc. (CESI), a developer and integrator of modeling, simulation and training systems for military and first-responder customers. The deal, subject to CESI shareholder and regulatory approvals, is expected to close in early Q4 2019 and will add CESI's simulation engineering capabilities and program footprint to By Light's government systems integration platform.

Parker Hannifin Corporation completed the cash acquisition of Exotic Metals Forming Company LLC for $1.725 billion. The purchase brings Exotic's high-temperature, high-pressure air and exhaust management and complex engine turbine hot-section assemblies into Parker's Aerospace group to expand Parker's engine and aircraft systems capabilities.

Precision Aviation Group (a portfolio company of GenNx360 Capital Partners) has acquired Momentum Services Corporation, a provider of repair services for LCD flat panel cockpit displays. The add-on acquisition expands PAG’s MRO and avionics capabilities, enabling delivery of LCD display repair services across PAG’s repair stations and customer base.

A group led by aviation investor Robert Priddy and private investment firm Kilroy Partners has acquired NMC‑Wollard, the 70+ year supplier of aviation ground‑support equipment, which will be rebranded as Wollard International. John Carroll is chairman, Greg McDermott remains president, and the new owners plan to expand the company’s product areas and grow its global customer base across commercial airlines, military customers and private aviation.

Compass Partners Capital LLC, a Stamford-based investment firm focused on defense and aerospace, has completed the acquisition of Micro Precision LLC (MPI), a South Windham, Connecticut-based supplier of critical parts and mechanical assemblies to the U.S. submarine program. Compass said the investment will support MPI's growth and expansion of manufacturing capabilities to better serve prime submarine contractors and the U.S. Department of Defense.

McNally Capital led a platform investment in Altamira Technologies, a provider of analytics, engineering and cyber services to the U.S. national security community, with participation from ClearSky and Nio Advisors. The investment will support Altamira’s continued organic growth, investment in new solutions and pursuit of strategic acquisitions; Ward McNally will join Altamira’s board.

Parsons Corporation has agreed to acquire QRC, LLC (QRC Technologies) from private equity firm DC Capital Partners for $215 million in cash. The acquisition brings RF spectrum survey, signals intelligence and electronic warfare hardware and IP into Parsons’ portfolio to expand its defense and intelligence capabilities and accelerate actionable intelligence offerings.

Trive Capital completed a recapitalization of its portfolio company AEVEX Aerospace, with Bain Capital Credit arranging a $160 million senior secured unitranche facility to support the transaction. AEVEX, headquartered in Solana Beach, California, provides airborne intelligence, surveillance and reconnaissance (ISR) services across aircraft services, flight operations support and intelligence solutions; William Blair served as exclusive financial advisor to AEVEX.

AGIC Capital has acquired a majority stake in Farsound Limited from Rubicon Partners at an enterprise value of £115 million, with Farsound management (led by Kevin Sargent) investing alongside AGIC. Farsound is a UK-headquartered, technology-enabled supply chain provider for aircraft engine MROs; AGIC will support the company's international expansion, particularly across Asia, with financing provided by BlackRock, HSBC and Investec.

Global investment firm The Carlyle Group has completed its purchase of StandardAero from Veritas Capital. StandardAero is a global provider of engine and airframe maintenance, repair and overhaul (MRO) services with more than 6,000 employees across multiple continents; Carlyle said it will partner with StandardAero’s management to support the company’s continued growth and industry leadership.

Sekisui Chemical Co., Ltd. agreed to acquire AIM Aerospace from Liberty Hall Capital Partners for US$510 million in cash. AIM Aerospace, a Renton, Washington–based designer and manufacturer of advanced composite structures, engine components and thermoplastic aerospace technologies, becomes a wholly owned operating company of Sekisui to expand the acquirer's aerospace materials and manufacturing capabilities.

Peraton, a Veritas Capital portfolio company, has entered into a definitive agreement to acquire Solers, Inc., a provider of software development and systems integration for space situational awareness, satellite ground systems, cybersecurity engineering, and cloud solutions. The acquisition expands Peraton's space and communications capabilities and strengthens its mission-critical offerings to defense, intelligence and civilian federal customers.

Consolidated Precision Products Corp. (CPP), a Cleveland-based manufacturer of precision castings and sub-assemblies for the commercial aerospace, defense and industrial gas turbine markets, announced a recapitalization with Berkshire Partners alongside existing investor Warburg Pincus. The investment will support CPP's long-term growth strategy and capability expansion, including continued M&A activity; terms were not disclosed.

Jacobs has completed its acquisition of KeyW, a Hanover, Maryland-based government cybersecurity and intelligence contractor. The transaction expands Jacobs' Aerospace, Technology and Nuclear (ATN) capabilities—adding KeyW's ISR, cyber, mission-critical IT and analytics expertise—to accelerate growth in high-value defense and space markets.

CM Equity Partners (CMEP), together with JANUS Research Group's founders and management, completed a recapitalization of JANUS Research Group, Inc. The transaction positions the Evans, Georgia–headquartered defense engineering and services firm (≈350 employees) for continued growth while keeping existing leadership and the founders involved.

Balmoral Funds completed an equity investment in KP Aviation (KPA), an aerospace aftermarket sale and leasing company, formalizing a longer-term partnership to fund KPA’s growth. Founders Kim and Paul Schulze sold a significant ownership stake as KPA pursues expansion and works with lenders on a revolving credit facility.

Vopne Capital has made a minority/growth investment in Coronado Manufacturing, a Sun Valley, California-based maker of precision-machined components for the aerospace industry. Financial terms were not disclosed; the investment appears intended to support the company’s capacity and capability expansion.

Acorn Growth Companies, a private equity firm focused on aerospace, defense and intelligence, acquired DIMO Corporation, a New Castle, Delaware-based value-added distributor of mission-critical aircraft parts and assemblies. The acquisition brings DIMO's global distribution and government/OEM relationships into Acorn's portfolio to support growth and international market opportunities; terms were not disclosed.

AEA Investors' Middle Market Private Equity team has completed the acquisition of API Technologies Corp. from J.F. Lehman & Company. API Technologies, headquartered in Marlborough, Massachusetts, is a manufacturer of high‑performance RF/microwave components and subsystems serving aerospace, defense, space and government customers; AEA plans to invest in the company’s position in the radio frequency/microwave components market to support future growth and product modernization.

Arlington Capital Partners completed the carve-out acquisition of Triumph Group’s forming and fabrication facilities and launched the business as Radius Aerospace, Inc. The deal creates a pure‑play aerospace forming and fabrication platform serving OEM and Tier‑1 aerospace & defense customers, with plans for organic growth and strategic add‑ons.

Wincove Private Holdings has made a minority/growth investment in Fortbrand Services, a provider of aircraft ground support and airfield maintenance equipment. Wincove will partner with existing management (including Peter Stearn) and industry executive Salvatore Calvino to support Fortbrand's strategic growth across North America and Europe.

An affiliate of Balmoral Funds partnered with an all-new senior management team to acquire Aero Interiors Company (AIC) from a Fortune 500 aerospace and defense company in March 2019. AIC is a custom aircraft-interiors manufacturer (also designing specialized aircraft armor systems) serving military and commercial markets worldwide; the deal returns the business to a founder/management-led ownership and positions it for a new growth phase.

Resilience Capital Partners, a Cleveland-based private equity firm, has acquired Concord, California–headquartered Systron Donner Inertial, a maker of quartz MEMS (QMEMS) gyroscopes, accelerometers and inertial navigation products for aerospace and defense applications. Terms were not disclosed; Resilience said the acquisition strengthens its platform in niche manufacturing and positions Systron Donner to capture growth in inertial sensing markets.

Curtiss-Wright Corporation has completed the acquisition of Tactical Communications Group (TCG), LLC for $50 million in cash. TCG, headquartered in Tewksbury, Massachusetts, is a provider of tactical data link software and simulation solutions for military communications and will operate within Curtiss-Wright’s Defense segment to enhance its flight test instrumentation and tactical data link capabilities.

Tribus Aerospace Corp., a Shorehill Capital-backed aerospace manufacturing platform, has completed the acquisition of Midwest Precision Holdings Inc., a precision machining firm based in Eastlake, Ohio. Shorehill Capital provided additional equity support and Antares provided debt and equity financing to support the transaction; terms were not disclosed. The deal expands Tribus's manufacturing capabilities and product offerings for OEM and Tier I customers across aerospace, defense and energy end markets.

Advanced Grinding Solutions, operating as Abrasive Form and owned by Calvert Street Capital Partners, has acquired Sun Country Industries from McNally Industries. The acquisition expands Abrasive Form’s precision machining and assembly capabilities to better serve aerospace and industrial gas turbine customers.

Cornerstone Capital Holdings acquired N2 Imaging Systems from Collins Aerospace (a unit of United Technologies Corporation) in a divestiture announced February 15, 2019. The acquisition adds compact visible and infrared imaging system design and manufacturing capabilities to Cornerstone’s aerospace and defense portfolio to support military situational awareness and surveillance missions.

Stonebridge Partners announced that its portfolio company American Distributors, Inc. (ADI) has acquired Microwave Components, Inc., a specialized stocking distributor of RF/microwave and high-reliability electronic components based in Stuart, Florida. The acquisition is an add-on to ADI and is intended to expand ADI’s RF product offering and supply-chain capabilities serving Tier One aerospace and defense customers.

Stonebridge Partners’ portfolio company ADI American Distributors has acquired NewVac, LLC — a Chatsworth, California manufacturer of high-reliability cable assemblies, specialty connectors and electronic subassemblies — as an add-on to ADI. NewVac was purchased from parent DCX CHOL Enterprises, Inc.; debt financing for the transaction was provided by Czech Asset Management.

FLIR Systems, Inc. agreed to acquire Endeavor Robotics from Arlington Capital Partners for $385 million. Endeavor Robotics, headquartered in Chelmsford, Massachusetts, is a leading provider of unmanned ground vehicles for the U.S. Department of Defense, allied militaries, and industrial customers; FLIR said the purchase expands its unmanned solutions and complements its aerial systems, sensors, and payload capabilities.