Aerospace & Defense Acquisitions in Canada

Avmax Group Inc. has completed the acquisition of Condor Aircraft Accessories, integrating Condor's approved maintenance organisation as a division within Avmax. The deal expands Avmax's in-house component maintenance, repair and overhaul (MRO) capabilities and broadens service offerings for customers in Canada and worldwide while maintaining existing day-to-day operations.

Airbus acquired control of Bombardier’s C Series jet program (rebranded A220) in 2018, taking majority ownership of the program and integrating production into its Airbus Canada operations in Mirabel. The deal left the Quebec government as a minority partner (later increasing its stake) while Bombardier relinquished ownership; Airbus views the A220 as a strategic capability to broaden its product offering and improve manufacturing scale.

Solestra Group, a North American precision manufacturing platform backed by Emko Capital, has acquired LHM Technologies Inc., a Woodbridge, Ontario-based supplier specializing in landing gear systems. The acquisition expands Solestra's aerospace manufacturing footprint to five North American sites and deepens its capabilities in precision machining, sub-assemblies, and flight-critical landing gear components.

Maverick Aviation Group Limited has acquired Maxcraft Avionics Ltd., a Pitt Meadows, British Columbia-based avionics installation, repair, and design engineering provider. The deal expands Maverick's Western Canada footprint and adds technical capabilities and a 30,000 sq ft facility staffed by 45 technicians and engineers to its national aviation services platform.

De Havilland Aircraft of Canada (DHC) has acquired all shares of Fleet Canada Inc., a Fort Erie, Ontario-based aerostructures and parts manufacturer. The purchase brings a 500,000 sq. ft. facility and capabilities such as metal-to-metal bonding and advanced composites in-house to support DHC production and growth.

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.

DCM Group Inc., a Thrust Capital Partners portfolio company, has acquired DH Aerospace Holding Inc. operating as Koss Aerospace and Brampton Processing, expanding DCM's footprint into Ontario and adding in-house surface treatment capabilities. The acquisition vertically integrates metal finishing and plating services across DCM's operations, broadening its aerospace manufacturing offerings and customer base; Alexander Cajic will remain on board as VP Ontario Division. The transaction is supported by Thrust Capital Partners with backing from Investissement Québec and Desjardins Capital.

Platinum Equity, through an affiliate purchaser, has agreed to acquire all outstanding common shares of Héroux-Devtek for C$32.50 per share in a transaction valuing the company at approximately US$1.35 billion. Héroux-Devtek management will roll over a portion of their equity, and Platinum Equity said it will keep the company headquartered and invest in its Québec operations while pursuing organic growth and strategic acquisitions.

SCALIAN has acquired Canadian avionics and safety-critical systems specialist MANNARINO Systems & Software Inc., strengthening SCALIAN's avionics, embedded software and certification capabilities in North America. The deal expands SCALIAN's system & software engineering footprint—particularly in Advanced Air Mobility, eVTOL and drone markets—and brings MANNARINO's Transport Canada DAO and near-complete ARINC 653 RTOS certification into the group.

Swift Anchor Holdings, alongside Balance Point Capital, made a strategic equity and debt investment in Essential Turbines, a Montreal-based aerospace MRO specialist focused on Rolls‑Royce M250 and RR300 engines. The transaction provides capital to broaden ETI's capabilities; Swift Anchor partner Gannon Gambeski will assume day-to-day leadership while founder Michael E. Guntner Jr. retains a minority stake.

TransDigm Group Incorporated completed the acquisition of SEI Industries LTD., a Delta, British Columbia–based maker of the Bambi Bucket and other aerial firefighting and liquid-transportation products. SEI, which employs about 80 people and is expected to generate roughly $30 million in 2024 revenue with ~85% aftermarket sales, will expand TransDigm’s proprietary, aftermarket-focused aerospace product portfolio.

AEFP Group has acquired Trinity Aerospace, a Mississauga-based aerospace fabrication and assembly specialist, with support from investor Emko Capital. The transaction strengthens AEFP Group’s precision manufacturing and integrated-assembly capabilities and expands its North American aerospace footprint to better serve OEM customers such as Airbus and Bombardier.

Cadre Holdings, Inc. (NYSE: CDRE) has acquired ICOR Technology Inc., an Ottawa-based manufacturer and distributor of explosive ordnance disposal (EOD) robots and specialized protective security equipment. The deal — presented as an add-on to Cadre's EOD business — was funded with available cash, is expected to be immediately accretive, and adds a business that generated roughly CAD 26 million in revenue for the year ending July 31, 2023.

Thrust Capital Partners, in partnership with Desjardins Capital, has acquired DCM Group, a Quebec-based manufacturer of aerostructure components, ground support equipment and MRO services. Investissement Québec remains an investor in DCM, and the company's existing management team will remain in place as TCP pursues growth and global expansion of the platform.

De Havilland Aircraft of Canada Limited has purchased Mid-Canada Mod Center (MC2) and Avionics Design Services (ADS) to expand its engineering, avionics upgrade, and MRO capabilities across Canada. The acquisitions support De Havilland's integration of Universal Avionics flight decks for its CL-215T/CL-415 firefighting aircraft and the acquired businesses will operate as subsidiaries with existing leadership remaining in place.

Muhr und Bender KG (Mubea) has signed an agreement to acquire Canadian aerospace parts manufacturer Cyclone Manufacturing Inc. from Andrew Sochaj and his family. Cyclone — with roughly 700 employees across Canada and Poland and approx. CAD 120 million in sales (FY22/23) — will be integrated into Mubea's Aviation Division to expand Mubea's production capabilities in larger components and assemblies and broaden its aerospace customer base.

Thrust Capital Partners (TCP), a Canadian private equity firm focused on the aerospace supply chain, has entered a strategic partnership with Dishon Limited, an Ontario-based precision machine shop that manufactures complex machined components for the aerospace, space and satellite sectors. The transaction is TCP's first platform acquisition (Fund I) and the Dishy family will retain substantial ownership and remain in their current roles as the company pursues geographic expansion and growth.

Flexjet Inc. has acquired Flying Colors Corp., a Peterborough, Ontario–based aviation maintenance, repair and overhaul (MRO) and completions specialist. The deal brings roughly 250 Flying Colors employees into Flexjet and expands Flexjet's in-house maintenance, completions and paint capabilities across its global network.

Arcline Investment Management, a US-based private equity firm, has acquired International Water-Guard (IWG), a Surrey, British Columbia–based provider of flight-certified potable water systems and components for business, VIP and military aircraft. The acquisition expands Arcline’s portfolio of engineered aerospace systems and positions IWG to accelerate product development and aftermarket growth with Arcline’s support.

Investment funds managed by Morgan Stanley Private Equity Secondaries and Clairvest Group completed a growth equity investment in Top Aces alongside existing shareholder CDPQ. The capital will support expansion of Top Aces' aircraft fleet and the international growth of its adversary air and JTAC training services.

RENK Group, through its suspension specialist Horstman, has acquired General Kinetics Engineering Corporation and combined it with Horstman's existing mobility operations to create Horstman Canada. The deal brings General Kinetics' Canadian and U.S. facilities and employees into Horstman's global footprint to expand RENK's presence and capabilities in North American combat vehicle suspension and vibration mitigation.

Epiq Solutions, a portfolio company of The Veritas Capital Vantage Fund, completed the acquisition of Montreal-based Xiphos Systems Corporation, a provider of high-performance, space-focused embedded computing solutions. Xiphos will join the Epiq platform and continue to operate under its current leadership in Montreal as the combined businesses expand Epiq’s low-power, open-architecture processing capabilities into space and other mission-critical environments; financial terms were not disclosed.

Allied Motion Technologies Inc. acquired FPH Group, a Canada-based developer of electrical drive systems and lightweight composite technologies for ground-based defense vehicles. The deal expands Allied Motion's capabilities and defense market penetration by adding FPH's engineering, prototyping and production expertise; financial terms were not disclosed.

Latécoère has agreed to acquire all outstanding common shares of Avcorp Industries Inc. for approximately CAD$41 million, strengthening its Aerostructures business by adding wing sub-assemblies, large-scale composite capabilities and North American manufacturing footprint. The acquisition increases Latécoère's exposure to North American defence and commercial aircraft platforms (including the B737 Max and F-35) and is expected to close in 2022 subject to customary approvals.

TransDigm Group Incorporated agreed to acquire DART Aerospace, a Montreal-based manufacturer of helicopter mission equipment, from Greenbriar Equity Group and First Aviation Services for approximately $360 million in cash. DART, which generates roughly $100 million in pro forma 2022 revenue and employs about 400 people across facilities in Canada, the U.S. and Mexico, was acquired to expand TransDigm's proprietary product and aftermarket capabilities; the deal is expected to close in Q2 2022 subject to customary approvals.

CAI Capital Partners has closed an investment in ATS Services Ltd., a Canada-based provider of aviation communication services, meteorological observations, training, and equipment distribution. The transaction — CAI's fourth platform investment from its sixth fund — will support ATS' continued growth across its 65 Canadian sites and was debt-financed by The Bank of Nova Scotia.

Maverick Aviation Group Limited has acquired Bristow Instruments, a Sherwood Park, Alberta-based provider of aviation instrument sales, repair and calibration services. The deal is Maverick's inaugural platform acquisition; Bristow's former president and investor Bill Paliwoda will remain involved to support the transition as Maverick invests to expand capabilities and market presence.

FL Technics, part of Avia Solutions Group, acquired Wright International, a Toronto Pearson–headquartered provider of aircraft line maintenance services, giving FL Technics a foothold in the North American MRO market. Wright International will continue to be led by its founders and will join FL Technics' global network of line- and base-maintenance operations.

FDH, a portfolio company of Audax Private Equity, has acquired Société AHE Inc., a Montreal-based distributor of aerospace hardware focused on the rotorcraft market. The add-on expands FDH's rotorcraft product offerings and global reach and is the company's seventh acquisition (fifth since Audax's 2017 investment).

Precision Aviation Group, Inc. (PAG), a GenNx360-backed aerospace MRO platform, has acquired Toronto-based World Aviation Corporation (WAC), a specialist in the rewind and repair of rotary and static electrical generator and motor sub-components. The deal expands PAG's MRO capabilities and Canadian footprint (adding a Toronto location and roughly 60 skilled technicians), supporting PAG's broader growth strategy under GenNx360.

HNZ Group Inc. will be acquired for CAD$18.70 per share by Don Wall (through a Canadian acquisition vehicle), with PHI, Inc. purchasing the Corporation's offshore operations in New Zealand, Australia, the Philippines and Papua New Guinea. The arrangement values HNZ at approximately CAD$242.4 million and is expected to close by the end of January 2018, providing cash liquidity to shareholders and continuity for employees.

ParkerGale portfolio company Aircraft Technical Publishers (ATP) has acquired CaseBank Technologies, Inc., a developer of integrated diagnostic, troubleshooting and fault-detection solutions for the aviation, aerospace and defense markets. The deal expands ATP’s diagnostic and proactive fault-detection capabilities, enabling a more integrated suite of maintenance tools and services for MROs and operators.

Aero 3, Inc., together with its wholly owned subsidiary AeroRepair Corp., acquired the Wheel & Brake Division of Avianor, Inc., expanding Aero 3's MRO footprint into Canada. The acquisition adds Montreal and Calgary facilities, increases capacity and broadens AeroRepair's capability to service Boeing and Airbus narrow- and wide-body aircraft as part of an add-on growth strategy.