Columbia West Capital News - Industry Deal Intelligence
06.13.18 CWC Q1 2018 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

1/11/2018 VineView SAI, Inc. acquired SkySquirrel Technologies. The terms of the transaction were not disclosed. SkySquirrel Technologies develops drone-based aerial imaging solutions for monitoring crop health and is based in Hammonds Plains, Canada. VineView SAI offers remote sensing image data/analysis and aerial photography services using drones, satellite data, and aircraft and is based in Saint Helena, CA.

1/11/2018 Central Lake Armor Express, Inc., dba Armor Express, Inc., acquired KDH Defense Systems, Inc. The terms of the transaction were not disclosed. KDH Defense Systems designs, manufactures, and distributes soft body armors and is based in Eden, NC. Armor Express manufactures and delivers body armor products to the law enforcement community and is based in Central Lake, MI.

1/12/2018 FutureWeld Co., Inc. and Frontier Techni-Kote Industries, LLC merged to form Frontier Group, Inc. The terms of the transaction were not disclosed. Frontier Techni-Kote Industries provides coatings and related chemical processing services to aerospace, defense, industrial, and medical industries and is based in Chino Valley, AZ. FutureWeld offers chemical processing, non-destructive testing, and welding services and is based in Phoenix, AZ.

1/30/2018 Dynovis, Inc. agreed to acquire the operations and assets of Lindstrand USA, Inc. The terms of the transaction were not disclosed. Lindstrand USA designs and manufactures aerostats, airships, and high-tech inflatable structures for police, military, earth mapping, diamond hunting, mine detecting, and civilian applications and is based in South Boston, VA. Dynovis develops ruggedized products and integrated systems and provides engineering solutions for the aerospace and defense industry and is based in Fairfield, VA.

1/31/2018 On Assignment, Inc. (NYSE:ASGN) agreed to acquire ECS Federal, LLC for $775.0 million. On Assignment changed its name to ASGN Incorporated when the transaction closed April 2nd. ECS Federal provides technology services and solutions to the United States federal government agencies and departments of the United States government and is based in Fairfax, VA. ASGN provides IT and professional services and is based in Calabasas, CA. Cravath, Swaine & Moore LLP and Venable LLP served as legal advisors to ECS Federal. Latham & Watkins LLP, Perkins Coie LLP, and Sullivan & Cromwell LLP served as legal advisors to AGSN.

2/1/2018 AMETEK, Inc. (NYSE:AME) acquired FMH Aerospace Corp. for $235.0 million. FMH Aerospace manufactures engineered components and assemblies for commercial aerospace, defense, space, and industrial sectors. AMETEK manufactures and sells electronic instruments and electromechanical devices and is based in Berwyn, PA. Paul Hastings LLP served as legal advisor to FMH Aerospace. Pepper Hamilton LLP served as legal advisor to AMETEK.

2/2/2018 Pacific Architects and Engineers Incorporated acquired Macfadden & Associates, Inc. The terms of the transaction were not disclosed. Macfadden & Associates offers program management, financial management and systems support, international disaster response, development and humanitarian assistance, knowledge management and communications, and information technology solutions and support services for federal agencies and commercial markets and is based in Silver Spring, MD. Pacific Architects and Engineers provides integrated services to support missions in the aerospace industry and is based in Arlington, VA.

2/22/2018 Modern Aviation Inc. acquired Air Wilmington, Inc. The terms of the transaction were not disclosed. Air Wilmington, a fixed base operator, provides fueling, MRO, and hangar services to aviation, military, and commercial customers and is based in Wilmington, NC. Modern Aviation develops fixed base operators for the aviation industry and is based in New York, NY.     2/23/2018 KBRwyle Technology Solutions, LLC agreed to acquire SGT, Inc. for $355.0 million. SGT provides engineering, mission operations, scientific, and IT service solutions to the United States government for space programs, national security, and civilian operations and is based in Greenbelt, MD. KBRwyle provides management, space systems and services, engineering, logistics, information technology, and testing and calibration solutions and is based in Columbia, MD. Pillsbury Winthrop Shaw Pittman LLP is serving as legal advisor to SGT. Hogan Lovells US LLP is serving as legal advisor to KBRwyle.

2/27/2018 Héroux-Devtek Inc. (TSX:HRX) agreed to acquire Beaver Aerospace & Defense, Inc. from Phillips Service Industries, Inc. for $23.5 million. Beaver Aerospace & Defense designs and manufactures actuation solutions for commercial and military aerospace and defense industries and is based in Livonia, MI. Héroux-Devtek engages in the design, development, manufacture, repair, and overhaul of aircraft landing gears, hydraulic flight control actuators, and fracture-critical components and is based in Longueuil, Canada. Phillips Service Industries engages in the design and manufacture of precision ball screw and actuation solutions for aerospace, defense, automotive, alternative energy, healthcare, security, and semiconductor industries and is based in Livonia, MI.

2/27/2018 AC&A, LLC acquired San Diego Composites, Inc. The terms of the transaction were not disclosed. San Diego Composites, an aerospace engineering company, provides materials and structures technology, product development, testing, and production services to the aerospace and defense community and is based in San Diego, CA. AC&A designs, develops, and fabricates composite and metallic parts and tooling for the aeronautical, defense, space, engineering, automotive, assemblies, green energy, and entertainment markets and is based in Lake Forest, CA. Procopio, Cory, Hargreaves & Savitch LLP served as legal advisor to San Diego Composites. Kirkland & Ellis LLP served as legal advisor to AC&A.

2/27/2018 Aero Design Ltd. acquired the Bearpaw line of products from Helitowcart Line. The terms of the transaction were not disclosed. Helitowcart Line manufactures, designs, assembles and distributes intelligent handling equipment and practical accessories for helicopters and is based in Saint-Nicolas, Canada. Aero Design manufactures aerospace components and is based in British Columbia, Canada.

2/28/2018 Consolidated Aerospace Manufacturing, LLC acquired Moeller Manufacturing & Supply, Inc. The terms of the transaction were not disclosed. Moeller manufactures and supplies custom washers, spacers, and shims for the aerospace industry and is based in Anaheim, CA. Consolidated Aerospace engages in the design and manufacture of fittings, precision aerospace/aircraft components, hardware, and fastening solutions for aircraft and aerospace industries, as well as for transportation, power generation, and industrial machinery and is based in Fullerton, CA.

3/1/2018 Tribus Aerospace LLC acquired Precision Aerospace Corp. and Precision Micro Mill LLC. The terms of the transaction were not disclosed. Precision Aerospace manufactures complex parts and assemblies for commercial aerospace and defense applications and is based in Grand Rapid, MI. Precision Micro Mill offers captive contract manufacturing services for short lead time parts and is based in Wayland, MI. Tribus Aerospace manufactures precision machining, including engine and motion control and flow control parts for the aerospace and defense industry and is based in Poway, CA. Paul Hastings LLP served as legal advisor to Tribus Aerospace.

3/5/2018 Derichebourg Atis Aéronautique SAS acquired Ausgael Aviation Services. The terms of the transaction were not disclosed. Ausgael provides aircraft inspection services on the production line and during delivery and is based in Seattle, Washington. Derichebourg Atis Aéronautique operates as an aeronautics subcontractor that provides industrial processes, assembly and manufacturing services, delivery assistance, and ground handling support services and is based in Blagnac, France.

3/6/2018 Ensign-Bickford Industries, Inc. acquired Avior Control Technologies, Inc. The terms of the transaction were not disclosed. Avior Control Technologies manufactures motors, gearboxes, and electro-mechanical actuators for the aerospace industry and is based in Longmont, CO. Ensign-Bickford is engaged in ordnance initiation systems, pet food palatability, immunoassays, and specialty chemicals businesses and is based in Simsbury, CT.

3/13/2018 Smarte Carte, Inc. acquired Aviation Mobility, LLC from Meggitt PLC (LSE:MGGT). The terms of the transaction were not disclosed. Aviation Mobility provides accessibility equipment and service solutions to the aviation industry and is based in Charlotte, NC. Smarte Carte designs and manufactures self-serve vended luggage carts, electronic lockers, commercial strollers, and massage chairs and is based in St. Paul, MN. Meggitt designs and manufactures components and sub-systems for aerospace, defense, energy, medical, industrial, test, and automotive markets and is based in Christchurch, United Kingdom.

3/19/2018 TransDigm Group Incorporated (NYSE:TDG) agreed to acquire Extant Components Group Holdings, Inc. for $525.0 million. Extant Components Group manufactures mission critical electronics and avionics systems for commercial, military, business, and general aviation applications and is based in Melbourne, FL. TransDigm Group designs, produces, and supplies aircraft components and is based in Cleveland, OH. Willkie Farr & Gallagher LLP and Eversheds Sutherland (US) LLP are serving as legal advisors to Extant Components Group.

3/19/2018 Duncan Aviation, Inc. acquired the MRO (maintenance, repair, and overhaul) services of Capital Avionics Inc. The terms of the transaction were not disclosed. Capital Avionics provides aircraft installation, repair, maintenance, and recertification services and is based in Tallahassee, FL. Duncan Aviation provides maintenance, repair, and overhaul services for manufacturers and service providers and is based in Lincoln, NE.

3/22/2018 Elbit Systems Ltd. (NASDAQ:ESLT and TASE:ESLT) acquired Universal Avionics Systems Corporation for $120.0 million. Universal Avionics Systems designs, engineers, develops, manufactures, sells, markets, and supports avionics systems for large turbine aircraft, helicopters, and special missions markets and is based in Tucson, AZ. Elbit Systems develops and supplies a range of airborne, land, and naval systems and products for defense, homeland security, and commercial aviation applications and is based in Haifa, Israel.

3/27/2018 Kelly Aerospace Inc. acquired AeroKool Aviation Corporation. The terms of the transaction were not disclosed. AeroKool Aviation manufactures aircraft pneumatic heat transfer valves, pumps, and environmental control units for commercial, military, regional, business, transport, and rotorcraft sectors and is based in Hialeah, FL. Kelly Aerospace, through its subsidiaries, designs and develops aircraft systems for general aviation and commuter aircraft and is based in Montgomery, AL.

M&A - Financial

2/8/2018 First Israel Mezzanine Investors Ltd. agreed to acquire Aitech Defense Systems, Inc. for $30.0 million. Aitech Defense Systems provides commercial and military embedded computing solutions for the defense and space industries and is based in Chatsworth, CA. First Israel Mezzanine Investors is a private equity firm based in Tel Aviv, Israel.

Private Placements

1/5/2018 ComAv, LLC announced that it has received $6.0 million in a round of funding from CVF Capital Partners, Inc. ComAv, through its subsidiaries, provides aerospace services and is based in Victorville, CA. CVF Capital Partners is a venture capital and private equity firm based in Davis, CA.

1/18/2018 Iris Automation Inc. announced that it has received $8.0 million in its Series A round of funding led by Bessemer Venture Partners that included participation from existing investor Bee Partners. Iris Automation develops collision avoidance systems for operating industrial drones and is based in San Francisco, CA. Bessemer Venture Partners is a venture capital firm based in Menlo Park, CA. Bee Partners is a venture capital firm based in San Francisco, CA.

1/31/2018 Flying Colours Corp. announced that it has received a minority stake investment from new investor New Heritage Capital, LLC. Flying Colours, an aviation services company, provides aircraft completions and maintenance services and is based in Peterborough, Canada. New Heritage Capital is a private equity firm based in Boston, MA. Stikeman Elliott LLP served as legal advisor to New Heritage Capital.

2/1/2018 Joby Aviation, LLC announced that it has received $100.0 million in its Series B round of funding led by new investor Intel Capital that included participation from JetBlue Technology Ventures, AME Cloud Ventures, and other investors. Joby Aviation operates as an electric mobility company and is based in Santa Cruz, CA. Intel Capital operates as an investment arm of Intel Corporation and is based in Santa Clara, CA. JetBlue Technology Ventures is the corporate venture arm of JetBlue Airways and is based in Redwood City, CA. AME Cloud Ventures is a venture capital firm based in Palo Alto, CA.

2/5/2018 Department 13 International Limited (ASX:D13) announced that it has received $7.0 million in funding from new investor Acorn Capital Limited and other investors. Department 13 develops and sells software and communication systems in the networking and communication fields and is based in Columbia, MD. Acorn Capital is a privately owned investment manager based in Melbourne, Australia.

2/9/2018 Radiance Technologies, Inc. announced that it has received $14.7 million in a round of funding from 52 investors. Radiance Technologies provides systems engineering, technology and prototype development, integration, testing, and operational support for the Department of Defense, armed services, intelligence agencies, and other government organizations and is based in Huntsville, AL.

2/27/2018 Citadel Defense Company Inc. announced that it has received $12.0 million in its Series A round of funding led by new investor Lightspeed Venture Partners. Citadel develops drone management solutions and is based in National City, CA. Lightspeed Venture Partners is a venture capital firm and is based in Meno Park, CA.

2/28/2018 Pershing Square Capital Management, L.P. acquired an unknown stake in United Technologies Corporation (NYSE:UTX). United Technologies provides technology products and services to building systems and aerospace industries and is based in Farmington, CT. Pershing Square Capital Management is a hedge fund based in New York, NY.

3/15/2018 Fortem Technologies, Inc. announced that it has received $15.0 million in a round of funding from Data Collective, Signia Venture Partners and other investors. Fortem Technologies develops and manufactures ultra-small SWaP-C radar for small manned aircrafts, as well as the data necessary for safe beyond line of sight unmanned aerial vehicles operations and is based in Pleasant Grove, UT. Data Collective is a venture capital firm based in San Francisco, CA. Signia Venture Partners is a venture capital firm based in Menlo Park, CA.

3/20/2018 Blackmore Sensors and Analytics Inc. announced that it has received $18.0 million in a round of funding led by BMW i Ventures that included participation from new investor Toyota AI Ventures and existing investors Next Frontier Capital and Millennium Technology Value Partners. Blackmore Sensors and Analytics develops LIDAR engines for defense customers and is based in Bozeman, MT. BMW i Ventures is the venture capital arm of BMW Group and is based in Palo Alto, CA. Toyota AI Ventures is the venture capital arm of Toyota Research Institute and is based in Los Altos, CA. Next Frontier Capital is a venture capital firm and is based in Bozeman, MT. Millennium is a private equity and venture capital firm based in New York, NY.

3/27/2018 Relativity Space, Inc. announced that it has received $28.6 million in its Series B round of funding led by Playground Global, LLC that included participation from Y Combinator Management LLC, Social Capital, Mark Cuban Companies and other investors. Relativity Space manufactures orbital rockets and is based in Seattle, WA. Playground Global is an incubator, accelerator and venture capital firm based in Palo Alto, CA. Y Combinator Management is an accelerator investment firm and is based in Mountain View, CA. Social Capital is a venture capital firm based in Palo Alto, CA. Mark Cuban Companies is a venture capital firm based in Dallas, TX.

3/29/2018 World View Enterprises, Inc. announced that it has received $26.5 million in its Series C round of funding led by new investor Accel Partners that included participation from existing investors Canaan Partners and Norwest Venture Partners. World View Enterprises provides space travel services to individuals for research, educational, and scientific pursuits and is based in Tucson, AZ. Accel Partners is a private equity and venture capital firm based in Palo Alto, CA. Canaan Partners is a private equity and venture capital firm based in Menlo Park, CA. Norwest Venture Partners is a venture capital and private equity arm of Wells Fargo Investment Group and is based in Palo Alto, CA.