Columbia West Capital News - Industry Deal Intelligence
04.17.14 CWC Q1 2014 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 ensure is included and credit attributed to appropriate advisors.

M&A - Strategic

1/2/2014 Dixie Aerospace, LLC acquired Flight Line Products LLC. The terms of the transaction were not disclosed. Dixie Aerospace distributes aerospace bearings and related parts and is based in Peachtree City, Georgia. Flight Line manufactures and supplies interior products for the commercial airline industry and is based in Valencia, California.

1/5/2014 Hartzell Engine Technologies, LLC acquired the Jasco Alternator Line of Skytronics, Inc. The terms of the transaction were not disclosed. Hartzell Engine manufactures new and refurbished parts for piston engine and general aviation aircraft and is based in Montgomery, Alabama. The Jasco alternator line comprises activities that manufacture classic and agricultural aircraft and piston helicopters. Skytronics is based in Detroit, Michigan.

1/10/2014 HM Dunn AeroSystems, Inc. acquired Apex Engineering International, LLC. The terms of the transaction were not disclosed. HM Dunn is engaged in the manufacture and distribution of aircraft components and is based in Euless, Texas. Apex Engineering International designs, develops, and manufactures metallic and composite parts for new and existing aircrafts and is based in Wichita, Kansas.

1/27/2014 AMTEC Corporation acquired Chemring Energetic Devices, Inc. The terms of the transaction were not disclosed. AMTEC manufactures, assembles, and supplies ammunition systems and is based in Janesville, Wisconsin. Chemring engages in the research, development, qualification, manufacture, and life-cycle support of missiles and is based in Downers Grove, Illinois.

1/27/2014 Macaulay-Brown, Inc. acquired Commonwealth Technology, Inc. The terms of the transaction were not disclosed. Macaulay-Brown provides technical and management services, quality studies, and IT solutions and is based in Dayton, Ohio. Commonwealth Technology provides specialized hardware and mission support for defense, intelligence, and security community customers and is based in Alexandria, Virginia. Blank Rome LLP served as legal advisor to Macaulay-Brown.

1/29/2014 Triumph Aerospace Systems-Wichita, Inc. was acquired by its management team from Triumph Group Inc. (NYSE: TGI) for $23.0 million. The new entity has revived its original brand and will again be known as Lee Aerospace, Inc. Lee Aerospace offers design, manufacturing, distribution, supply, installation, and repair of aerospace parts and assemblies for the aerospace industry and is based in Wichita, Kansas.

1/30/2014 Trulife Group Limited acquired Pro CNC Inc. The terms of the transaction were not disclosed. Trulife Group engages in the creation, development, manufacture, and marketing of healthcare products and is based in Dublin, Ireland. Pro CNC manufactures search and navigation equipment and is based in Bellingham, Washington.

2/6/2014 Hong Kong Aircraft Engineering Company Limited (SEHK:44) acquired TIMCO Aviation Services, Inc. for $409.3 million. Hong Kong Aircraft provides commercial aircraft overhaul, modification, and maintenance services to airlines in Hong Kong and is based in Lantau, Hong Kong. TIMCO provides aircraft maintenance, repair, and overhaul services and is based in Greensboro, North Carolina. Cravath, Swaine & Moore LLP served as legal advisor to Hong Kong Aircraft. Brown Rudnick LLP and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP served as legal advisors to TIMCO.

2/19/2014 Ultra Electronics Holdings plc (LSE:ULE) acquired 3Phoenix, Inc. for $87.0 million. Ultra Electronics provides electronic systems for the defense, aerospace, security, cyber, transport, and energy markets worldwide and is based in Grenford, United Kingdom. 3Phoenix provides technology products and services to the Department of Defense and is based in Chantilly, Virginia.

2/20/2014 AIP Aerospace Tooling Group LLC acquired Brown Aerospace Mfg. Systems. The terms of the transaction were not disclosed. AIP through its subsidiaries designs, manufactures, and supplies aerospace tooling systems and is based in Santa Ana, California. Brown Aerospace produces automated devices for the aerospace industry and is based in Kimball, Michigan.

2/26/2014 Zodiac Aerospace (ENXTPA:ZC) acquired Pacific Precision Products Mfg. The terms of the transaction were not disclosed. Zodiac designs, develops, manufactures, and markets aerospace equipment and systems and is based in Plaisir, France. Pacific Precision Products specializes in the design, manufacture, and integration of systems and components primarily for aircraft manufacturers and is based in Irvine, California.

3/14/2014 Textron Inc. (NYSE:TXT) acquired Beechcraft Corporation for $1.4 billion. Textron operates in aircraft, defense, industrial, and finance businesses worldwide and is based in Providence, Rhode Island. Beechcraft designs, builds, and supports aircraft and is based in Wichita, Kansas. Shearman & Sterling LLP and Gibson, Dunn & Crutcher LLP served as legal advisors to Textron. Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP served as legal advisors to Beechcraft.

M&A - Financial

1/24/2014 Insight Equity acquired Midstate Berkshire Inc. from Precision Partners, Inc. The terms of the transaction were not disclosed. Insight Equity is a private equity firm specializing in mature and later stage companies and is based in South Lake, Texas. Midstate Berkshire manufactures and delivers complex components and assemblies for aerospace, defense, powergen, and oil and gas industries and is based in Westfield, Massachusetts. Precision Partners provides precision machined, stamped, cast, and fabricated components for original equipment manufacturers and is based in Skokie, Illinois. Schulte Roth & Zabel LLP served as legal advisor to Precision Partners.

1/24/2014 Innovative Capital Holdings LLC acquired Sabreliner Corporation. The terms of the transaction were not disclosed. Innovative Capital focuses on the acquisition and management of distressed, insolvent and special situation companies and is based in Naples, Florida. Sabreliner Corporation manufactures airframe assemblies, parts, components, and tooling products for aviation and aerospace industries and is based in Saint Louis, Missouri.

2/3/2014 CapitalWorks, LLC acquired Capewell Components Company, LLC. The terms of the transaction were not disclosed. CapitalWorks is a private equity firm focusing on mature companies and growth capital and is based in Cleveland, Ohio. Capewell is based in Cromwell, Connecticut and manufactures industrial, commercial, and military components and tools.

3/31/2014 Levine Leichtman Capital Partners acquired Nobles Worldwide, Inc. The terms of the transaction were not disclosed. Levine Leichtman is a private equity and venture capital firm focusing on the middle market and is based in Beverly Hills, California. Nobles provides weapon systems and components to various branches of the United States military and is based in St. Croix Falls, Wisconsin.

Private Placements

2/26/2014 Skycatch, Inc. announced that it has raised an undisclosed amount in a round of funding from Sherpalo Ventures. Skycatch develops, tests, and releases autonomous drone platforms for commercial logistics and is based in San Francisco, California. Sherpalo Ventures is a venture capital firm investing in early stage companies and is based in Menlo Park, California.

2/27/2014 Vanguard Space Technologies, Inc. announced that it has raised an undisclosed amount in a round of funding from Enlightenment Capital. Vanguard manufactures and supplies high-performance, lightweight, and precision aerospace structures and is based in San Diego, California. Enlightenment Capital is a private equity firm that focuses on small to mid-sized companies and is based in Arlington, Virginia.