Columbia West Capital News - Industry Deal Intelligence
08.28.14 CWC Q2 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  

4/1/2014 Arotech Corporation (NasdaqGM:ARTX) acquired UEC Electronics, LLC for $41.5 million. Arotech is an aerospace and defense service contractor based in Ann Arbor, Michigan. UEC Electronics designs and manufactures electronic components and subsystems for military, aerospace, and industrial markets and is based in Hanahan, South Carolina. Lowenstein Sandler LLP served as legal advisor to Arotech. Venable LLP served as legal advisor to UEC Electronics.  

4/1/2014 MB Aerospace ACP Holdings I Corp. acquired Norbert Industries, Inc. The terms of the transaction were not disclosed. MB Aerospace, based in Chevy Chase, Maryland, provides advanced technology solutions to its customers, specializing in the fabrication of complex aero-engine components. Norbert Industries is based in Sterling Heights, Michigan and manufactures machined components for aerospace, defense, and robotic industries.  

4/2/2014 Accurus Aerospace Corporation acquired McCann Aerospace Machining Corporation. The terms of the transaction were not disclosed. Accurus Aerospace is based in Tulsa, Oklahoma and manufactures machine parts, kits, and assemblies for the aerospace and defense industry. McCann Aerospace is based in Athens, Georgia and manufactures aerospace components. Schulte Roth & Zabel LLP served as legal advisor to Accurus Aerospace. Patton Boggs LLP served as legal advisors to McCann Aerospace.  

4/3/2014 GAL Aerospace Corp. acquired AeroQuest Inc. The terms of the transaction were not disclosed. GAL Aerospace is based in Pointe-Claire, Canada and manufactures aircraft interior components for business and commercial aircrafts. AeroQuest is based in Lawrenceville, Georgia and also manufactures aircraft interior components.  

4/7/2014 Advanced Forming Technology, Inc. acquired Thixoforming, LLC. The terms of the transaction were not disclosed. Advanced Forming Technology is based in Longmont, Colorado and manufactures and markets precision engineered metal injection molding components. Thixoforming is based in Longmont, Colorado and produces injection molding components from magnesium alloys. Wuersch & Gering LLP served as advisor to Advanced Forming Technology.  

4/8/2014 Seeker Aircraft America, Inc. acquired Seabird Aviation Australia Pty Ltd. The terms of the transaction were not disclosed. Seeker Aircraft America, based in Albuquerque, New Mexico, manufactures, distributes, and supports aerial surveillance platforms. Seabird Aviation is based in Hervey Bay, Australia and designs, develops, and certifies aircrafts.  

4/8/2014 RoboFlight Systems, LLC acquired Aerial Precision Ag. The terms of the transaction were not disclosed. RoboFlight, based in Greenwood Village, Colorado, offers integrated hardware and software services that collect and manage imagery from unmanned aerial systems, piloted aircraft, and earth orbiting satellites. Aerial Precision manufactures unmanned aerial systems for the agriculture industry and is based in Tempe, Arizona.  

4/9/2014 Wencor Group, LLC acquired XTRA Aerospace Inc. The terms of the transaction were not disclosed. Wencor, based in Springville, Utah, designs, manufactures, and distributes aircraft parts for repair stations, operators of general aviation aircraft, and airlines. XTRA is based in Miramar, Florida and provides specialized repair services for a wide variety of electrical and mechanical systems. Gibson, Dunn & Crutcher LLP served as legal advisor to Wencor Group.  

4/14/2014 Google Inc. (NasdaqGS:GOOGL) acquired Titan Aerospace Holdings, Inc. The terms of the transaction were not disclosed. Google, based in Mountain View, California, is a technology company that specializes in Internet-related services and products. Titan Aerospace manufactures solar powered atmospheric satellites and unmanned aerial vehicles and is based in Moriarty, New Mexico.  

4/21/2014 Godwin Manufacturing Company Inc. acquired Williamsen Manufacturing, Inc. The terms of the transaction were not disclosed. Godwin manufactures truck equipment and is based in Dunn, North Carolina. Williamsen, based in Salt Lake City, Utah, designs, fabricates, and manufactures specialty trailers, dump bodies, missile transporters, and pup trailers.  

4/22/2014 Velocity Aerospace Holding Group, Inc. acquired E.D.N. Aviation, Inc. The terms of the transaction were not disclosed. Velocity Aerospace, based in Chicago, Illinois, provides aviation maintenance and repair services. E.D.N. Aviation manufactures and refurbishes aircraft control panels and is based in Los Angeles, California.  

4/24/2014 Ballard Power Systems Inc. (TSX:BLD) acquired fuel cell IP assets from United Technologies Corp. (NYSE:UTX) for $22.1 million. Ballard Power is based in Burnaby, British Columbia and is engaged in the development and commercialization of proton exchange membrane fuel cells. United Technologies develops high technology products and provides services to the aerospace industry and is based in Hartford, Connecticut. Stikeman Elliott LLP served as legal advisor to Ballard Power. K&L Gates LLP and Davies Ward Phillips & Vineberg LLP served as legal advisors to United Technologies.  

4/28/2014 SAS AEDS acquired Societe d'Etudes et de Constructions Aero-Navales SAS from Honeywell International Inc. (NYSE:HON). The terms of the transaction were not disclosed. SAS AEDS supplies aeronautical equipment and is based in Tourlaville, France. Societe d'Etudes et de Constructions is based in Gennevilliers, France and provides repair and overhaul services for aircraft equipment. Honeywell operates as a diversified technology and manufacturing company worldwide and is based in Morris Township, New Jersey. Hogan Lovells US LLP served as legal advisor to Honeywell.  

4/30/2014 Merex Incorporated acquired Kellstrom Defense Aerospace, Inc.The terms of the transaction were not disclosed. Merex, an international logistics company, provides support for the U.S. manufactured legacy defense platforms and is based in Camarillo, California. Kellstrom, based in Miramar, Florida, specializes in distributing aircraft parts for commercial and military aircrafts and engines. Willkie Farr & Gallagher LLP served as legal advisor to Merex.  

4/30/2014 Burtek Enterprises Inc. acquired Votaw Precision Technologies, Inc. The terms of the transaction were not disclosed. Burtek Enterprises provides design, fabrication, and integration services to industrial markets and is based in Chesterfield, Michigan. Votaw Precision Technologies, based in Santa Fe Springs, California, manufactures precision components and tools for the aerospace, defense, and commercial industries.  

4/30/2014 Preferred Systems Solutions acquired Envision Technical Services. The terms of the transaction were not disclosed. Preferred Systems Solutions is based in Vienna, Virginia and provides information technology, engineering, and program management services. Envision Technical Services is also based in Vienna, Virginia and provides information technology solutions.  

5/1/2014 Pratt & Whitney Company, Inc. acquired Blades Technology International Inc. The terms of the transaction were not disclosed. Pratt & Whitney, based in East Hartford, Connecticut, designs, manufactures, and services aircraft engines and small turbojet propulsion products. Blades Technology manufactures and markets compressor airfoils for gas turbine engines and is based in Columbus, Georgia.  

5/5/2014 Drone Aviation Holding Corp. (OTCPK:MCVE.D) acquired Lighter Than Air Systems Corporation for $0.3 million. Drone Aviation manufactures aerial and land-based surveillance and communications solutions and is based in Burlington, Massachusetts. Lighter Than Air Systems is based in Jacksonville, Florida and provides aerial and land-based surveillance and communications solutions.  

5/6/2014 Figeac-Aero Société Anonyme (ENXTPA:ALFIG) acquired Sonaca NMF America, Inc. from Sonaca S.A. The terms of the transaction were not disclosed. Figeac-Aero manufactures and sells aeronautical products and is based in Figeac, France. Sonaca NMF is based in Wichita, Kansas and specializes in forming aluminum wing skins, spars, frames, and extrusions for the aviation industry. Proskauer Rose LLP served as legal advisor to Figeac-Aero. Dentons US LLP and Liedekerke Wolters Waelbroeck & Kirkpat served as legal advisors to Sonaca .  

5/6/2014 Ultra Electronics Holdings plc (LSE:ULE) acquired ICE Corporation Inc. from private investors for $11.6 million. Ultra Electronics Holdings plc is based in Greenford, Middlesex and provides electronic systems for the defense, aerospace, security, and energy markets worldwide. ICE Corporation designs, manufactures, and tests aerospace electronics and is based in Manhattan, Kansas.  

5/12/2014 Dovel Technologies, Inc. acquired RNSolutions, Inc. The terms of the transaction were not disclosed. Dovel Technologies, based in McLean, Virginia, provides software and application development services to government and healthcare clients. RNSolutions, a federal contractor based in Rockville, Maryland, provides information technology services. Jenner & Block LLP served as legal advisor to RNSolutions.  

5/23/2014 The SI Organization, Inc. acquired QinetiQ North America, Inc.for approximately $215.0 million. SI Organization is based in King Of Prussia, Pennsylvania and provides system engineering and integration services. QinetiQ is based in McLean, Virginia and develops technology solutions for aerospace, defense, civilian agency, and intelligence community markets. Schulte Roth & Zabel LLP and Crowell & Moring LLP served as legal advisors to SI Organization. Stroock & Stroock & Lavan LLP served as a legal advisor to QinetiQ.  

6/1/2014 Supply Technologies LLC acquired Apollo Aerospace Components Limited. The terms of the transaction were not disclosed. Supply Technologies is based in Cleveland, Ohio and supplies parts and materials to original equipment manufacturers, assemblers, and distributors worldwide. Apollo Aerospace Components Limited is an aerospace supply company in Europe and is based in Cradley Heath, United Kingdom.  

6/2/2014 Huntington Ingalls Industries, Inc. (NYSE:HII) acquiredUniversalPegasus International, Inc. The terms of the transaction were not disclosed. Huntington Ingalls is based in Newport News, Virginia and is engaged in the designing, building, and repairing of ships for the U.S. Navy and the U.S. Coast Guard. UniversalPegasus is based in Houston, Texas and provides project management, engineering, and construction management services for the energy industry. Jones Day served as legal advisor to Huntington Ingalls.  

6/5/2014 Lisi Aerospace Creuzet acquired Manoir Aerospace SAS. The terms of the transaction were not disclosed. Lisi Aerospace, based in Paris, France, is a worldwide manufacturing specialist of structural components used for the airframe and engine of aircrafts. Manoir Aerospace, also based in Paris, France, manufactures and supplies aerospace engine components. Frere Cholmeley Eversheds, Cabinet Jacques Barthélémy & Associés, Arsène-Cabinet d'Avocats, Savin Martinet Associes, Capstan Avocats, and Olswang France LLP served as legal advisors to Lisi Aerospace Creuzet.  

6/5/2014 Zodiac Aerospace (ENXTPA:ZC) acquired Greenpoint Technologies, Inc. The terms of the transaction were not disclosed. Zodiac Aerospace designs, develops, and markets aerospace equipment and systems for commercial, regional, and business aircrafts and is based in Plaisir, France. Greenpoint Technologies is based in Kirkland, Washington and provides VIP interior completions and modifications for Boeing aircraft.  

6/12/2014 Exelis Inc. (NYSE:XLS) acquired Celestech, Inc. The terms of the transaction were not disclosed. Exelis is based in McLean, Virginia and develops products related to communications, intelligence, surveillance, and reconnaissance systems. Celestech, a technology engineering company based in Chantilly, Virginia, provides engineering services, research and technology solutions to government and commercial organizations.  

6/16/2014 Drew Marine, Inc. acquired Chemring Defence Germany GmbH. The terms of the transaction were not disclosed. Drew Marine is based in Whippany, New Jersey and provides technical solutions and services to the marine industry internationally. Chemring Defence manufactures pyrotechnic products and is based in Bremerhaven, Germany. Mayer Brown LLP served as legal advisor to Drew Marine.  

6/19/2014 Sierra Nevada Corporation agreed to acquire Orbital Technologies Corporation. The transaction has subsequently closed. The terms of the transaction were not disclosed. Sierra Nevada is based in Sparks, Nevada, and provides high technology electronics, avionics, and communications systems for commercial and government sectors. Orbital Technologies is based in Madison, Wisconsin and engages in aerospace subsystem development and integration.  

6/23/2014 Woolpert, Inc. acquired the electronic logging system division ofLandrum & Brown, Incorporated. The terms of the transaction were not disclosed. Woolpert, Inc. is based in Dayton, Ohio and provides design, geospatial, and infrastructure management consulting services. The electronic logging system division of Landrum & Brown, based in Cincinnati, Ohio, develops aviation management software that simplifies record keeping.  

6/27/2014 The Boeing Company (NYSE:BA) acquired Ventura Solutions, Inc.The terms of the transaction were not disclosed. The Boeing Company, based in Chicago, Illinois, develops and manufactures aircrafts, satellites, missile defense, and launch systems worldwide. Ventura Solutions, based in Annapolis Junction, Maryland, engages in the research and development of software and hardware engineering solutions for government clients in the United States.  

6/27/2014 Landmark Aviation, LLC acquired Atlantic Aero Inc. The terms of the transaction were not disclosed. Landmark Aviation, based in Houston, Texas, operates a network of MRO locations that provides airframe service and maintenance services for avionics manufacturers. Atlantic Aero, based in Greensboro, North Carolina, provides repair, installation, and maintenance services for the aviation industry.  

6/30/2014 Triumph Aerospace Systems Group LLC acquired the hydraulic actuation division of GE Aviation for $70.0 million. Triumph Aerospace, based in Wayne, Pennsylvania, engineers and manufactures complex aerospace hardware and prototype systems for ground test and flight applications. GE Aviation, Hydraulic Actuation Business comprises three facilities located in Yakima, Washington; Cheltenham, United Kingdom; and the Isle of Man that offers landing gear actuation systems, door actuation, nose-wheel steering, hydraulic fuses, manifolds, flight control actuation and locking mechanisms for the commercial, military, and business jet markets. Weil, Gotshal & Manges LLP served as legal advisor to GE Aviation. 

6/30/2014 XCOR Aerospace, Inc. acquired Space Expedition Corporation. The terms of the transaction were not disclosed. XCOR Aerospace, based in Mojave, California, produces suborbital and orbital launch vehicles, rocket engines, and propulsion systems for aerospace contractors and government customers. Space Expeditions Corporation offers aerospace research and training services and is based in Amsterdam, Netherlands.  

M&A - Financial  

4/10/2014 RFE Investment Partners and 24/6 Capital Partners acquiredSPX Precision Components, LLC for $62.0 million. RFE Investment Partners is a private equity firm that specializes in the acquisition of middle market, later stage, and mature companies and is based in New Canaan, Connecticut. 24/6 Capital Partners is a private equity firm based in Boston, Massachusetts. SPX Precision Components manufactures and supplies parts and components for the aerospace and defense industry and is based in Newington, Connecticut. 

4/22/2014 GFL Holdings, LLC acquired Genesis Funding Limited fromAerCap International Bermuda Limited. The terms of the transaction were not disclosed. GFL Holdings is an affiliate of Wood Creek Capital Management, an investment manager based in New Haven, Connecticut. Genesis Funding, based in Bermuda, acquires, leases, and sells aircrafts and engages in hedge arrangements. Milbank, Tweed, Hadley & McCloy LLP and Conyers Dill & Pearman Limited served as legal advisors to AerCap. 

6/4/2014 Moelis Capital Partners LLC acquired PATS Aircraft, LLC. The terms of the transaction were not disclosed. Moelis Capital Partners is a private equity company based in New York, New York. PATS Aircraft, based in Georgetown, Delaware, designs, manufactures, and certifies aerospace components and systems. Parr Brown Gee & Loveless served as legal advisor to Moelis Capital Partners. 

6/10/2014 Cold Mountain Capital, LLC acquired Camel Manufacturing Company, Inc. The terms of the transaction were not disclosed. Cold Mountain is a principal investment firm based in Asheville, North Carolina. Camel designs and manufactures tent products for the U.S. government and is based in Pioneer, Tennessee. 

6/13/2014 Persephone Capital Partners and other investors acquired Cella Energy Ltd. The terms of the transaction were not disclosed. Persephone is a private equity firm based in East Setauket, New York. Cella, based in Didcot, United Kingdom, produces hydrogen storage materials for transportation and portable power industries.

6/19/2014 Warburg Pincus LLC acquired Wencor Group, LLC. The terms of the transaction were not disclosed. Warburg Pincus is a private equity and venture capital firm based in New York, New York. Wencor, based in Springville, Utah, designs, manufactures, and distributes aircraft parts for repair stations, operators of general aviation aircraft, and airlines. Cleary, Gottlieb, Steen & Hamilton LLP and Sutherland Asbill & Brennan LLP served as legal advisors to Warburg Pincus. Gibson, Dunn & Crutcher LLP served as legal advisor to Wencor.          

Private Placements  

4/4/2014 Zeteo Tech LLC announced that it has received a round of funding from new investor, McKean Defense Group, LLC. The terms of the transaction were not disclosed. Zeteo Tech, based in Philadelphia, Pennsylvania, engages in the research, development, and deployment of defense technology solutions. McKean Defense is also based in Philadelphia, Pennsylvania and provides naval life cycle management, engineering, enterprise transformation, and program management services to the Department of Defense. 

4/21/2014 SPX Precision Components, LLC announced that it has received $23.0 million in funding from new investor Triangle Capital Corporation (NYSE:TCAP). The terms of the transaction were not disclosed. SPX Precision Components manufactures and supplies parts and components for the aerospace and defense industry and is based in Newington, Connecticut. Triangle Capital is a business development company based in Raleigh, North Carolina that specializes in mezzanine financing with equity components for lower middle market companies.

5/8/2014 TYR Tactical, LLC announced that it has secured debt funding fromBMO Harris Bank. The terms of the transaction were not disclosed. TYR Tactical is a Peoria, Arizona-based specialty product company that develops and manufactures a comprehensive offering of best-in-class body armor and load carriage solutions to special operations forces, the U.S. military, various U.S. government agencies, state and local law enforcement and corrections, foreign military and government organizations, and commercial interests. Columbia West Capital served as the exclusive financial advisor to TYR Tactical. Polsinelli PC served as legal advisor to TYR Tactical.