Columbia West Capital News - Industry Deal Intelligence
05.05.16 CWC Q1 2016 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

1/4/2016 GE Aviation acquired a 50% stake in Convergence Fuel Systems, LLC from Woodward, Inc. (NasdaqGS:WWD) for approximately $320.0 million in cash. GE Aviation designs, develops, and manufactures jet and turboprop engines, components, and integrated systems for military, commercial, business, and general aviation aircraft and is based in Cincinnati, OH. Convergence Fuel Systems designs and manufactures fuel systems for commercial aerospace applications and is based in the United States. Woodward designs, manufactures, and services energy control and optimization solutions for the aerospace, industrial, and energy markets worldwide and is based in Fort Collins, CO. Sidley Austin LLP served as legal advisor to GE Aviation. Wilson Sonsini Goodrich & Rosati served as legal advisor to Woodward.

1/4/2016 Aero Shade Technologies, Inc. acquired MSA Aircraft Products, Inc. from Carlisle Enterprises, LLC. The terms of the transaction were not disclosed. Aero Shade Technologies designs, develops, manufactures, and supplies sun protection and light control products to the aerospace industry and is based in Fort Pierce, FL. MSA Aircraft Products designs, manufactures, and supplies window systems and associated composite components for aircrafts and is based in Fort Pierce, FL. Carlisle Enterprises is a private equity firm based in San Diego, CA.

1/6/2016 SCST, Inc. acquired Talentscale, LLC. The terms of the transaction were not disclosed. SCST provides geotechnical engineering, environmental science and engineering, special inspection and materials testing, and facilities consulting services for the public and private sectors and is based in San Diego, CA. Talentscale provides aircraft maintenance and logistic services and is based in Temecula, CA.

1/13/2016 Belcan Corporation acquired Tandel Systems, Inc. The terms of the transaction were not disclosed. Belcan provides engineering, staffing, and other workforce solutions worldwide and is based in Cincinnati, OH. Tandel Systems provides engineering solutions, test systems, and technical services for aerospace, aviation, defense, and commercial markets and is based in Oldsmar, FL. Kirkland & Ellis LLP served as legal advisor to Belcan.

1/29/2016 SOS International, LLC acquired New World Solutions Inc. The terms of the transaction were not disclosed. SOS International provides logistics, construction, training, intelligence, and IT solutions in the defense, diplomatic, intelligence, and law enforcement communities and is based in New York, NY. New World Solutions is a defense and intelligence contracting firm specializing in imagery science, cyber analytics, and advanced technology research and development and is based in Fairfax, VA.

2/3/2016 Braxton Science & Technology Group LLC agreed to acquire Space/Ground System Solutions, Inc. The terms of the transaction were not disclosed. Braxton Science & Technology Group provides command and control, data transport and security, environmental intelligence, and business intelligence and technical staffing solutions and is based in Colorado Springs, CO. Space/Ground Systems Solutions develops command, control, and embedded space applications and is based in West Melbourne, FL.

2/19/2016 Pietro Rosa TBM Srl acquired Doncasters, Inc. The terms of the transaction were not disclosed. Pietro Rosa engineers and manufactures business sensitive and mission-critical components for gas turbines, steam turbines, and aerostructures and is based in Maniago, Italy. Doncasters operates in the precision machining of engine ready airfoils business and is based in Farmington, CT.

2/22/2016 General Dynamics Advanced Information Systems, Inc. acquired Bluefin Robotics Corporation from Battelle Memorial Institute, Inc. The terms of the transaction were not disclosed. General Dynamics Advanced Information Systems designs, develops, and manufactures intelligence, surveillance, and reconnaissance solutions for commercial and government customers and is based in Fairfax, VA. Bluefin Robotics researches, develops, manufactures, and operates autonomous underwater vehicles and is based in Quincy, MA. Battelle Memorial Institute operates as a science and technology company that develops and commercializes technology and is based in Columbus, OH. Willkie Farr & Gallagher served as legal advisor to Bluefin Robotics.

2/29/2016 Albany International Corp. (NYSE:AIN) agreed to acquire Blue Falcon I Inc. from Harris Corporation (NYSE:HRS) for $210.0 million, representing a purchase multiple of 2.7x revenue. Albany International engages in the textile and materials processing business and is based in Rochester, NH. Blue Falcon designs, manufactures, and assembles wings, tanks, rotor blades, and airframes for commercial and military aircraft and is based in the United States. Harris provides technology-based solutions to solve government and commercial customers' mission-critical challenges and is based in Melbourne, FL. Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to Albany International. Sidley Austin LLP is serving as legal advisor to Harris Corporation.

2/29/2016 AE Materials Group, Inc. acquired TAG One, Inc. The terms of the transaction were not disclosed. AE Materials Group offers parts, surplus material, repair, overhaul and other technical services to airlines and is based in Miami Lakes, FL. TAG One provides aircraft consulting services relative to the purchase, sale, or leasing of various types of commercial aircraft and is based in Phoenix, AZ. Buckingham, Doolittle & Borroughs, LLP served as legal advisor to AE Materials Group.

3/15/2016 Quantech Services, Inc. acquired the Systems Engineering and Technical Assistance Business from The KEYW Corporation for $12.0 million. Quantech Services is a professional consulting service company and is based in Lexington, MA. The Systems Engineering and Technical Assistance Business of KEYW Corporation provides systems engineering and technical assistance services for defense agencies and is based in Hanover, MD.

3/16/2016 Digital Marine Solutions Limited agreed to acquire Jeppesen Marine USA - Inc. from Jeppesen Sanderson, Inc. The terms of the transaction were not disclosed. Digital Marine Solutions offers cartography and operations solutions such as navigation, safety, and monitoring to recreational and commercial mariners and is based in Knaresborough, UK. Jeppesen Marine offers electronic charting services and is based in Mashpee, MA. Jeppesen Sanderson develops navigational information products, services, and software for aviation and marine markets worldwide and is based in Englewood, CO.

3/21/2016 FTG Aerospace acquired Airco Industries, Inc. The terms of the transaction were not disclosed. FTG Aerospace engages in manufacturing and supplying lighting display panels, bezels, keyboards, and caution warning annunciators to commercial and military transportation markets and is based in Scarborough, Canada. Airco Industries, Inc., dba Photo Etch, designs and manufactures illuminated display and control panels, simulation systems, and electronic assemblies for land and sea-based systems, commercial, and military applications and is based in Fort Worth, TX.

3/23/2016 Mercury Systems, Inc. (NasdaqGS:MRCY) agreed to acquire Microsemi Corp. - RF Integrated Solutions from Microsemi Corporation (NasdaqGS:MSCC) for $300.0 million, representing purchase multiples of 3.0x revenue and 10.7x EBITDA. Mercury Systems provides secure and sensor processing subsystems and is based in Chelmsford, MA. Microsemi Corp. - RF Integrated Solutions manufactures high-frequency components and subsystem solutions and is based in Camarillo, CA. Microsemi Corporation designs, manufactures, and markets analog and mixed-signal semiconductor solutions and is based in Aliso Viejo, CA. Morgan, Lewis & Bockius LLP is serving as legal advisor to Mercury Systems. O'Melveny & Myers LLP is serving as legal advisor to Microsemi Corporation.

3/25/2016 General Atomics, Inc. acquired Miltec Corporation from Ducommun LaBarge Technologies, Inc. for $14.6 million, representing a purchase multiple of 0.5x revenue. General Atomics develops technology solutions for energy, environmental, and defense applications worldwide and is based in San Diego, CA. Miltec designs, develops, integrates, and tests missile and aerospace systems and is based in Huntsville, AL. Ducommun LaBarge Technologies manufactures electronics for defense, aerospace, industrial, natural resources, and medical industries and is based in Carson, CA. Pillsbury Winthrop Shaw Pittman LLP served as legal advisor to General Atomics. Gibson, Dunn & Crutcher LLP served as legal advisor to Ducommun LaBarge Technologies.

M&A - Financial

1/12/2016 Action Target Inc. announced that it has received $11.5 million in its recapitalization round of funding led by Praesidian Capital. Based in Provo, UT, Action Target designs, manufactures, and installs shooting range products and equipment. Praesidian Capital is a private equity firm based in New York, NY.

2/3/2016 BlackRock Private Equity Partners, Northwestern Mutual Capital and other institutional investors acquired AIM Aerospace, Inc. from AIM Aviation Ltd. for $220.0 million. AIM Aerospace designs, manufactures, and supplies composite ducting, sub structural, and interiors parts for airlines and OEMs worldwide and is based in Renton, WA. AIM Aviation dba AIM Altitude designs and manufactures cabin interiors for airlines, airframe OEMs, and regional aircraft manufacturers and is based in Bournemouth, UK. BlackRock Private Equity Partners is a private equity firm based in Princeton, NJ. Northwestern Mutual Capital is the investment arm of The Northwestern Mutual Life Insurance Company and is based in Milwaukee, WI. Stephenson Harwood LLP and Riddell Williams P.S. served as legal advisors to AIM Aerospace.

2/4/2016 Arlington Capital Partners agreed to acquire the Defense & Security business from iRobot Corporation (NasdaqGS:IRBT) for $45.0 million. iRobot Corporation designs, builds, and markets robots for the consumer, defense and security, telemedicine, and mobile video markets and is based in Bedford, MA. The Defense & Security business of iRobot comprises the operations that develop robotic technologies for defense, public safety, and industrial markets. Arlington Capital Partners is a private equity firm based in Chevy Chase, MD. Sheppard, Mullin, Richter & Hampton LLP is serving as legal advisor to Arlington Capital Partners. Goodwin Procter LLP is serving as legal advisor to iRobot.

2/29/2016 White Wolf Capital LLC acquired Stag Arms LLC. The terms of the transaction were not disclosed. Stag Arms manufactures and markets rifles and is based in New Britain, CT. White Wolf Capital is a private equity firm based in Miami, FL.

2/29/2016 J.F. Lehman & Company agreed to acquire API Technologies Corp. (NasdaqCM:ATNY) for $110.9 million, representing purchase multiples of 1.3x revenue and 15.0x EBITDA. API Technologies designs, develops, and manufactures systems, subsystems, modules, and components for radio frequency, microwave, millimeterwave, electromagnetic, power, and security applications and is based in Orlando, FL. J.F. Lehman & Company is a private equity firm based in New York, NY. Wilson Sonsini Goodrich & Rosati is serving as legal advisor to API Technologies. Blank Rome LLP is serving as legal advisor to J.F. Lehman & Company.

3/15/2016 Platinum Equity, LLC acquired Pacific Architects and Engineers Incorporated. The terms of the transaction were not disclosed. Pacific Architects and Engineers provides integrated services to support defense missions worldwide and is based in Arlington, VA. Platinum Equity is a private equity firm based in Los Angeles, CA.

Private Placements

1/13/2016 Quest Aircraft Company, LLC announced that it will receive $10.0 million in an equity round of funding from Mitsui & Co. Ltd. Quest Aircraft Company designs and manufactures aircraft and is based in Sandpoint, ID. Mitsui & Co. operates in the export, import, wholesale, and retail of steel products worldwide and is based in Tokyo, Japan. O'Melveny & Myers LLP served as legal advisor to Mitsui & Co.

2/19/2016 IDSS Holdings, Inc. announced that it will receive $5.3 million in a Series B round of funding. As of March 4, 2016, the company received $5.0 million from nine investors in its first tranche. IDSS Holdings provides defense and security solutions and is based in Armonk, NY.

2/19/2016 World View Enterprises, Inc. announced that it will receive $12.0 million in a round of funding. As of March 4, 2016, the company has received $10.1 million from 13 investors in the first tranche close. World View Enterprises provides space travel services to individuals for research, educational, and scientific pursuits and is based in Tucson, AZ.

3/14/2016 Aurora Flight Sciences Corporation received funding from new investor Enlightenment Capital. The terms of the transaction were not disclosed. Aurora Flight Sciences develops and manufactures unmanned systems and aerospace vehicles for science, airborne research, and communications and is based in Manassas, VA. Enlightenment Capital is a private equity firm based in Chevy Chase, MD.

3/31/2016 Airware, Inc. received $30.0 million in its Series C round of funding led by Next World Capital II, L.P. 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, CA. Next World Capital is a venture capital firm based in San Francisco, CA.