Columbia West Capital News - Industry Deal Intelligence
07.25.12 CWC Q2 2012 Aerospace & Defense M&A and Financing Report

 

This report is prepared as a courtesy to the Aerospace & Defense business community by Columbia West Capital based on our research and information collected by our firm. Despite our dedicated efforts, occasionally a deal might be missed or appropriate credit not given to legal or financial advisors. Please feel free to contact us if you have information on a transaction that you want to assure is included and credit attributed to appropriate advisors.       


M&A - Strategic  


4/4/2012 ReconRobotics Inc. acquired Xollai LLC. The terms of the transaction were not disclosed. Xollai provides robotic vision and sensory solutions and is based in Saint Paul, Minnesota. ReconRobotics commercializes robotics technology developed at the University of Minnesota Distributed Robotics Laboratory and is based in Edina, Minnesota.          


4/15/2012 Impresa Aerospace, LLC acquired the assets of Swift-Cor Aerospace, Inc. The terms of the transaction were not disclosed. Swift-Cor Aerospace manufactures precision CNC machined and sheet metal parts and assemblies for various aerospace platforms and is based in Gardena, California. Impresa Aerospace designs, manufactures, and supplies structures and components for commercial jets and military aircraft and is based in Gardena, California.          


4/16/2012 Radiant Power Corporation acquired the aerospace assets of Moritz Aerospace Inc. from Carling Technologies, Inc. The terms of the transaction were not disclosed. Moritz Aerospace designs and manufactures aircraft instrumentation and is based in Hatfield, Pennsylvania. Radiant Power Corporation designs and manufactures custom power supplies, inverters, and lighting controls for aviation applications and is based in Sarasota, Florida.          


4/19/2012 Model 2 Machine Group acquired Tri Aerospace LLC. The terms of the transaction were not disclosed. Tri Aerospace manufactures precision machined components to the aviation, military/defense, and specialty markets and is based in Terre Haute, Indiana. Model 2 Machine Group provides rapid prototyping, parts development, net shape casting development, and high tolerance machining and is based in Muskego, Wisconsin.        


4/23/2012 Six3 Systems, Inc. acquired Ticom Geomatics, Inc. The terms of the transaction were not disclosed. Ticom Geomatics develops large scale enterprise ISR systems and QRCs for precision geolocation and is based in Austin, Texas. Six3 Systems offers intelligence, cyber security, and technology solutions and services to government agencies in intelligence, defense, and civilian communities and is based in McLean, Virginia. Kirkland & Ellis LLP served as legal advisor to Six3 Systems.        


4/30/2012 Systems Products and Solutions, Inc. acquired Millennium Systems Services, Inc. The terms of the transaction were not disclosed. Millennium Systems Services provides logistical and programmatic support services to U.S. government customers and is based in Huntsville, Alabama. Systems Products and Solutions provides logistics and training solutions for defense and civilian agencies, and commercial organizations and is based in Huntsville, Alabama.        


5/14/2012 MacLean-Fogg Component Solutions LLC acquired Sky Manufacturing, Inc. The terms of the transaction were not disclosed. MacLean Sky manufactures fasteners for the aerospace industry and is based in Commerce, California. MacLean-Fogg Component Solutions produces and supplies fastener components, engineered components, and linkage and suspension components for industrial applications and is based in Mundelein, Illinois.        


5/18/2012 Precision Castparts Corp. (NYSE:PCP) agreed to acquire Centra Industries, Inc. The terms of the transaction were not disclosed. Centra Industries manufactures aerospace and aircraft parts and is based in Cambridge, Canada. Precision Castparts Corp. manufactures and sells metal components and products and is headquartered in Portland, Oregon. Choate, Hall & Stewart LLP served as legal advisor to Centra Industries.         


5/29/2012 Ice Industries, Inc. acquired the assets of Blue Chip Manufacturing & Sales, Inc. The terms of the transaction were not disclosed. Blue Chip manufactures, sells, and supplies spare parts to the U.S. Military and is based in Columbus, Ohio. Ice Industries provides metal stamping, welding, and assembly solutions and is headquartered in Sylvania, Ohio.        


5/30/2012 Moon Express, Inc. acquired Next Giant Leap LLC from eSpace and others. The terms of the transaction were not disclosed. Next Giant Leap engages in designing an integrated system for taking small payloads, including launch vehicles, spacecrafts, and landers to the moon commercially and is based in Boulder, Colorado. Moon Express operates as a lunar transportation and data services company and is based in Moffett Field, California.        


5/31/2012 ACADEMI acquired International Development Solutions LLC from DC Capital Partners, LLC and others. The terms of the transaction were not disclosed. International Development Solutions provides integrated security services to the United States Government in support of missions worldwide and is based in McLean, Virginia. ACADEMI provides training and security solutions for government and commercial industries worldwide and is based in Arlington, Virginia. Arnold & Porter LLP served as legal advisor to International Development Solutions and Dickstein Shapiro LLP served as legal advisor to ACADEMI.        


6/29/2012 Pratt & Whitney Company agreed to acquire an additional stake of 32.5% in IAE International Aero Engines AG from Rolls Royce Holdings plc (LSE:RR.) for $1.5 billion in cash. IAE International Aero Engines develops, manufactures, and sells aircraft engines and is based in Glastonbury, Connecticut. Pratt & Whitney Company engages in the design, manufacture, and service of aircraft engines, industrial gas turbines, and space propulsion systems and is headquartered in East Hartford, Connecticut. Freshfields Bruckhaus Deringer LLP served as legal advisor to IAE International Aero Engines and Wachtell, Lipton, Rosen & Katz served as legal advisor to Pratt & Whitney Company.        


6/29/2012 EDAC Technologies Corp. (NasdaqCM:EDAC) acquired Pratt & Whitney Cheshire facility from United Technologies Corp. (NYSE:UTX) for $8.2 million. Pratt & Whitney Cheshire Facility of United Technologies Corp. comprises a manufacturing facility spread over an area of 293,000 square feet and the asset is located in Cheshire, Connecticut. EDAC Technologies Corporation provides design, manufacturing, and services for tooling, fixtures, molds, jet engine components, and machine spindles and is based in Farmington, Connecticut.       


M&A - Financial    


4/14/2012 Waveland Investments LLC acquired NTE AVIATION, LTD. The terms of the transaction were not disclosed.  NTE Aviation provides parts for commercial, regional, and corporate turboprop and turbofan aircraft and engines for independent overhaul shops and operators and is based in Lewisville, Texas. Waveland Investments is a private equity investment firm specializing in management-led buyouts, recapitalizations, acquisitions, and turnaround situations in niche lower middle market companies and is based in Highland Park, Illinois.    


4/24/2012 Graycliff Partners acquired an unknown majority stake in Skandia, Inc. The terms of the transaction were not disclosed. Skandia provides aircraft interior products and services and is based in Davis Junction, Illinois. Graycliff Partners is a private equity firm specializing in middle market, mezzanine, and management buyouts and is based in New York, New York.                         


5/14/2012 Court Square Capital Partners acquired PRV Aerospace, LLC from Platte River Ventures. The terms of the transaction were not disclosed. PRV Aerospace supplies components, subassemblies, assemblies, and repair and overhaul services to original equipment manufacturers of aircraft and is based in Everett, Washington. Court Square Capital Partners is a private equity and venture capital firm headquartered in New York, New York.       


Private Placements    


4/10/2012 Leading Edge Aviation Services, Inc. announced that it has received funding from new investor Vance Street Capital LLC. The terms of the transaction were not disclosed. Leading Edge Aviation Services provides aircraft painting services for commercial, private, VVIP, and military aircrafts and is headquartered in Costa Mesa, California. Vance Street Capital is a private equity firm based in Los Angeles, California. Hodel Briggs Winter LLP served as legal advisor to Leading Edge Aviation services and O'Melveny & Myers, LLP served as legal advisor to Vance Street Capital.        


4/17/2012 Cirrus Aircraft Corporation announced that it has received funding from its existing investor China Aviation Industry General Aircraft Co., Ltd. The terms of the transaction were not disclosed. Cirrus Aircraft Corporation designs and manufactures personal aviation aircraft and is based in Duluth, Minnesota. China Aviation Industry General Aircraft Co. develops, manufactures, and distributes general aircraft products and services and is based in Zhuhai, China.        


4/25/2012 Aerostructures Acquisition, LLC announced that it has raised $18.9 million in a round of funding from Golub Capital. Aerostructures Acquisition manufactures and markets precision machined aerospace components, assemblies, and spares to original equipment manufacturers and is based in Phoenix, Arizona. Golub Capital specializes in credit-oriented investment products and is headquartered in New York, New York.        


6/11/2012 Row 44, Inc. announced that it has received $45.0 million in funding from new investor Advanced Inflight Alliance AG and returning investor PAR Capital Management, Inc. Row 44 develops and provides in-flight broadband entertainment platform for commercial airlines in the United States and internationally and is based in Westlake Village, California. Advanced Inflight Alliance engages in the provision of inflight entertainment services worldwide and is headquartered in Munich, Germany. PAR Capital Management is a privately owned hedge fund sponsor based in Boston, Massachusetts.        


6/25/2012 Prioria Robotics, Inc. announced that it has received $5.5 million in series C round of funding led by Advantage Capital Partners. Prioria Robotics develops and produces embedded systems and unmanned aircraft systems and is based in Gainesville, Florida. Advantage Capital Partners is a venture capital firm based in New Orleans, Louisiana.