Columbia West Capital News - Industry Deal Intelligence
09.28.15 CWC Q2 2015 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  

4/1/2015 CACI International Inc. (NYSE:CACI) acquired LTC Engineering Associates, Inc. The terms of the transaction were not disclosed. CACI, together with its subsidiaries, provides information solutions and services to the U.S. federal government and commercial markets in North America and internationally and is based in Arlington, Virginia. LTC Engineering, based in Lakewood Ranch, Florida, specializes in technical engineering services for the Intelligence and Defense community. Squire Patton Boggs LLP served as legal advisor to CACI International. Hill Ward & Henderson served as legal advisor to LTC Engineering.    

4/1/2015 ITT Corporation (NYSE:ITT) acquired Hartzell Aerospace Group for $53.1 million. ITT Corporation, based in White Plains, New York, manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. Hartzell Aerospace Group designs and manufactures various products to support aerospace and industrial applications and is based in Valencia, California. Hughes Hubbard & Reed LLP served as legal advisor to ITT Corporation.    

4/1/2015 Omada International, LLC acquired CFI Blue Sky II, L.L.C., doing business as Carlson Formetec. The terms of the transaction were not disclosed. Omada International manufactures and markets aircrafts and is based in Kirkland, Washington. Carlson Formetec, based in Tacoma, Washington, manufactures titanium parts for the aerospace industry.    

4/3/2015 Sun Aviation, Inc. acquired Vero Beach Avionics, Inc. The terms of the transaction were not disclosed. Sun Aviation, based in Vero Beach, Florida, operates as a fixed base operator and offers aeronautical services such as fueling, hangaring, aircraft charter, and aircraft maintenance. Vero Beach Avionics operates an avionics sales and repair center and is based in Vero Beach, Florida.    

4/6/2015 Aerospace Precision, Inc. acquired Luchner Tool Engineering. The terms of the transaction were not disclosed. Aerospace Precision, based in Federal Way, Washington, provides repair, overhaul, and manufacturing services for commercial aircraft, business, commuter, cargo and military equipment, and helicopters. Luchner Tool Engineering manufactures tooling and ground support equipment that are used primarily for aircraft engine maintenance and is based in El Cajon, California.    

4/6/2015 Soundair, Inc. acquired PHS/MWA Aviation Services. The terms of the transaction were not disclosed. Soundair provides aircraft parts, equipment, and services to the commercial aviation industry and is based in Snohomish, Washington. PHS/MWA provides aircraft repairs and replacement parts and is based in Temecula, California.    

4/14/2015 Kestrel Aircraft Company acquired Eclipse Aerospace, Inc. The terms of the transaction were not disclosed. Kestral Aircraft Company designs and manufactures aircrafts and is based in Superior, Wisconsin. Eclipse Aerospace designs, manufactures, and sells twin-engine jets and is based in Albuquerque, New Mexico. Since the acquisition the conglomerate company changed its name to ONE Aviation Corporation.    

4/23/2015 Sierra Nevada Corporation acquired Kutta Technologies, Inc. The terms of the transaction were not disclosed. Sierra Nevada, based in Sparks, Nevada, develops, engineers and manufactures high technology electronics, avionics, and commercial systems for commercial and government sectors. Phoenix, Arizona-based Kutta Technologies engages in the research, development, manufacture, and supply of command-control communications software applications, interconnects, components, and subsystems for the Department of Defense, the Department of Homeland Security, and National Institute of Occupational Safety and Health programs.    

5/1/2015 Solaero Technologies Corp. acquired Alliance Spacesystems, LLC. The terms of the transaction were not disclosed. Solaero Technologies, based in Albuquerque, New Mexico, manufactures and provides solar cells and solar panels to satellite and spacecraft OEMs. Alliance Spacesystems offers satellite bus and payload structures and is based in Los Alamitos, California. Schulte Roth & Zabel LLP and Covington & Burling LLP served as legal advisors to Solaero Technologies.    

5/5/2015 Continental Motors Group, Ltd. agreed to acquire Danbury Aerospace, Inc. The terms of the transaction have not been disclosed. Continental Motors Group, based in Hong Kong, China, distributes engine products and spare parts and also offers engine and aircraft services and pilot training for the general aviation marketplace. Danbury Aerospace designs, manufactures, and markets general aviation piston engines and components and is based in San Antonio, Texas.    

5/7/2015 Martin UAV, LLC acquired MLB Company, LLC. The terms of the transaction were not disclosed. Martin UAV, based in Santa Clara, California, is engaged in the research, development, manufacture, and operation of unmanned aerial systems. MLB Company designs and manufactures unmanned aerial systems and is based in Santa Clara, California.    

5/11/2015 H-D Advanced Manufacturing Company acquired Precision Aero Corporation. The terms of the transaction were not disclosed. H-D Advanced Manufacturing is a Pittsburgh, Pennsylvania-based manufacturer of heavy-duty, precision-engineered industrial components, mission-critical gears, and gearboxes. Precision Aero manufactures close tolerance machined components for commercial and military aircrafts, space shuttles, and land based transportation systems and is based in Troy, Ohio. Jones Day served as legal advisor to H-D Advanced Manufacturing. Thompson Hine LLP served as legal advisor to Precision Aero.    

5/14/2015 TransDigm Group Incorporated (NYSE:TDG) acquired Pexco LLC, Aerospace Business from Pexco LLC for $336.0 million. Transdigm Group, through its subsidiaries, designs, produces, and supplies aerospace components for commercial and military aircraft customers, and is based in Cleveland, Ohio. Pexco engages in the design, fabrication and delivery of custom plastic extrusion products and is based in Alpharetta, Georgia. Baker & Hostetler LLP served as legal advisor to TransDigm. Latham & Watkins LLP served as legal advisor to Pexco.    

5/29/2015 Carpenter Avionics, Inc. acquired the assets of Smyrna Air Center, Inc. The terms of the transaction were not disclosed. Carpenter Avionics, based in Smyrna, Tennessee, sells, installs and maintains avionics systems for general aviation aircraft in the United States and internationally. Smyrna Air Center provides aviation fixed base operation services in the southeastern United States and is based in Smyrna, Tennessee.

5/31/2015 PROJECTXYZ, Inc. acquired Premier Professional Systems, Inc. The terms of the transaction were not disclosed. PROJECTXYZ, based in Huntsville, Alabama, provides expertise in the research, design, development, integration, and sustainment of solutions in engineering, logistics, information technology, and alternative energy areas for federal and commercial businesses in the United States. Premier Professional Systems provides logistics services, field maintenance, training, and systems/software engineering services in the United States and internationally and is based in Huntsville, Alabama.    

6/1/2015 Pacific Architects and Engineers Incorporated acquired A-T Solutions, Inc. The terms of the transaction were not disclosed. Pacific Architects and Engineers provides integrated services to support missions worldwide and is based in Arlington, Virginia. A-T Solutions provides counterterrorism services, products, technology, and training services and is based in Vienna, Virginia. Covington & Burling LLP served as legal advisor to Pacific Architects and Engineers. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to A-T Solutions.    

6/1/2015 Ultra Electronics Defense, Inc. agreed to acquire the Electronic Products Division of Kratos Defense & Security Solutions, Inc. (NasdaqGS:KTOS) for $265.0 million. Ultra Electronics Defense is based in Austin, Texas and designs and manufactures electronic and electromechanical systems and sub-systems for international defense and aerospace markets. Kratos Defense & Security Solutions' Electronic Products Division comprises operations manufacturing electronic systems, subsystems, and components for electronic warfare, missile radar, intelligence surveillance, and reconnaissance programs and is based in San Diego, California. DLA Piper LLP (US) served as legal advisor to Kratos Defense & Security Solutions.    

6/5/2015 SunGard Public Sector Inc. acquired CRW Systems, Inc. The terms of the transaction were not disclosed. SunGard, based in Lake Mary, Florida, provides software and services for local governments, public safety and justice agencies, and nonprofits in North America. CRW Systems develops software for government agencies for community development and is based in Carlsbad, California. Blank Rome LLP served as legal advisor to SunGard.    

6/8/2015 DEW Engineering and Development ULC acquired BLS Textiles, Inc. The terms of the transaction were not disclosed. DEW Engineering, based in Ottawa, Ontario, designs and develops solutions for vehicle armor innovation, platform integration, and large-scale manufacturing. BLS Textiles develops and produces hard armour systems for defense and police and is based in Cambridge, Ontario.    

6/9/2015 Novaria Group Inc. acquired MacLean Sky L.L.C. from MacLean-Fogg Component Solutions, LLC. The terms of the transaction were not disclosed. Novaria Group, based in Fort Worth, Texas, manufactures precision components for the aerospace and defense industry. Maclean Sky manufactures fasteners for the aerospace industry and is based in Commerce, California.    

6/11/2015 A U.S. investor acquired American Fuel Cell And Coated Fabrics Company from Zodiac Aerospace (ENXTPA:ZC). The terms of the transaction were not disclosed. American Fuel Cell And Coated Fabrics Company designs and fabricates composite material products for aviation, aerospace, military ground forces, and commercial transport industries and is based in Magnolia, Arkansas.    

6/11/2015 GKN plc (LSE:GKN) acquired Sheets Manufacturing Inc. The terms of the transaction were not disclosed. GKN engages in engineering business worldwide and is based in Redditch, Worcestershire, United Kingdom. Sheets Manufacturing manufactures air flight products and components and is based in Camarillo, California.    

6/15/2015 Aequs Aerospace Private Limited acquired T&K Machine, Inc. The terms of the transaction were not disclosed. Aequs Aerospace, based in Belagavi, India, provides precision machining, sheet metal fabrication, assembly, and processing services for the aerospace sector. T&K Machine, now known as Aequs Aero Machine, Inc., manufactures and supplies machined parts and assemblies to the aerospace industry and is based in Paris, Texas.    

6/19/2015 Aspen Avionics, Inc. acquired Accord Technology LLC. The terms of the transaction were not disclosed. Aspen Avionics, based in Albuquerque, New Mexico, manufactures flight display systems for general aviation aircraft, class III aircraft, and helicopters. Accord Technology manufactures GPS/GPS WAAS receivers/sensor solutions for avionics applications and is based in Phoenix, Arizona.    

6/22/2015 Premier Aviation Overhaul Center, Inc. agreed to acquire Discovery Air Technical Services Inc. from Discovery Air Inc. (TSX:DA.A). The terms of the transaction have not been disclosed. Premier Aviation, based in Trois-Rivieres, Quebec, provides airframe maintenance services to the aviation industry. Discovery Air Technical Services provides aviation technical services for civil and military markets in Canada and is based in Quebec City, Québec.    

6/30/2015 H-D Advanced Manufacturing Company acquired Firstmark Corporation. The terms of the transaction were not disclosed. H-D Advanced Manufacturing is a Pittsburgh, Pennsylvania-based manufacturer of heavy-duty, precision-engineered industrial components, mission-critical gears, and gearboxes. Firstmark, through its subsidiaries, manufactures and sells components and sub-assemblies in the United States and is based in Richmond, Virginia. Jones Day served as legal advisor to H-D Advanced Manufacturing. Troutman Sanders LLP served as legal advisor to Firstmark.    

M&A - Financial  

4/13/2015 AE Industrial Partners, LLC acquired Kellstrom Materials from Inverness Management LLC. The terms of the transaction were not disclosed. AE Industrial Partners is a principal investment firm based in Boca Raton, Florida. Kellstrom Materials operates as a supply chain partner to air transport providers and MROs and is based in Miramar, Florida. Kirkland & Ellis LLP served as legal advisor to Kellstrom Materials.    

4/21/2015 Purdue Research Foundation Endowment Arm agreed to acquire Lafayette Aviation, Inc. The terms of the transaction have not been disclosed. Purdue Research Foundation seeks to invest in life sciences companies in the areas of human and animal health and plant sciences and is based in West Lafayette, Indiana. Lafayette Aviation provides fixed base operation services and is based in West Lafayette, Indiana.

4/21/2015 Kinsale Capital Partners, LLC and management of Associated Aircraft Manufacturing & Sales, Inc. acquired a majority stake in Associated Aircraft Manufacturing & Sales, Inc. The terms of the transaction were not disclosed. Kinsale Capital Partners is a Chicago, Illinois-based private equity firm. Associated Aircraft Manufacturing & Sales provides aircraft spares, services and solutions in the United States and internationally and is based in Fort Lauderdale, Florida.    

4/28/2015 Mosaic Capital Partners, LLC and management of Linxx Global Solutions, Inc. acquired Linxx Global Solutions, Inc. The terms of the transaction were not disclosed. Mosaic Capital Partners is a Charlotte, North Carolina private equity firm. Linxx Global Solutions provides information security consulting and assessment and training services for the Department of Defense, the Department of State, the Department of Homeland Security, and other government/military agencies worldwide and is based in Virginia Beach, Virginia.    

5/1/2015 Industrial Growth Partners acquired FMH Aerospace Corp. The terms of the transaction were not disclosed. Industrial Growth Partners, based in San Francisco, California, is a private equity firm specializing in privately held lower middle market companies. FMH Aerospace manufactures engineered components and assemblies for commercial aerospace, defense, space, and industrial sectors and is based in Irvine, California. Paul Hastings LLP served as legal advisor to Industrial Growth Partners.    

5/26/2015 Veritas Capital agreed to acquire StandardAero Business Aviation Services, LLC from Dubai Aerospace Enterprise (DAE) Ltd. The terms of the transaction were not disclosed. Veritas Capital, based in New York, New York, is a private equity firm specializing in leveraged recapitalizations, buyouts, and growth capital investments in middle market companies. StandardAero Business Aviation Services provides maintenance, repair, and overhaul services and custom solutions and is based in Tempe, Arizona. Dubai Aerospace is an aerospace company that provides aircraft leasing, maintenance, repair, and overhaul services and is based in Dubai, United Arab Emirates. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Veritas Capital. Freshfields Bruckhaus Deringer LLP served as legal advisor to Dubai Aerospace.    

5/29/2015 JLL Partners acquired Point Blank Enterprises, Inc. from Sun Capital Partners, Inc. The terms of the transaction were not disclosed. JLL Partners is a private equity company based in New York, New York. Point Blank Enterprises engages in the development, manufacture, and distribution of protective solutions for the U.S military and Department of Defense and is based in Pompano Beach, Florida. Simpson Thacher & Bartlett LLP served as legal advisor to JLL Partners. Kirkland & Ellis LLP served as legal advisor to Sun Capital Partners.    

6/14/2015 Sciens Capital Management, LLC agreed to acquire Colt Defense LLC. The terms of the transaction were not disclosed. Sciens Capital Management, based in New York, New York, is an investment firm specializing in direct and fund of fund investments. Colt Defense researches, develops, manufactures, and sells firearms for military, personal defense, and recreational purposes in the U.S. and internationally and is based in West Hartford, Connecticut. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Sciens Capital Management. O'Melveny & Myers LLP served as legal advisor to Colt Defense.    

Private Placements  

4/16/2015 Airware, Inc. received an undisclosed amount of funding from new investor Intel Capital. Airware provides autopilots that act as development platforms for micro to mid-size fixed-wing, helicopter, multiple-rotor, and custom configuration unmanned aerial systems and is based in Newport Beach California. Intel Capital is a venture capital and private equity arm of Intel Corporation and is based in Santa Clara, California.    

4/16/2015 InTech Aerospace LLC received a round of funding from new investors Azalea Capital, LLC and Ranger Aerosystems Inc. InTech Aerospace provides aviation technical/concierge services to airlines and government customers and is based in Houston, Texas. Azalea Capital and Ranger Aerosystems are private equity firms based in Greenville, South Carolina.    

4/20/2015 Recovery Force, LLC announced that it will receive $3.0 million in funding. Recovery Force develops a wearable war fighter fatigue management device, Morph Technology, and is based in Fishers, Indiana.    

5/12/2015 AVX Aircraft Company announced that it will receive $15.0 million in a round of funding. AVX Aircraft designs, develops, manufactures, and markets patented helicopter technology and rotocraft products and is based in Benbrook, Texas.    

5/21/2015 ABI Group, LLC announced that it will raise $5.0 million in a round of funding. ABI Group, together with its subsidiaries, provides aerospace maintenance, manufacturing services, product manufacturing and support, and repair services and is based in Wichita, Kansas.    

5/26/2015 XCOR Aerospace, Inc. announced that it will receive $5.0 million in funding from new investor Haiyin Capital. XCOR Aerospace researches, develops and produces reusable suborbital and orbital launch vehicles, rocket engines, and propulsion systems for aerospace prime contractors and government customers in the United States and is based in Mojave, California. Haiyin Capital is a principal investment firm based in Beijing, China.    

6/22/2015 Security Devices International Inc. (OTCPK:SDEV) announced that it will receive $2.5 million in funding. Security Devices International, a less-lethal defense technology company, develops solutions for security situations that do not require the use of lethal force and is based in Tampa, Florida.