Aerospace & Defense Acquisitions in 2024

Turkish unmanned aircraft manufacturer Baykar has acquired Italian aircraft maker Piaggio Aerospace following approval from Italy's Ministry of Enterprises and Made in Italy. The deal gives Baykar traditional aircraft manufacturing, MRO and engine capabilities in Italy and supports plans to preserve jobs and expand production at Piaggio's facilities.

Sumitomo Corporation and Sumitomo Corporation of Americas completed the full acquisition of Werner Aero LLC, effective December 27, 2024, making Werner Aero a wholly owned subsidiary. The deal expands Sumitomo's aircraft aftermarket capabilities by integrating Werner Aero's aircraft procurement, dismantling, repair, inventory management and parts sales operations to better serve airlines, lessors and MRO customers.

Woodward (NASDAQ: WWD) signed a definitive agreement to acquire Safran Electronics & Defense’s electromechanical actuation business operating in the United States, Mexico and Canada, including IP, operations, talent and long-term customer agreements for Horizontal Stabilizer Trim Actuation (HSTA) systems. The acquisition strengthens Woodward's electromechanical actuation and flight-control product platform (notably supporting Airbus A350 programs); the transaction is expected to close in mid-2025 and financial terms were not disclosed.

Firan Technology Group Corporation (FTG) has acquired all of the issued and outstanding shares of FLYHT Aerospace Solutions Ltd. under a court-approved plan of arrangement, with closing announced December 20, 2024. The deal, which used a mix of cash and FTG shares as consideration (subject to pro-ration and caps), expands FTG's presence in the commercial aerospace aftermarket and adds FLYHT's SATCOM hardware and data/analytics capabilities to FTG's portfolio.

Nukkleus, Inc. (NASDAQ: NUKK) acquired a 51% controlling stake in Star 26 Capital Inc. (closing Dec. 15, 2024), which holds a 95% ownership interest in Israeli defense supplier RIMON. The deal (paid with cash, a promissory note, Nukkleus common stock and warrants) gives Nukkleus control of RIMON's defense component distribution and tactical vehicle businesses as part of a strategic pivot into the defense sector and expansion into Israeli and U.S. markets.

JANUS Research Group, a portfolio company of CM Equity Partners, has acquired Verisk's Atmospheric and Environmental Research (AER) business. The transaction (advised by D.A. Davidson for Verisk) brings AER's remote-sensing, climate, oceanography and space-weather capabilities into JANUS to broaden mission-focused science, analytics and AI/ML offerings for federal, defense and commercial customers.

Wafra Inc. completed the acquisition of a controlling interest in Aquila Air Capital, a specialty aviation asset finance and engine leasing platform, from Warburg Pincus. The deal — supported by a credit facility from ATLAS SP Partners — positions Aquila to accelerate expansion, introduce new offerings, and broaden its global customer base under Wafra's ownership.

Belgian aerospace manufacturer Sonaca has agreed to acquire 51% of Aciturri's aerostructures activities, with the support of Sonaca's historic shareholders Wallonie Entreprendre and SFPIM. The transaction combines Sonaca's metal-structure expertise with Aciturri's composites capabilities to create a European aerospace champion and accelerate low‑carbon aircraft R&D.

Blackstone Credit & Insurance provided over $1 billion in new financings to support the recapitalization of Jet Support Services, Inc. (JSSI), joining equity alongside existing sponsors GTCR and Genstar Capital. The financing (part of >$1.8 billion in debt and equity provided by Blackstone-managed funds) is intended to strengthen JSSI's capital structure, enhance operational capabilities, and support continued growth in the business aviation aftermarket.

VIAVI Solutions Inc. signed a definitive agreement to acquire Inertial Labs, Inc. for $150 million in initial consideration with up to $175 million of contingent consideration over four years. The acquisition broadens VIAVI’s product capabilities in positioning, navigation and timing (PNT) and accelerates its entry into aerospace, defense and autonomous industrial end markets; it is expected to add about $50 million in NSE revenue in 2025 and be EPS-accretive within 12 months.

Proteus Enterprises, together with Gladstone Investment Corporation, acquired Ricardo Defense, Inc., an engineering services and systems integration firm headquartered in Troy, Michigan. The transaction is a divestiture by Ricardo plc; Gladstone provided equity and senior secured debt while Proteus will operate and scale the defense-focused business. Financial terms were not disclosed.

Albers Aerospace, advised by DLA Piper, completed simultaneous acquisitions of Advanced Packaging Inc. (API) and Impact Case & Container (ICC). The two targets are providers of custom, ruggedized packaging and container solutions, expanding Albers Aerospace's capabilities to serve aerospace and defense customers with mission‑critical shipping, storage and protective packaging products.

Brevan Electronics has acquired Falcon Electronics, a Commack, New York-based distributor of high-reliability electronic components serving the aerospace and defense industries. The acquisition brings together Brevan's global inventory access and value-added capabilities with Falcon's certified quality systems and long-standing A&D customer relationships to expand product offerings and service capabilities.

TransDigm Group Inc. has acquired Wyvern Technologies, Inc. in a deal announced December 5, 2024. The acquisition is intended to strengthen TransDigm’s aerospace and defense electronics capabilities and bolster its lifecycle sustainment offerings for military and defense customers.

VSE Corporation (NASDAQ: VSEC) has completed the acquisition of Kellstrom Aerospace Group, Inc., a portfolio company of AE Industrial Partners, expanding VSE Aviation's distribution and MRO capabilities in the commercial engine aftermarket. VSE said the deal was funded with cash (approximately $185 million) and 172,414 common shares (subject to working capital adjustments); AE Industrial Partners' announcement characterized the sale as $200 million.

Finnish defence technology group Summa Defence Ltd has acquired Lightspace Group, Inc in a share-exchange transaction. Lightspace is a deep-technology XR company (AR/VR) that develops multi‑focal near‑eye displays and AR headsets for defense and healthcare; the company conducts product development and manufacturing in Latvia and reported ~EUR 400k revenue and ~25 employees in 2023.

Aechelon Technology, a Sagewind Capital platform company, acquired the Radar Simulation Division of Compro Computer Services, including the Radar Toolkit (RTK) and all associated assets, contracts, software, IP, facilities and personnel. The division — based in Dallas, Texas — will be integrated into Aechelon's newly-established Radar Division to expand radar simulation capabilities and tightly integrate RTK with Aechelon's GPU-based Radar Data Generators (RDGs).

BlueHalo has acquired VideoRay, a Pottstown, Pennsylvania-based maker of small form-factor remotely operated underwater vehicles (ROVs). The acquisition gives BlueHalo an immediate presence in autonomous maritime systems and expands its all-domain defense technology offerings to include unmanned maritime capabilities.

Finnish defense and security technology group Summa Defence Ltd has acquired all shares of shipbuilder Uudenkaupungin Työvene Oy via a share exchange. The sellers — Juha Granqvist, Janne Kosomaa and Baltic Workboats AS — become shareholders in Summa Defence; Uudenkaupungin Työvene reported ~EUR 17 million revenue in 2023 and employs about 70 people.

Diehl Defence has acquired Dynamit Nobel GmbH in a share deal, taking over the Troisdorf site’s operative activities, employees, assets and the related explosive operating authorizations (including shares in Troisdorfer Genehmigungshaltergesellschaft mbH). The purchase secures the licensing and infrastructure necessary to preserve DynITEC’s manufacturing and expertise at the Troisdorf location and strengthens Diehl’s munitions/explosive capabilities.

Boston-based private equity firm Artemis Capital Partners has acquired Diamond Antenna and Microwave Corporation, a Littleton, Massachusetts developer and manufacturer of high-reliability RF rotary joints and rotating subsystems for aerospace, defense and space applications. Artemis says Diamond will continue to operate independently from its Littleton facilities and that the firm plans to invest in technical capabilities to deepen Diamond's offerings to prime integrators and government customers.

Bel Fuse Inc. acquired an 80% stake in Enercon Technologies Ltd. from Fortissimo Capital for $320 million (based on a $400 million enterprise value), with up to $10 million of potential earnouts and an intent to purchase the remaining 20% by early 2027. The acquisition expands Bel Fuse’s aerospace and defense product portfolio and manufacturing footprint (including sites in North America and India) and will have Enercon operate under Bel’s Power and Solutions segment.

Italian firearms maker Chiappa Group has acquired French specialist SAPL (Société d'Application des Procédés Lefebvre), a long-standing designer and manufacturer of weapons, ammunition and law‑enforcement equipment. The deal strengthens Chiappa's position in the professional security/defense market and provides an outlet for expansion in French and international markets.

Branford Castle Partners, a North American-focused private equity firm, has acquired Testek Solutions, a Wixom, Michigan-based manufacturer of proprietary aviation component testing equipment, from a fund managed by Odyssey Investment Partners. Testek will serve as a platform investment for Branford Castle's Fund II, with existing management, including CEO Bruce DeWitt, remaining in place; financial terms were not disclosed.

Branford Castle Partners has acquired Hoffman Engineering, a Stamford-based maker of night-vision test equipment, imaging lighting systems and commercial aviation LED specialty lighting, from Trident Maritime Systems. The transaction was financed with senior debt from O2 Sponsor Finance and mezzanine debt and an equity co-investment from Brookside Capital Partners; Hoffman’s management team will remain in place and terms were not disclosed.

Aero Accessories & Repair, a portfolio company of ATL Partners, has acquired Pittsburgh-based AirGroup America. The add-on expands Aero Accessories' engineered solutions footprint in FAA-approved PMA parts and DER repairs, broadening its aftermarket distribution and repair capabilities; terms were not disclosed.

Velocity One, a newly formed aerospace manufacturing holding company backed by Charlesbank Capital Partners (with Launch Point Partners as a strategic co-investor), signed a merger agreement to acquire EMCORE Corporation for $3.10 per share in cash. EMCORE will become a wholly owned subsidiary of Velocity One, joining Cartridge Actuated Devices and Aerosphere Power to form a consolidated aerospace & defense manufacturing platform focused on growth and operational synergies.

MACOM Technology Solutions Holdings, Inc. acquired ENGIN-IC, a fabless semiconductor design firm specializing in GaN MMICs and integrated microwave assemblies. The acquisition (funded with cash on hand) adds ENGIN-IC’s defense-focused MMIC and module design capabilities to MACOM’s portfolio to strengthen product offerings and support target markets.

Signia Aerospace, a portfolio company of Arcline Investment Management, has completed the acquisition of the Goodrich Hoist & Winch business from Collins Aerospace (an RTX Corporation business). The business will be rebranded as Onboard Systems Hoist & Winch, remain headquartered in Anaheim, California, and operate within Signia's Mission Systems unit alongside other Signia brands; an adjacent MRO/spares facility is planned to be fully operational by end of 2025.

Aero Accessories & Repair, LLC, a portfolio company of ATL Partners, has acquired Buffalo, New York-based Aero Instruments & Avionics. The add-on strengthens Aero Accessories' MRO capabilities across avionics, electro-mechanical and other complex aircraft components and expands its presence in the commercial, cargo and defense aftermarket; terms were not disclosed.

Tinicum, L.P. has acquired a controlling interest in Aeronix Technologies Group (ATG) from ShoreView Industries, with ShoreView and ATG employee shareholders retaining significant minority stakes. Headquartered in Melbourne, Florida, ATG supplies high-reliability defense electronics and engineering services across air, sea, ground and space domains; Tinicum said it will partner with management to support the company's next phase of growth and broaden its national security applications.

OceanSound Partners completed the acquisition of Antenna Research Associates, Inc. (ARA), a Laurel, Maryland-based designer and manufacturer of antennas and RF systems for aerospace and defense markets. Gladstone Capital Corporation exited its equity investment and prepaid its debt; financial terms were not disclosed. ARA's management will remain in operational roles and as investors while OceanSound aims to accelerate growth, expand RF capabilities, and pursue complementary acquisitions.

ARKA Group, L.P. has completed the acquisition of Maxar’s Radar and Sensor Technology (RST) group, a Ypsilanti, Michigan–based radar and sensor engineering team that supports U.S. government synthetic aperture radar (SAR) programs. The acquisition adds radar, moving-target indication and full‑spectrum geospatial intelligence capabilities to ARKA’s existing space hardware and software offerings, strengthening its mission-focused solutions for U.S. and allied defense customers.

Lockheed Martin has completed its acquisition of Terran Orbital and its subsidiary Tyvak International, adding small-satellite manufacturing, mission services, and modular spacecraft platforms to Lockheed's Space business. The deal brings Terran Orbital's engineering, production sites, and mission capabilities into Lockheed Martin to accelerate development and fielding of mission-ready spacecraft for commercial, civil and national security customers.

NATA CS (NATA Compliance Services) has acquired Soar SMS, an AI-driven aviation safety management platform, to integrate Soar’s automation and predictive safety capabilities into NATA CS’s identity management and security platform. The acquisition creates a unified, AI-powered compliance, safety and security solution for airports, cargo operators, charter services and ground handlers.

DELAIR has acquired Grenoble-based drone manufacturer SQUADRONE SYSTEM, a specialist in drone swarms and automated industrial inspection. SQUADRONE SYSTEM was founded in 2014, employs ~22 people and had an estimated €2M revenue in 2024; the purchase accelerates DELAIR's dual civil and defense technological roadmap and strengthens its swarm and inspection capabilities.

Special Aerospace Services (SAS), a Godspeed Capital-backed platform, has acquired Huntsville-based Concordia Technologies, a specialist in missile and hypersonic weapons defense, sensor design, and modeling & simulation. The deal — which closed October 24, 2024 — strengthens SAS's hypersonics and missile defense capabilities and expands its national security space engineering and mission-support offerings.

Airbus Helicopters increased its stake in Eurocopter Kazakhstan Engineering from 50% to 90%, taking majority control of the Kazakhstan-based helicopter assembly, sales and service joint venture. The Kazakh business has been renamed Airbus Helicopters Kazakhstan Engineering; financial terms were not disclosed and the deal strengthens Airbus's presence in Central Asia, particularly with government and emergency services customers.

Snow Peak Capital, a Broomfield, Colorado-based private equity firm, has acquired TurbineAero, the world's largest independent APU MRO provider, from The Gores Group. Financial terms were not disclosed; Snow Peak said it will partner with TurbineAero's management to invest in growth and expand the company's global MRO capabilities.

ETL Systems has acquired SpacePath Communications to expand its satellite communications product portfolio, integrating SpacePath’s high-power amplifier (HPA) product line and team. The deal strengthens ETL’s position in the global SATCOM market and is structured as an add-on to ETL’s PE-backed platform to broaden capability into mm-wave transmitters and related uplink hardware.

Thales Defense & Security, a division of Thales Group, has agreed to acquire Digital Receiver Technology (DRT) from Boeing for an undisclosed amount. The purchase transfers DRT's U.S. surveillance and signals-intelligence product capabilities and contracts to Thales as Boeing streamlines operations to focus on its core aviation and major defense businesses.

Sverica Capital Management made a strategic growth investment in Electronic Source Company (ESC), a Van Nuys, California-based provider of high-reliability circuit card assemblies and turnkey electronics for aerospace, defense and space programs. ESC's management will remain in place, Sverica partners and industry veteran Steve Stone will join the board, and the capital will support ESC's growth and capability expansion into advanced defense and space electronics.

Core4ce, a Virginia-based federal contractor, has acquired Azimuth Corporation, a Dayton-area provider of R&D, database and modeling, and lab support for military electronics, sensors and biotech. The deal combines Core4ce's data-driven national security capabilities with Azimuth's AAIM lab and R&D expertise to expand ISR, AI/ML, threat protection and warfighter support capabilities.

Parcom has agreed to acquire Robin Radar, a Netherlands-based developer of bird- and drone-detection radar systems, from Robin Radar's shareholders including earlier investors SHIFT Invest and INKEF. The deal (financial terms undisclosed) will support Robin Radar's product development, organisational scale-up and international expansion — with a particular focus on North America and growth across defence, civil aviation and wind-farm markets.

An affiliate of H.I.G. Capital has completed a strategic equity acquisition of STS Aviation Group from Greenbriar Equity Group. STS’s executive team will remain in place and as significant shareholders while H.I.G. positions the business for global expansion, capability growth, and potential add-on acquisitions in the aviation MRO and parts-distribution market.

NewSpring Holdings has acquired C Speed, a 30-year provider of advanced radar systems and engineering solutions, creating the next platform under NewSpring Holdings' Federal Platform. Lafayette Square provided debt financing to support the transaction; NewSpring will appoint experienced federal services leaders to C Speed's board to accelerate growth in defense and government surveillance markets.

Lynred, a global provider of infrared detectors, is acquiring New Imaging Technologies (NIT), a French developer and manufacturer of SWIR InGaAs sensors and cameras. The deal, announced by Lynred, is intended to strengthen Lynred's leadership in the SWIR market by combining complementary supply chains and technical capabilities; the transaction is expected to close in Q4 2024 and is subject to customary conditions.

Jet Parts Engineering (JPE), a portfolio company of Vance Street Capital, has acquired Mitchell PMA, the PMA division carved out from Mitchell Aircraft. The add-on expands JPE's FAA-PMA product portfolio and engineering capabilities, bringing over 170 PMA parts and experienced staff into the JPE platform while Mitchell Aircraft continues operating its OEM distribution business independently.

New Delhi-based investment consultancy Capital IQ has acquired Indian drone manufacturer Karman Drones Pvt. Ltd for an undisclosed sum, valuing the company at about Rs 75 crore (roughly $9 million). Capital IQ said the acquisition will accelerate Karman's growth, support expansion and help position the business for a potential IPO in the coming years.

AEVEX Aerospace has acquired Veth Research Associates (VRA), a veteran‑owned specialist in navigation, sensor fusion and autonomous systems, to strengthen its capabilities for operating unmanned systems in jammed and GPS‑denied environments. The deal brings VRA’s LYNX vision‑based navigation system and related IP and expertise into AEVEX’s portfolio, enhancing autonomous navigation and decision‑making for DoD and international customers.