Aerospace & Defense Acquisitions in 2022

NMG Aerospace, a family-owned aerospace manufacturer based in Stow, Ohio, has acquired Matco Manufacturing, a Salt Lake City maker of aircraft wheels, brakes, and related components. The deal, finalized in Q4 2022, brings Matco's expertise in experimental, light sport, and advanced air mobility landing systems into NMG's broader design and manufacturing platform; Matco owner George Happ will remain with the business.

Integrated Polymer Solutions, a portfolio company of Arcline Investment Management, has acquired AkroFire, a designer and manufacturer of elastomeric fire seal solutions and cargo bay repairs serving business jet, commercial aerospace, and defense markets. The acquisition is an add-on to IPS intended to expand its aerospace sealing and engineering capabilities and scale production for OEM customers.

L3Harris Technologies has signed a definitive agreement to acquire Aerojet Rocketdyne Holdings, Inc. for $58 per share in an all-cash transaction valued at $4.7 billion inclusive of net debt. The deal, financed with cash and new debt, will combine Aerojet Rocketdyne’s propulsion and energetics capabilities (about $2.3 billion in revenue and ~5,200 employees) with L3Harris to strengthen defense propulsion, hypersonics and missile-defense offerings; the transaction is expected to close subject to regulatory approvals in 2023.

Funds managed by Greenbriar Equity Group acquired Applied Aerospace Structures Corporation (AASC), a Stockton, California-based provider of complex composite and metal-bonded structures for space, aerospace, and defense programs. The investment will support AASC's growth and expansion plans — including organic growth and selective acquisitions — while financial terms were not disclosed.

Tiger Infrastructure Partners has acquired International Aerospace Coatings (IAC) and Eirtech Aviation Services (EAS) from Vance Street Capital. The transaction combines IAC's global aircraft coatings capability (headquartered in Shannon, Ireland) with EAS's engineering and asset management services (headquartered in Irvine, California) to create a leading aviation aftermarket platform; terms were not disclosed.

Funds managed by Clayton, Dubilier & Rice (CD&R) and Greenbriar Equity Group completed acquisitions of Paradigm Precision and Whitcraft Group and combined the businesses to form Pursuit Aerospace, a scaled manufacturer of complex aircraft engine components. The transaction aims to create a diversified, lean-focused supplier for commercial and military OEM engine platforms with leadership led by CEO Doug Folsom and Ray Conner as chairman.

First Aviation Services Inc. has acquired Associated Aircraft Manufacturing & Sales, Inc. (AAMSI), a Fort Lauderdale-based manufacturer and MRO provider for aircraft electronics, avionics, hydraulic and landing gear components. The deal, completed on November 22, 2022, expands First Aviation's manufacturing and repair capabilities — particularly its defense / DOD-approved repairs — and creates opportunities for vertical integration across its component repair and overhaul operations.

Highlander Partners, through its newly formed High Point Aerotechnologies division, acquired Liteye Systems, a U.S.-based developer and integrator of counter-unmanned aircraft systems (C-UAS). The transaction marks the first investment by High Point as Highlander pursues a buy-and-build strategy to create a platform in the C-UAS/UAS and related defense markets to support government and military customers.

PCX Aerostructures (dba PCX Aerosystems), a Greenbriar Equity Group–owned aerospace manufacturer, has completed the acquisition of Manchester, Connecticut–based Timken Aerospace Drive Systems (ADS). ADS will be rebranded as PCX Aerosystems – Manchester LLC, expanding PCX's gearbox, transmission and MRO capabilities in mission-critical aerospace components.

ATL Partners has made a majority investment in Aero Accessories & Repair, LLC, a Miramar, Florida-based provider of aerospace component maintenance, repair, and overhaul (MRO) services. The founders, David and Kevin Vail, will remain significant equity holders and management will continue to run the business as ATL looks to support organic growth, geographic expansion and pursue add-on opportunities.

Redwire Corporation completed the acquisition of Belgium-based QinetiQ Space NV, expanding its small-satellite, payload and space-instrument capabilities and increasing its exposure to European customers. Concurrently, Bain Capital and AE Industrial Partners invested $80 million in Redwire through equity-linked securities to finance the acquisition and support Redwire's growth initiatives.

Teledyne Technologies Incorporated has agreed to acquire ETM-Electromatic, Inc., a Newark, California-based designer and manufacturer of high-power microwave and high-energy X-ray subsystems for radiotherapy, defense and security applications. Teledyne will also purchase ETM's purpose-built manufacturing facility from an affiliate of ETM and its owners; financial terms were not disclosed.

JETNET, a Silversmith Capital Partners–backed provider of aviation data and market intelligence, has agreed to acquire Asset Insight, LLC, an aviation-focused valuation firm and creator of the eValues real-time valuation tool. The deal is an add-on acquisition intended to expand JETNET’s data-driven product offerings and market intelligence capabilities for the business aviation market.

Farragut Capital Partners has closed a growth investment (subordinated debt) in Parry Labs, LLC to support the company's continued growth and working capital needs. Parry Labs, an Alexandria, Virginia–based edge technology systems integrator serving defense and commercial aviation markets, will use the financing to invest in products and capabilities and scale its operations.

Modern Aviation has executed a definitive purchase agreement to acquire Mystic Jet Center, LLC (Groton–New London Airport, Groton, CT), Columbia Air Services-BHB, LLC (Hancock County–Bar Harbor Airport, Trenton, ME) and Columbia Air Services-RUT, LLC (Rutland Southern Vermont Regional Airport, Rutland, VT) from their two owners. The deal — expected to close in Q4 2022 — adds more than 161,500 square feet of leasable hangar and office space, retains all employees and expands Modern Aviation’s FBO network to 16 locations; Modern Aviation is backed by Tiger Infrastructure Partners.

An affiliate of Veritas Capital has entered into a definitive agreement to acquire CAES Space Systems from CAES. Headquartered in Colorado Springs, CAES Space Systems supplies radiation-hardened electronics and mission-critical space components; management will remain in place and the transaction was expected to close in Q1 2023 (terms undisclosed).

Unical Aviation Inc. has acquired CAVU Component Repair LLC, the FAA-approved Part 145 repair-station operations from CAVU Aerospace. The Mesa, Arizona facility (80,000 sq ft) expands Unical's third-party component repair capabilities; financial terms were not disclosed. Unical is PE-backed by Platinum Equity.

Boecore, a Colorado Springs-based defense and space systems contractor backed by Enlightenment Capital, has acquired Ascension Engineering Group (AEG), a space systems and satellite communications engineering provider founded in 2017. The acquisition is an add-on to Boecore's platform to expand capabilities and service offerings for Space Force, NASA, the Army and commercial space customers.

ZeroAvia has acquired HyPoint, a developer of high-temperature hydrogen fuel cell stacks, integrating HyPoint’s ~40 engineering staff and IP into ZeroAvia’s hydrogen powertrain business. The deal brings HyPoint’s HTPEM fuel cell technology into ZeroAvia’s R&D and production footprint to accelerate development of hydrogen-electric powertrains for fixed-wing and rotorcraft applications.

HDT Global, a Solon, Ohio-based manufacturer of expeditionary and defense solutions, has acquired Federal-Fabrics-Fibers, Inc. (3F), a Lowell, Massachusetts manufacturer of advanced woven and non-woven air-supported (AirBeam) shelter systems. The acquisition adds 2- and 3-D shaped woven AirBeam technology and rapid-prototyping capabilities to HDT's expeditionary shelter product portfolio to better serve U.S. government and allied military customers.

Aero 3, Inc., the parent of AeroRepair and a portfolio company of GenNx360 Capital Partners, has acquired Aircrafters, Inc., a New Castle, Delaware–based distributor of aircraft wheel and brake parts and provider of exchange asset pools. The acquisition expands Aero 3's parts distribution capabilities and North American logistics footprint while keeping Aircrafters' management in place.

AE Industrial Partners has agreed to acquire a majority stake in York Space Systems, a Denver-based manufacturer of small satellites and turnkey mission operations, with funds managed by BlackRock Private Equity Partners investing alongside. The deal provides York with institutional capital to scale production capacity and accelerate growth across government and commercial satellite markets; CEO Dirk Wallinger and Chairman Charles Beames will remain in leadership and retain significant ownership.

French instrumentation group Bertin Technologies has acquired Finnish CBRN detection specialist Environics Oy from Verso Capital; the deal was announced September 29, 2022 and is backed by Bertin's owner FCDE. The acquisition creates a combined European CBRN player, strengthens Bertin's Nordic presence and expands its portfolio of detection, identification and monitoring solutions for authorities, manufacturers and first responders.

Kaman Corporation completed the acquisition of the Parker-Hannifin Aircraft Wheel & Brake Division on September 16, 2022. The Avon, Ohio-based division (Aircraft Wheel & Brake) expands Kaman's engineered products portfolio and increases its exposure to aerospace and defense end markets while providing aftermarket and OEM wheel, brake and hydraulic capabilities.

Veritas Capital, through an affiliate, has entered into an agreement to acquire Sequa Corporation, the parent of Chromalloy, from funds managed by Carlyle. Chromalloy, headquartered in Palm Beach Gardens, Florida, is a leading provider of engine and gas turbine parts, repairs and related manufacturing capabilities; Veritas intends to invest in its proprietary LifeX solutions and accelerate growth.

PCX Aerosystems, a Connecticut-based aerospace supplier owned by Greenbriar Equity Group, acquired NuSpace, Inc. on September 2, 2022 from Cornerstone Capital Holdings and members of NuSpace’s leadership team. NuSpace, based in Long Beach, California, designs and manufactures proprietary propellant and high‑pressure tanks for satellites, launch vehicles, spacecraft and missile platforms, expanding PCX’s flight‑critical capabilities in the space and defense markets.

Systems Planning & Analysis, an Arlington Capital portfolio company, has acquired the Operations Research & Cyber Analysis (ORCA) unit from Metron. The deal brings ORCA's San Diego–based operations research, model-based systems engineering, and modeling & simulation capabilities into SPA's Naval, Nuclear and Critical Infrastructure sector to expand capability and customer access in naval and national security markets.

Modern Aviation has closed the acquisition of the fixed-base operator (FBO) assets and operations at Francis S. Gabreski Airport (FOK) in Westhampton Beach, NY and Republic Airport (FRG) in Farmingdale, NY from Sheltair Aviation. The deal expands Modern Aviation's Northeast footprint to 12 FBO locations and the company is backed by Tiger Infrastructure Partners.

PCX Aerosystems (a Greenbriar-backed aerospace supplier) acquired Pacific Contours Corporation from the Rapacz family on August 31, 2022. The acquisition expands PCX's Southern California footprint and adds precision machining, composite fabrication and flight-critical assembly capabilities serving OEM and government aerospace customers.

GenNx360-backed Precision Aviation Group (PAG) has signed a definitive agreement to acquire ASX-listed PTB Group, a provider of MRO services for Pratt & Whitney PT6 and Honeywell TPE331 engines, engine and airframe leasing, and aviation supply-chain services. The bolt-on is intended to expand PAG's engine services capabilities and supply-chain footprint across Australia and the United States and is expected to close in Q4 2022, subject to shareholder and regulatory approvals.

Heads Up Technologies, a Dallas-based aircraft systems manufacturer (PE-backed by JLL Partners), has acquired STG Aerospace, a UK-based maker of photoluminescent and LED aircraft cabin lighting. The deal expands Heads Up’s cabin- and safety-lighting portfolio and brings STG’s concept-to-certification capability and proprietary IP into Heads Up’s platform as an add-on acquisition.

AeroVironment, Inc. has acquired Planck Aerosystems, a San Diego-based developer of advanced unmanned aircraft navigation and autonomy solutions. The acquisition will accelerate AeroVironment's autonomy capabilities by integrating Planck's embedded Autonomous Control Engine (ACE) and other technologies into its medium unmanned aircraft systems (MUAS) business, expanding capability for operations from moving platforms and in GPS-denied environments.

Behrman Capital has acquired George Industries, a designer and manufacturer of mission-critical thermal management products and precision components for the defense, aerospace and industrial sectors. Orangewood Partners, which had owned George since 2016, exited the investment; members of George's senior management are participating alongside Behrman in the transaction. Financial terms were not disclosed.

HEICO Corporation's Electronic Technologies Group acquired all of the stock of Sensor Systems, Inc. in a transaction using cash and approximately 575,000 HEICO Class A common shares. Sensor, a Chatsworth, California-based designer and manufacturer of airborne antennas (approximately 200 employees), will continue operating under its current name and location; HEICO expects the acquisition to be accretive to earnings in the year following the acquisition.

HEICO Corporation's dB Control subsidiary acquired 100% of the stock of Charter Engineering, Inc., a Pinellas Park, Florida-based designer and manufacturer of RF and microwave coaxial switches. The acquisition will integrate Charter into HEICO's Electronic Technologies Group and expand dB Control's RF/microwave switch offering; HEICO expects the deal to be accretive within the year.

Elliott Aviation, a portfolio company of Summit Park, has completed the acquisition of Four Points Aero Services, a full-service aircraft repair (MRO) facility located at Dallas Love Field in Dallas, Texas. The add-on expands Elliott's MRO footprint in the U.S. and strengthens its airframe and avionics maintenance capabilities in the Texas market.

Slingshot Aerospace acquired Numerica Corporation’s Space Domain Awareness (SDA) division and UK-based Seradata to expand its space situational awareness, sensor network, and industry data capabilities. The deals add a global optical sensor network, the Seradata SpaceTrak launch and satellite database, and new offices/team members—strengthening Slingshot’s product suite and establishing a UK/European footprint.

By Light Professional IT Services, a Sagewind Capital portfolio company, has acquired Veraxx Engineering Corporation, a Chantilly, Virginia-based provider of high-fidelity flight simulation and training technologies for the U.S. Department of Defense. The acquisition expands By Light’s modeling & simulation and synthetic training capabilities; financial terms were not disclosed.

TRM Equity II, a Michigan-based private equity firm, has acquired all equity of WDC Acquisition LLC, doing business as Wellman Dynamics, a Creston, Iowa-based aerospace foundry that manufactures large, complex magnesium and aluminum castings for defense and commercial aerospace customers. The transaction closed July 29, 2022; Wellman employs approximately 350 people and has operated in Creston since 1965.

HEICO Corporation has entered into exclusive negotiations to purchase Exxelia from an affiliate of the IK VII Fund. Exxelia, headquartered in Paris and a manufacturer of high-reliability passive components and precision subsystems with ~2,100 employees and ~€190m revenue (FY2022), will broaden HEICO's product portfolio and European footprint pending regulatory approvals.

GracoRoberts has acquired New York-based Styles Aviation, Inc. (dba SkyGeek.com) to expand its global ecommerce capabilities and deepen its offerings in the aerospace MRO segment. The deal, supported by GracoRoberts' private equity sponsor CM Equity Partners, brings SkyGeek's extensive online portfolio and Northeastern U.S. distribution hub into the combined company.

Veritas Capital’s Vantage Fund has made a strategic growth investment in Epiq Solutions, a provider of software-defined radio and turnkey RF solutions for government and enterprise customers. Epiq’s co-founders will remain in leadership and retain significant ownership; financial terms were not disclosed. Veritas says it will support product advancement, national expansion, and targeted acquisitions to scale the business.

HEICO Corporation’s Flight Support Group acquired a 96% stake in Accurate Metal Machining, Inc., a Cleveland-based manufacturer of high-reliability components for aerospace, defense and semiconductor equipment, for cash at closing plus potential additional performance-based consideration. Accurate, founded in 1976 and employing approximately 250 people, will continue to be led by its existing management and remain largely unchanged operationally while adding capabilities to HEICO's Specialty Products Group.

Arcline Investment Management formed Signia Aerospace and announced that Signia has acquired International Mezzo Technologies, a designer and manufacturer of high-performance microtube heat exchangers. The acquisition bolsters Signia’s Thermal Management capability and expands its product and service offerings to aerospace, defense, space and other end markets.

Siemens Digital Industries Software has agreed to acquire ZONA Technology, Inc., a specialist in aeroelastic simulation solutions, to integrate its capabilities into the Simcenter/Xcelerator portfolio. The deal (terms undisclosed) is intended to expand Siemens' simulation capabilities for airframe design and certification and was expected to close in the second half of 2022.

FDH Aero, a PE-backed aerospace & defense supply chain solutions provider, has acquired Electro Enterprises, Inc., a longtime Oklahoma City–based distributor of aerospace and defense electrical and electronic components. The deal expands FDH's electrical product portfolio and global footprint (Electro operates in Oklahoma, Texas, the United Kingdom and Israel), while Electro will continue to be led by Mitch Enright and operate from its existing locations.

ACR Group Corporation has acquired Blue Sky Network; Greenwich Capital Group acted as exclusive financial advisor to Blue Sky Network on the transaction. Blue Sky Network will retain its management, brand and engineering capabilities and will join ACR Group’s portfolio to extend satellite communications, tracking and fleet-management offerings across aerospace, government, maritime and commercial markets.

Oxford-based electric propulsion company Evolito has acquired Cheltenham-based aerospace battery specialist Electroflight, with Electroflight becoming a wholly owned subsidiary. The deal brings battery systems together with Evolito's high-performance axial-flux motors and controllers to offer fully integrated electric powertrain solutions for electric aviation.

Curtiss-Wright Corporation completed the acquisition of the Safran Aerosystems Arresting Company (SAA) for $240 million in cash. SAA, a designer and manufacturer of fixed‑wing aircraft emergency arresting systems with operations in Aston, Pennsylvania and Merpins, France, generated approximately $70 million of sales in 2021, employs nearly 140 people, and will operate within Curtiss‑Wright’s Naval & Power segment.

Rafael Advanced Defense Systems Ltd. has acquired PVP Advanced EO Systems, Inc., a Tustin, California–based developer and manufacturer of electro-optical systems. Terms were not disclosed; Rafael said the acquisition will strengthen its U.S. manufacturing footprint and supply chain to better support U.S. prime contractors and warfighters.