Columbia West Capital News - Industry Deal Intelligence
01.22.13 CWC Q4 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  

10/1/2012 Zhuhai Hanxing General Aviation Co Ltd. acquired Glasair Aviation for an undisclosed amount. Zhuhai Hanxing General Aviation provides general aircraft sales, maintenance and pilot training and is based in Zhuhai, China. Glasair Aviation manufactures kit planes, aircraft, and sport planes and is based in Arlington, Washington. 

10/1/2012 3M Co. (NYSE:MMM) acquired Ceradyne Inc. (NasdaqGS:CRDN)for approximately $850.0 million in cash. 3M operates as a diversified technology company worldwide and is headquartered in St. Paul, Minnesota. Ceradyne develops and manufactures ceramic products and components and is based in Costa Mesa, California. 

10/4/2012 Oasis Systems, Inc. acquired RNB Technologies, Inc. in cash for an undisclosed amount. Oasis Systems provides information technology, enterprise systems engineering, enterprise application, and program management services to the Department of Defense and is based in Lexington, Massachusetts. RNB Technologies provides systems engineering and analysis, test and evaluation, intelligence, and information technology services to federal government customers in the United States. RNB Technologies is based in Stafford, Virginia. 

10/5/2012 Virgin Galactic, LLC acquired the remaining 30% stake in The Spaceship Company for an undisclosed amount. Virgin Galactic provides commercial spaceflight services through its passenger-carrying suborbital space vehicles and is based in Las Cruces, New Mexico. The Spaceship Company engages in the design, development, and manufacture of commercial spaceships and carrier aircraft and is based in Mojave, California. 

10/9/2012 Flight Support Group acquired an 80% stake in Action Research Corp. for an undisclosed amount. Flight Support Group offers aircraft maintenance services and is based in Sanford, Florida. Action Research provides aerospace and industrial repair, assembly, and engineering services and is based in Greer, South Carolina. 

10/16/2012 Booz Allen Hamilton Holding Corporation (NYSE:BAH) acquired the Defense Systems Engineering & Support division from ARINC Incorporatedfor $150.0 million in cash. Booz Allen Hamilton provides management and technology consulting services in the United States and is headquartered in McLean, Virginia. ARINC comprises aviation and maritime engineering, advanced weapons modernization and sustainment, and advanced systems engineering and integration services. ARINC is headquartered in Annapolis, Maryland. 

11/8/2012 IMP Aerospace & Defence Group acquired Cascade Aerospace Inc. for an undisclosed amount. IMP provides aerospace products and services through its three division aerospace, electronic systems, and aero structures and is based in Enfield, Nova Scotia. Cascade Aerospace provides long-term integrated aircraft support programs for original equipment manufacturers, as well as military, government, and commercial customers. Cascade Aerospace is based in Abbotsford, British Columbia. 

11/13/2012 Lockheed Martin Maritime Systems & Sensors acquiredChandler/May, Inc. for an undisclosed amount. Lockheed provides systems engineering, software development, and complex program management solutions for security, civil and commercial markets and is based in Washington, D.C. Chandler/May designs, develops, produces, and distributes tactical computing and electronic systems for the military and is based in Huntsville, Alabama. 

11/14/2012 Intelligent Software Solutions, Inc. acquired assets of Xpect Software, LLC for an undisclosed amount. Intelligent Software Solutions provides software development and systems analysis services for government, state, and corporate customers and is headquartered in Colorado Springs, Colorado. Xpect Software provides data analysis and management solutions to federal, state, and local governments and is also based in Colorado Springs, Colorado. 

11/26/2012 Ingenicomm, Inc. acquired Programmable Telemetry Processorproduct line of CVG-Avtec Systems, Inc. The terms of the transaction were not disclosed. Ingenicomm engages in the architecture, implementation, and deployment of satellite ground systems and is based in Chantilly, Virginia. Programmable Telemetry Processor product line of CVG-Avtec Systems comprises processor solutions for the satellite ground station and integration and testing markets and is also located in Chantilly, Virginia. 

11/29/2012 Herndon Products, Inc. acquired Intercoastal LLC for an undisclosed amount. Herndon Products supplies assembly and electronic components to the aerospace and defense industries and is based in O'Fallon, Missouri. Intercoastal distributes aircraft hardware products worldwide and is based in Kent, Washington. 

12/16/2012 VT Aerospace Limited acquired Volant Aerospace, LLC for $13.1 million. VT Aerospace provides aircraft engineering, maintenance, and logistics support services and is based in Christchurch in the United Kingdom. Volant Aerospace engages in engineering, manufacturing, and selling interior parts for Boeing and Airbus commercial aircraft and is based in Burlington, Washington. 

12/17/2012 AMETEK Aerospace and Defense, Inc. acquired Aero Components International Corp. The terms of the transaction were not disclosed. AMETEK designs, manufactures, and supplies sensor suites, aircraft data management systems, cooling and ventilating systems, and environmental control systems for military and aerospace customers. AMETEK is based in Wilmington, Massachusetts. Aero Components provides aircraft component services and is based in Doral, Florida. 

12/19/2012 Triumph Aerospace Systems Group LLC acquired Embee, Inc. for an undisclosed amount. Triumph engages in the design, development, manufacture, repair, sale, and life cycle support of metallic structural assemblies and is based in Wayne, Pennsylvania. Embee provides metal-finishing, inspection, and testing services primarily for commercial and military aerospace applications and is based in Santa Ana, California. 

12/21/2012 Lockheed Martin Corporation (NYSE:LMT) acquired substantially all of the assets of CDL Systems Ltd. for an undisclosed amount. Lockheed Martin engages in the research, design, development, manufacture, integration, and sustainment of advanced technology systems and is based in Bethesda, Maryland. CDL develops integrated command, control, and information systems and is based in Calgary, Alberta. 

12/28/2012 Woodward HRT, Inc. acquired hydraulic thrust reverser actuation systems business from GE Aviation Systems LLC for $200.0 million in cash. Woodward engages in the research, design, development, and production of motion control systems and components and is based in Santa Clarita, California. GE's thrust reverser actuation systems business designs, develops, and operates the hydraulic thrust reverser actuation system and is located in Duarte, California. 

12/31/2012 US Joiner LLC acquired JCI Metal Products Inc. for an undisclosed amount. US Joiner manufactures, installs, and outfits marine interiors of large oceangoing vessels and is headquartered in Crozet, Virginia. JCI Metal Products is engaged in shipboard engineering and ventilation systems for the military marine industry and is based in Lemon Grove, California. 

12/31/2012 Moog Inc. (NYSE:MOG.A) acquired Broad Reach Engineering Company for $48.0 million. Moog designs, manufactures, and integrates precision motion and fluid controls and is headquartered in East Aurora, New York. Broad Reach Engineering Company designs, develops, and implements spaceflight hardware and software solutions for aerospace customers and is based in Golden, Colorado. 

M&A - Financial  

10/1/2012 Black Forest Ventures, LLC acquired Galaxy Air Services FBO, LLC for an undisclosed amount. Black Forest Ventures is a privately held asset management firm specializing in commercial real estate, hospitality, aviation and technology investments and is based in The Woodlands, Texas. Galaxy Air Services provides aircraft maintenance and management services and is based in Conroe, Texas. 

10/26/2012 L.C. Bowman acquired Bulova Technologies Ordnance Systems, LLC for $11.2 million. Bulova Technologies comprises defense contracting services and is based in Tampa, Florida. 

11/19/2012 American Industrial Partners acquired Odyssey Incorporated. The terms of the transaction were not disclosed. American Industrial Partners is a private equity firm based in New York, New York. Odyssey Incorporated provides aerostructure parts, assemblies, and tooling and is based in Lake Orion, Michigan. 

12/3/2012 Onex Corporation (TSX:OCX) acquired a 50% interest in BBAM LLC for approximately $170.0 million. Onex Corporation is a private equity firm specializing in acquisitions and platform acquisitions and is based in Toronto, Ontario. BBAM offers commercial aircraft leasing and management services and is based in San Francisco, California. 

12/19/2012 PNC RiverArch Capital acquired a controlling interest in Precision Aviation Group, Inc. The terms of the transaction were not disclosed. PNC RiverArch Capital is a private equity firm based in Pittsburgh, Pennsylvania. Precision Aviation Group provides inventory supported maintenance, repair, and overhaul services for aerospace and defense industries and is based in Atlanta, Georgia. 

12/27/2012 Chongqing Helicopter Investment Co., Ltd. acquired Enstrom Helicopter Corp. for $60.0 million. Enstrom Helicopter designs and manufactures helicopters for the commercial and private markets and is based in Menominee, Michigan. Chongqing Helicopter Investment Co. is headquartered in Chongqing, China. 

12/31/2012 Corridor Capital, LLC acquired Churchill Aerospace, LLC for an undisclosed amount. Corridor Capital is a private equity firm based in Santa Monica, California. Churchill Aerospace produces products for the aerospace, automotive, fastener, and metal working industries and is based in Chino, California. 

Private Placements  

10/11/2012 Aspen Avionics, Inc. announced that it had received $12.8 million from a group of investors in a round of funding. Aspen Avionics provides avionics technology solutions for the general aviation market and is headquartered in Albuquerque, New Mexico. 

11/15/2012 SST, Inc. announced that it has received $11.7 million in funding. The terms of the transaction were not disclosed. SST designs and delivers gunshot detection solutions to local, state, and federal agencies, governments, and businesses all over the world and is based in Mountain View, California. 

12/19/2012 Custom Control Concepts, Inc. announced that it has received mezzanine debt and equity funding from NewSpring Capital and Sorenson Capital Partners. The terms of the transaction were not disclosed. NewSpring Capital is a private equity and venture capital firm based in Radnor, Pennsylvania and Sorenson Capital is a private equity and venture capital firm headquartered in Lehi, Utah. Custom Control Concepts designs, engineers, manufactures, and certifies digital in-flight entertainment and cabin management systems and is based in Kent, Washington. 

12/27/2012 CAE Inc. (TSX:CAE) announced a private placement of a series of unsecured senior notes for gross proceeds of $350.0 million.  The transaction saw participation from 11 institutional investors in both the United States and Canada. CAE develops integrated training solutions for the military, commercial airlines, business aircraft operators, and aircraft manufacturers and is headquartered in Montreal, Canada.