Columbia West Capital News - Industry Deal Intelligence
03.07.16 CWC Q4 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

10/1/2015 Imaginetics LLC acquired Azmark Aerosystems LLC. The terms of the transaction were not disclosed. Imaginetics manufactures sheet metal components for aerospace, electronic, medical, and military industries and is based in Auburn, Washington. Azmark Aero Systems designs, develops, and manufactures precision machined parts, component sub-assemblies, line replaceable units, electro-mechanical sub-systems, and power systems for aviation and aerospace industries and is based in Gilbert, Arizona.

10/7/2015 Jetflite International acquired ACP Jets LLC. The terms of the transaction were not disclosed. Jetflite, doing business as JFI Jets, provides jet charter and aircraft management services and is based in Long Beach, California. ACP Jets offers aircraft charter, jet card membership, aircraft management, maintenance, and aircraft acquisitions and consulting services and is based in West Palm Beach, Florida.

10/9/2015 Aero 3, Inc. acquired the Wheel & Brake Division from Avianor Inc. The terms of the transaction were not disclosed. Aero 3 provides aircraft and accessory repair and overhaul services and is based in Cleveland, Ohio. Avianor designs, manufactures, repairs, overhauls, and distributes aeronautical equipment and is based in Mirabel, Canada.

10/12/2015 Aerospace Turbine Rotables, Inc. acquired the Aircraft Battery Maintenance and Power Supply Repair and Overhaul Division of Foxtronics, Inc. The terms of the transaction were not disclosed. Aerospace Turbine Rotables provides repair services for turbine powered and piston powered aircraft and is based in Wichita, Kansas. Foxtronics engineers, manufactures, supplies and services power and communication equipment to the aviation industry and is based in Addison, Texas.

10/13/2015 Sunward Intelligent Equipment Co., Ltd. (SZSE:002097) agreed to acquire Avmax Group Inc. for $312.1 million. Sunward manufactures and sells construction and engineering machineries and is based in Changsha, China. Avmax provides aviation support, training, aircraft leasing services, and aircraft servicing and refurbishing and is based in Calgary, Canada.

10/13/2015 L-3 Communications Holdings Inc. (NYSE:LLL) acquired ForceX, Inc. for $60.0 million. L-3 Communications provides intelligence, surveillance, and reconnaissance systems; aircraft sustainment; and simulation and training products and services and is based in New York, New York. ForceX provides navigation, surveillance, tracking, command and control, and situational awareness solutions to customers in security and defense industries and is based in Nashville, Tennessee. Simpson Thacher & Bartlett LLP served as legal advisor to L-3 Communications.

10/21/2015 Triumph Aerospace Systems Group LLC, a subsidiary of Triumph Group, Inc. (NYSE:TGI), acquired Fairchild Controls Corporation from Airbus Defense and Space, Inc. The terms of the transaction were not disclosed. Fairchild Controls will now do business as Triumph Thermal Systems-Maryland. Triumph Aerospace Systems designs, develops, manufactures, supplies, and repairs aircraft metallic structural assemblies; and mechanical, electromechanical, hydraulic, and hydro mechanical control systems and is based in Wayne, Pennsylvania. Fairchild Controls provides proprietary thermal management systems, auxiliary power generation systems and related aftermarket spares and repairs and is based in Frederick, Maryland. Airbus Defense and Space, Inc. offers fixed- and rotary-wing aircraft, homeland security systems, public safety communications, defense electronics and avionics, threat detection systems and other solutions to meet U.S. military and commercial requirements and is based in Herndon, Virginia.

10/21/2015 Kaman Aerospace Group, Inc. acquired Timken Alcor Aerospace Technologies, Inc. from The Timken Company (NYSE:TKR). The terms of the transaction were not disclosed. Kaman Aerospace Group designs, builds, and installs flight-critical components, structures, and systems for technical and operational applications in North America and is based in Bloomfield, Connecticut. Timken Alcor Aerospace Technologies produces and supplies direct replacement parts for gas turbine engines and components and is based in Gilbert, Arizona. Founded in 1899 and headquartered in North Canton, Ohio, The Timken Company engineers, manufactures, and markets bearings, transmissions, gearboxes, and chain and related products worldwide. Jones Day served as legal advisor to The Timken Company.

10/29/2015 Tempus Applied Solutions LLC acquired Proflight Aviation Services LLC. The terms of the transaction were not disclosed. Tempus offers turnkey and customized design, engineering, modification, and integration solutions for aircraft critical mission requirements and is based in Williamsburg, Virginia. Proflight Aviation Services operates a flight training laboratory and is based in San Marcos, Texas.

10/30/2015 STS Line Maintenance Worldwide Inc. acquired CHJ Aircraft Maintenance Inc. The terms of the transaction were not disclosed. STS Line Maintenance provides maintenance services for commercial and regional airlines and is based in Jensen Beach, Florida. CHJ Aircraft Maintenance provides scheduled and on-call contract aircraft maintenance services to international and domestic customers and is based in Belleville, Michigan.

10/31/2015 Point Blank Enterprises, Inc. acquired The Protective Group, Inc. The terms of the transaction were not disclosed. Point Blank Enterprises develops, manufactures and distributes body protective solutions for the U.S. Military and Department of Defense, federal agencies and both domestic and international law enforcement and corrections professionals and is based in Pompano Beach, Florida. The Protective Group develops and manufactures lightweight composite armor products and solutions for the U.S. military and other international forces and is based in Miami Lakes, Florida.

11/2/2015 Martinic Engineering, Inc., a subsidiary of Monogram Aerospace Fasteners, Inc., acquired certain assets of Parker-Hannifin Corporation's Tolleson, Arizona facility. The terms of the transaction were not disclosed. Martinic Engineering manufactures parts for commercial and military aircraft and is based in Stanton, California. Parker-Hannifin Corporation (NYSE:PH) manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide and is based in Cleveland, Ohio. Parker-Hannifin's Tolleson, Arizona facility provides machining and assembly for its Fluid Systems Division.

11/4/2015 IAP Worldwide Services, Inc. acquired the Aviation & Logistics and Tactical Communications & Network Solutions businesses from DRS Technologies, Inc. The terms of the transaction were not disclosed. IAP provides aviation logistics, facilities management, and advanced professional and technical services and is based in Cape Canaveral, Florida. The Aviation & Logistics and Tactical & Network Solutions businesses of DRS Technologies comprises aircraft repair management, logistics, mission support, engineering, information technology, and communications support solutions and is based in Arlington, Virginia. Gibson, Dunn & Crutcher LLP served as legal advisor to IAP.

11/12/2015 Herndon Products, Inc. acquired Polygon Aerospace, Inc. The terms of the transaction were not disclosed. Herndon Products provides aircraft fasteners and logistics services to the aerospace and defense industries, and is based in O'Fallon, Missouri. Polygon Aerospace manufactures and distributes aircraft fasteners for commercial aircraft and business jets, and is based in Houston, Texas.

11/12/2015 Benchmark Electronics Inc. (NYSE:BHE) acquired Secure Communication Systems Inc. for $230.0 million. Benchmark Electronics provides integrated electronic manufacturing services, fulfillment and engineering solutions and is based in Angleton, Texas. Secure Communication Systems designs and manufactures tactical mission computing products and is based in Santa Ana, California. Sheppard, Mullin, Richter & Hampton LLP served as legal advisor to Benchmark Electronics. O'Melveny & Myers LLP served as legal advisor to Secure Communication Systems.

11/16/2015 ASRC Federal Holding Company, LLC acquired Data Networks Corporation. The terms of the transaction were not disclosed. ASRC, through its subsidiaries, provides engineering and aerospace services, information and technical solutions, and shared services support to federal government agencies and is based in Beltsville, Maryland. Data Networks Corporation provides IT solutions to the federal government and is based in Reston, Virginia.

12/2/2015 UTC Aerospace Systems acquired N2 Imaging Systems, LLC. The terms of the transaction were not disclosed. UTC Aerospace Systems manufactures and services systems and components for commercial and military aircraft, and is based in Charlotte, North Carolina. N2 Imaging Systems designs and manufactures compact, low power, visible, and infrared imaging systems and is based in Irvine, California.

12/18/2015 Senior plc (LSE:SNR) agreed to acquire STEICO Industries Inc. for $75.0 million. Senior plc designs, manufactures, and markets high technology components and systems for the principal original equipment producers in the aerospace, defense, land vehicle, and energy markets worldwide and is based in Rickmansworth, United Kingdom. STEICO manufactures precision tube and welded assemblies for aerospace, medical, and high-tech industries and is based in Oceanside, California.

12/21/2015 HEICO Electronic Technologies Corp. agreed to acquire Robertson Fuel Systems, LLC for $260.0 million. HEICO designs and manufactures electronic, microwave, and electro-optical products and is based in Hollywood, Florida. Robertson Fuel Systems develops, manufactures, and markets primary and auxiliary fuel systems for rotary and fixed winged aircraft and ground combat vehicles and is based in Tempe, Arizona. Akerman LLP served as legal advisor to HEICO. Kaye Scholer LLP served as legal advisor to Robertson Fuel Systems.

12/31/2015 TransDigm Group Incorporated (NYSE:TDG) acquired Breeze-Eastern Corporation (AMEX:BZC) for approximately $190.0 million. TransDigm designs, produces, and supplies aircraft components and is based in Cleveland, Ohio. Breeze-Eastern designs, develops, manufactures, sells, and services engineered mission equipment for specialty aerospace and defense applications worldwide and is based in Whippany, New Jersey. Baker & Hostetler LLP served as legal advisor to TransDigm. Freshfields Bruckhaus Deringer US LLP served as legal advisor to Breeze-Eastern.

M&A - Financial

10/1/2015 JLL Partners acquired an unknown stake in Aviation Technical Services, Inc. The terms of the transaction were not disclosed. JLL Partners is a private equity firm based in New York, New York. Aviation Technical Services provides third-party and single-site transport aircraft maintenance, repair, and overhaul services for commercial and military transport aircraft and is based in Everett, Washington. Simpson Thacher & Bartlett LLP served as legal advisor to JLL Partners.

11/17/2015 Tech Industries, LLC acquired a majority interest in Precision Aerospace, Inc. and Precision Components Company, LLC. The terms of the transaction were not disclosed. Tech Industries is a private equity firm based in Kansas City, Missouri. Precision Aerospace, based in Grove, Oklahoma, produces and supplies structural components and subassemblies to aerospace and defense prime contractors. Precision Components Company, based in Owasso, Oklahoma, manufactures and supplies cylinder assemblies for Textron Lycoming aircraft engines.

11/18/2015 Morgenthaler acquired B&E Group, LLC. The terms of the transaction were not disclosed. Morgenthaler is a private equity and venture capital firm based in Portola Valley, California. B&E Group manufactures aerospace components and assemblies and is based in Southwick, Massachusetts. Jones Day served as legal advisor to Morgenthaler.

Private Placements

10/9/2015 Solair Group, LLC announced that it has received funding from Clavis Capital Partners and Greyrock Capital Group. The terms of the transaction were not disclosed. Solair Group manufactures and distributes airbus tooling and ground support equipment and is based in Miami, Florida. Clavis Capital is a private equity firm based in Dallas, Texas. Greyrock Capital is a private equity firm based in Wilton, Connecticut.

10/12/2015 Pryer Aerospace, LLC announced that it has received funding from Tulsa Capital Partners and other investors. The terms of the transaction were not disclosed. Pryer Aerospace manufactures structural components, assemblies, and kits for the aerospace industry and is based in Tulsa, Oklahoma. Tulsa Capital Partners is a private equity firm based in Tulsa, Oklahoma.

10/16/2015 Deep Space Industries, Inc. announced that it will raise a seed round of funding from Metatron Global, A.S. and other investors. The terms of the transaction were not disclosed. Deep Space Industries is an asteroid mining and space technology company based in Moffett Field, California. Metatron Global is a principal investment firm based in Prague, Czech Republic.