Columbia West Capital News - Industry Deal Intelligence
03.05.15 CWC Q4 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  

10/3/2014 MDA Information Systems LLC agreed to acquire the Advanced Systems line of business from General Dynamics Advanced Information Systems, Inc. The terms of the transaction were not disclosed. MDA provides information solutions in geospatial, ground systems, and weather services and is based in Gaithersburg, Maryland. The Advanced Systems Line of Business of General Dynamics manufactures and markets radars and is based in the United States.        

10/15/2014 Novaria Group Inc. acquired substantially all the assets of Weatherford Aerospace Inc. The terms of the transaction were not disclosed. Novaria manufactures precision components for the aerospace and defense industry and is based in Fort Worth, Texas. Weatherford Aerospace engages in the chemical treatment and machining of materials for the aerospace industry and is based in Weatherford, Texas.        

10/17/2014 Triumph Aftermarket Services Group, LLC acquired North American Aircraft Services, Inc. The terms of the transaction were not disclosed. Triumph designs, engineers, manufactures, repairs and overhauls aftermarket aerospace gas turbine engine components and is based in Wayne, Pennsylvania. North American Aircraft Services, along with its subsidiaries, provides specialized aviation maintenance services for aerospace customers in the United States and internationally and is based in San Antonio, Texas.        

10/20/2014 Safegate International AB acquired Liberty Airport Systems Inc. The terms of the transaction were not disclosed. Safegate, through its subsidiaries, develops and markets automated aircraft docking guidance solutions for ground movements to the international airport industry and is based in Malmö, Sweden. Liberty Airport Systems designs, implements, and manufactures power and control system solutions for airfield lighting equipment and navigation aids and is based in Burlington, Canada.        

10/21/2014 Outdoor Venture Corporation acquired the Engineered Solutions Division from Sotera Defense Solutions, Inc. The terms of the transaction were not disclosed. Outdoor Venture manufactures and supplies modular military tents to the United States Department of Defense and is based in Stearns, Kentucky. The Engineered Solutions Division of Sotera Defense Solutions manufactures and offers components and services for expeditionary systems such as field kitchens and sanitary equipment for military and is based in the United States.        

11/4/2014 Teradyne Inc. (NYSE:TER) acquired substantially all of the assets of Avionics Interface Technologies, L.L.C. for $21.0 million. Teradyne provides automatic test equipment worldwide and is based in North Reading, Massachusetts. Avionics Interface Technologies designs and manufactures flight modules, test instrumentation, simulation modules, embedded solutions, data-bus analyzers, and related support systems for commercial aerospace and defense industries worldwide and is based in Omaha, Nebraska.        

11/5/2014 Raytheon Company (NYSE:RTN) acquired Blackbird Technologies, Inc. for approximately $420.0 million. Raytheon develops integrated products, services, and solutions in the areas of sensing; effects; command, control, communications, and intelligence; mission support; and cyber and information security worldwide and is based in Waltham, Massachusetts. Blackbird Technologies provides technology solutions for customers in the defense, intelligence, and law enforcement communities and is based in Herndon, Virginia. Hunton & Williams LLP served as legal advisor to Raytheon. Cooley LLP served as legal advisor to Blackbird Technologies.        

11/12/2014 Exchange Income Corporation (TSX:EIF) entered into an agreement to acquire Provincial Aerospace Ltd. for $217.8 million. Exchange Income is engaged in aviation and manufacturing businesses worldwide and is based in Winnipeg, Canada. Provincial Aerospace provides airborne and maritime surveillance solutions for industry, military, and government markets in Canada and internationally and is based in St. John's, Canada. Aikins MacAulay & Thorvaldson LLP served as legal advisor to Exchange Income. Dentons Canada LLP and McInnis Cooper LLP served as legal advisors to Provincial Aerospace.        

11/12/2014 Pro Aero Aviation Ltd. acquired the assets of Stauffer Aero. The terms of the transaction were not disclosed. Pro Aero, an aircraft maintenance company, provides overhaul, repair, and modification services for aircraft piston engines and related accessories and is based in Kamploos, Canada. Stauffer Aero provides aircraft maintenance services to aircraft owners and is based in Calgary, Canada.        

11/14/2014 Sogeclair Aerospace SAS agreed to acquire 80% of MSB Design Inc. and 80% of MSB Ressources Globales Inc. for $13.3 million. Sogeclair operates as an engineering and prime contractor in the aeronautics and space sectors and is based in Blagnac, France. MSB provides engineering and manufacturing of interior components for aircrafts and is based in Canada. Lette, Lette & Partners served as the legal advisor to Sogeclair.

11/20/2014 Momentum Aviation Holdings, Inc. acquired Carpenter Avionics, Inc. The terms of the transaction were not disclosed. Momentum Aviation provides aviation as well as intelligence, surveillance and reconnaissance services to the defense industry and is based in Naples, Florida. Carpenter Avionics, an aviation services company, sells, installs, and maintains avionics systems for general aviation aircraft, including business jets, twin turboprops, and single-engine piston airplanes in the United States and internationally and is based in Smyrna, Tennessee.                         

11/26/2014 Kforce Government Solutions, Inc. acquired certain assets of Employee Leasing Solutions, Inc. The terms of the transaction were not disclosed. Kforce is a technology and professional services provider that specializes in information technology solutions, and mission and business support services worldwide and is based in Fairfax, Virginia. The assets of Employee Leasing Solutions involved in the transaction manufacture trauma training manikins for military and civilian training needs and are based in the United States.        

12/1/2014 Stadco Acquisition, LLC acquired STADCO, Inc., GroupAero Mexico and Survirn Engineering Limited. The terms of the transaction were not disclosed. Stadco Acquisition is based in Los Angeles, California. STADCO, Inc. designs and fabricates aluminum, composite, steel, titanium, inconel, invar, and other metal parts and is based in Los Angeles, California. GroupAero Mexico provides weldments, fabrications, assemblies, and machining solutions to aerospace, oil and gas, power generation, and industrial products industries and is based in Mexicali, Mexico. Survirn Engineering designs and manufactures complex and high precision parts to aerospace and high-tech research industries and is based in the U.K.        

12/3/2014 Atlantic Aviation Corporation entered into a definitive agreement to acquire Showalter Flying Service, Inc. The terms of the transaction were not disclosed. Atlantic Aviation operates a network of fixed base operations that provide a range of aviation services for general aviation aircraft owners and pilots in the United States and is based in Plano, Texas. Showalter Flying Service operates as a FBO that provides aviation related services and is based in Orlando, Florida.        

12/3/2014 Capewell Systems acquired Aerial Machine and Tool Corp. The terms of the transaction were not disclosed. Capewell engages in the design, manufacture, technical support, and training of aerial delivery and life support solutions for the United States military and humanitarian operations worldwide and is based in South Windsor, Connecticut. Aerial Machine and Tool operates as a contractor for the United States Department of Defense and produces tactical vests and harnesses, personnel restraints/seat belts, search and rescue equipment, parachute components and accessories, and coast guard products and is based in Vesta, Virginia.        

12/9/2014 Aviation Technical Services acquired Texas Air Composites, Inc. The terms of the transaction were not disclosed. Aviation Technical Services provides third-party and single-site transport aircraft maintenance, repair, and overhaul services for commercial and military transport jet aircraft and is based in Everett, Washington. Texas Air Composites provides repair and overhaul services for structural related components and is based in Ft. Worth, Texas. Baker Botts L.L.P. served as legal advisor to Texas Air Composites. Wick Phillips Gould & Martin, LLP served as legal advisor to Aviation Technical Services.        

12/10/2014 Burtek Enterprises Inc. acquired Process Fab Inc. The terms of the transaction were not disclosed. Burtek provides design, fabrication, and integration services to aerospace, defense, energy, and industrial markets and is based in Chesterfield, Michigan. Process Fab, a precision manufacturing company, specializes in manufacturing ground support equipment, tooling, and airframe and spacecraft subsystem components to the aerospace industry worldwide and is based in Santa Fe Springs, California. O'Melveny & Myers LLP served as legal advisor to Process Fab.      

12/22/2014 Sparton Corp. (NYSE:SPA) acquired certain assets of Argotec, Inc. The terms of the transaction were not disclosed. Sparton, together with its subsidiaries, is engaged in the concept development, design and manufacturing engineering, production, distribution, and field service of electromechanical devices in the United States and internationally and is based in Schaumburg, Illinois. Argotec develops and manufactures sonar transducer products and components for the United States Navy and is based in Fort Lauderdale, Florida.

12/23/2014 Zodiac Aerospace (ENXTPA:ZC) acquired Enviro Systems Incorporated. The terms of the transaction were not disclosed. Zodiac designs, develops, manufactures, and markets aerospace equipment and systems for commercial, regional, and business aircrafts, as well as for helicopters and space applications and is based in Plaisir, France. Enviro Systems designs and manufactures aircraft environmental control systems and is based in Seminole, Oklahoma.        

12/24/2014 Astronics Corporation (NasdaqGS:ATRO) entered into a definitive agreement to acquire Planesite Holdings Inc. for $53.8 million. Astronics, through its subsidiaries, designs and manufactures products for the aerospace and defense industries worldwide and is based in East Aurora, New York. Planesite Holdings, through its subsidiary, provides aviation engineering, designing, and manufacturing services and is based in Addison, Illinois. Huck Bouma PC served as legal advisor to Planesite.        

12/31/2014 VSE Corp. (NASDAQ: VSEC) signed a definitive agreement to acquire Prime Turbines Inc., CT Aerospace, LP, Kansas Aviation of Independence LLC and Air Parts & Supply Company, Inc. from Killick Aerospace Limited Partnership for approximately $230.0 million. VSE provides vehicle fleet and equipment sustainment services for the United States Department of Defense legacy systems and equipment and is based in Alexandria, Virginia. Prime Turbines provides engine repair and overhaul services to customers in regional airlines, corporate flight departments, and FBOs; and agriculture, aircraft sales and leasing, and cargo services markets in the United States and internationally. CT Aerospace supplies commercial aircraft, engines, engine parts, and related services. Kansas Aviation offers overhaul and repair of oil, air and fuel related engine accessories of airline engines. Air Parts & Supply Company distributes aircraft ignition and fuel control parts to the aerospace industry in the United States and internationally. The companies are based in the United States. Arent Fox LLP served as legal advisor to VSE Corp.      

M&A - Financial  

10/1/2014 Generation Growth Capital, Inc. acquired Atlantic Precision, Inc. The terms of the transaction were not disclosed. Generation Growth Capital is a private equity firm based in Milwaukee, Wisconsin. Atlantic Precision operates an aerospace machining, design, and build facility and is based in Port St. Lucie, Florida.      

10/28/2014 Gen Cap America, Inc. along with management of Aero Systems acquired Aero Systems Engineering, Inc. The terms of the transaction were not disclosed. Gen Cap America is a private equity firm based in Nashville, Tennessee. AeroSystems Engineering designs, develops, manufactures, and supplies aerodynamic and propulsion ground testing solutions for customers in the United States and internationally and is based in St. Paul, Minnesota.      

11/5/2014 Bridge Growth Partners, LLC entered into a definitive agreement to acquire a majority stake in CRGT, Inc. The terms of the transaction were not disclosed. Bridge Growth is an investment firm based in New York, New York. CRGT provides information technology services to national defense, homeland security, intelligence, federal civilian agencies, and state and local governments and is based in Reston, Virginia. Willkie Farr & Gallagher LLP served as legal advisor to Bridge Growth. Schulte Roth & Zabel LLP served as legal advisor to CRGT.      

11/10/2014 Harbert Private Equity acquired Flight Display Systems. The terms of the transaction were not disclosed. Harbert is a private equity firm based in Birmingham, Alabama. FDS Avionics Corp., doing business as Flight Display Systems, manufactures and markets in-flight entertainment equipment for aircrafts and is based in Alpharetta, Georgia. Smith, Gambrell & Russell served as legal advisor to Harbert. Wyatt Tarrant & Combs LLP served as legal advisor to Flight Display Systems.      

11/12/2014 A&M Capital Advisors, LLC agreed to acquire G4S Government Solutions, Inc. from G4S plc (LSE:GFS) for approximately $140.0 million. A&M Capital is a private equity arm of Alvarez & Marsal, LLC and is based in Greenwich, Connecticut. G4S provides security and fire and emergency services to critical assets and infrastructure for the federal departments, offices, and agencies, as well as state and municipal government entities and is based in Palm Beach Gardens, Florida.      

11/30/2014 Renovus Capital Partners and Graycliff Partners acquired a majority stake in the Hillsboro Aviation flight school from Hillsboro Aviation, Inc. The terms of the transaction were not disclosed. Renovus is a private equity firm based in Wynnewood, Pennsylvania. Graycliff is a private equity firm based in New York, New York. Hillsboro Aero Academy provides professional pilot training to domestic and international students and is based in Hillsboro, Oregon.    

Private Placements  

10/3/2014 Moon Express Inc. announced that it has received $5.0 million in funding. Moon Express, a commercial lunar resources company based in Moffett Field, California, is engaged in engineering a series of robotic missions to the moon for commercial and government customers.        

10/14/2014 Kespry Inc. announced that it will receive $12.7 million in funding from new investors led by Lightspeed Venture Partners. Kespry, an unmanned aerial systems technology company based in Menlo Park, California, designs, develops, and builds Kespry Aerial Data System, a commercial-grade drone system that allows businesses to plan flights, capture aerial data, analyze, and view high-resolution maps.        

10/15/2014 Novaria Group Inc. announced that it has received funding from new investors Tailwind Advisors and Rosewood Private Investments. The terms of the transaction were not disclosed. Novaria manufactures precision components for the aerospace and defense industry and is based in Fort Worth, Texas.        

10/15/2014 ISR Group, Inc. announced that it has received an undisclosed amount in funding from Trive Capital. ISR provides unmanned services and support, and mission essential services for government, civil, and commercial customers and is based in Savannah, Tennessee.        

10/29/2014 ABI Group, LLC announced that it has received funding from Arcady Capital Company. The terms of the transaction were not disclosed. ABI, together with its subsidiaries, provides aerospace and onsite technical support services to general aviation, commercial airline, and military aircraft manufacturers and operators worldwide and is based in Wichita, Kansas.        

10/31/2014 AeroSystems Engineering, Inc. announced that it has received a round of funding from new investor Eagle Private Capital, LLC. The terms of the transaction were not disclosed. AeroSystems Engineering designs, develops, manufactures, and supplies aerodynamic and propulsion ground testing solutions for customers in the United States and internationally and is based in St. Paul, Minnesota.        

11/5/2014 World View Enterprises, Inc. announced that it has received an undisclosed amount of funding from new investor Tencent Holdings Ltd. and will receive $7.2 million in an equity round of funding from 24 investors. World View Enterprises provides space travel services for private citizens, educators, researchers, private companies, and government agencies and is based in Tucson, Arizona.        

11/24/2014 Advanced Integration Technology, Inc. announced that it will receive a round of funding from new investor Onex Corporation (TSX:OCX). The terms of the transaction were not disclosed. Advanced Integration Technology, an industrial automation and tooling company, engages in the design, fabrication, installation, and maintenance of integrated plant-floor systems for the aerospace industry worldwide and is based in Plano, Texas.        

12/5/2014 Sunlight Photonics, Inc. announced that it will receive $8.5 million in funding. Sunlight Photonics is a technology development company that focuses on the development of advanced solar unmanned airborne vehicles for low- through high-altitude missions in broadband wireless networks and services and is based in South Plainfield, New Jersey.        

12/8/2014 Echodyne Corp. announced that it will receive $15.0 million in funding. Echodyne develops and markets metamaterials-based radar systems and is based in Bellevue, Washington.