CW Q3 2020 Aerospace & Defense M&A and Financing Report

This report is prepared as a courtesy to the Aerospace & Defense business community by Columbia West 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

7/13/2020 Voyager Space Holdings, Inc. acquired Pioneer Astronautics. The terms of the transaction were not disclosed. Pioneer provides contract research and development services that primarily focus on inventing and developing technologies that enhance humanity’s reach into space and life on earth and is based in Lakewood, CO. Voyager acquires and operates companies in the space exploration industry and is based in Denver, CO.

7/20/2020 ARCH Global Precision LLC acquired Cling's Aerospace, LLC. The terms of the transaction were not disclosed. ARCH is a contract manufacturing company that manufactures and distributes precision cutting tools, precision-machined industrial components, and medical implants and instruments and is based in Bloomfield Hills, MI. Cling's manufactures machined parts, custom-fabricated tubes, weldments, and assemblies for the aerospace and defense industries and is based in Tempe, AZ. 

7/28/2020 Calspan Technology Holding Corporation acquired Aero Systems Engineering, Inc. The terms of the transaction were not disclosed. Aero Systems offers ground-based testing and engineering solutions for the aerospace industry and is based in Saint Paul, MN. Calspan, through its subsidiaries, provides aerospace testing and engineering services and is based in Buffalo, NY.

8/4/2020 Gulfstream Aerospace Corporation agreed to acquire the G650/700 Assets of Triumph Group, Inc. (NYSE:TGI). The terms of the transaction were not disclosed. Triumph designs, engineers, manufactures, repairs, overhauls, and distributes aerostructures, aircraft components, accessories, subassemblies, and systems worldwide and is based in Berwyn, PA. Gulfstream designs, develops, manufactures, markets, services, and supports business-jet aircraft and is based in Savannah, Georgia.

8/4/2020 Pittsburgh Electrical Insulation Inc. (PEI) acquired the Electrical Products Division of Fibertek, Inc. The terms of the transaction were not disclosed. Fibertek designs and develops laser and electro-optic solutions for space and defense applications and is based in Herndon, VA. PEI manufactures and distributes electrical insulation materials and is based in Munhall, PA.

8/11/2020 CACI International Inc. (NYSE:CACI) acquired Ascent Vision Technologies, LLC (AVT) for $350.0 million. AVT manufactures and distributes gimbal and gyro-stabilized imaging systems and is based in Belgrade, MT. CACI, together with its subsidiaries, provides information solutions and services and is based in Arlington, VA. Holland & Hart LLP served as legal advisor to AVT. Sheppard, Mullin, Richter & Hampton LLP served as legal advisor to CACI.

8/17/2020 MAG Aerospace, Inc. acquired Remotely Piloted Solutions LLC (RPS). The terms of the transaction were not disclosed. RPS offers aircraft flight training services and is based in Dallas, TX. MAG provides aircraft integration, operations, training, and technical services and is based in Fairfax, VA. Jackson Walker LLP served as legal advisor to RPS. Cooley LLP and Ropes & Gray LLP served as legal advisors to MAG.

9/2/2020 Oakleaf Software, Inc. recently acquired DPRA, Inc. The terms of the transaction were not disclosed. Oakleaf Software provides decision-makers with the real-time technology necessary to safeguard its workforce, assets, and increase accountability and is based in Manhattan, KS. DPRA develops and offers systems, software, and planning tools for defense, government, environment, oil and gas, and mining industries and is based in Manhattan, KS. 

9/2/2020 Applied Composites Holdings, LLC acquired Alliance Spacesystems LLC. The terms of the transaction were not disclosed. Alliance designs and manufactures composite structures for spacecraft and other high-tech applications and is based in Los Alamitos, CA. Applied Composites is a provider of complex composite components, assemblies, engineering, and tooling to the aerospace, defense, and space markets and is based in Lake Forest, CA. Blank Rome LLP served as legal advisor to Alliance. Kirkland & Ellis LLP served as legal advisor to Applied Composites.

9/8/2020 Compass Precision LLC acquired Gray Manufacturing Technologies, LLC. The terms of the transaction were not disclosed. Gray manufactures automated precision metal components for space, aerospace, and defense applications and is based in Denver, NC. Compass, through its subsidiaries, provides precision machining and fabrication services for OEM manufacturers and is based in Charlotte, NC.

9/9/2020 Avon Protection Systems, Inc. agreed to acquire Team Wendy, LLC for $130.0 million. Team Wendy manufactures and supplies ski helmets for military, law enforcement, search and rescue, and adventure sports markets and is based in Cleveland, OH. Avon designs, develops, and manufactures respiratory protection products for military, law enforcement, fire, and industrial markets and is based in Cadillac, MI. White & Case LLP is serving as legal advisor to Avon.

9/24/2020 Amentum N&E Holdings LLC agreed to acquire Delta Tucker Holdings, Inc. The terms of the transaction were not disclosed. Delta Tucker provides aviation solutions, law enforcement training and support, base and logistics operations, intelligence training, rule of law development, construction management, international development, ground vehicle support, counter-narcotics aviation, platform services, and operations and linguist services and is based in McLean, VA. Amentum provides technical and engineering support services to government and commercial customers and is based in Germantown, MD. Schulte Roth & Zabel LLP served as legal advisor to Delta Tucker. Cravath, Swaine & Moore LLP and Covington & Burling LLP served as legal advisors to Amentum.

9/27/2020 Sturm, Ruger & Company, Inc. (NYSE:RGR) agreed to acquire the Marlin firearms business of Remington Outdoor Company, Inc. for $30.0 million subject to approval by the bankruptcy court. In related transactions, Vista Outdoor Inc. won the auction for the Lonoke ammunitions business and certain IP assets, Roundhill Group LLC won the auction for non-Marlin firearms business of Remington Outdoor Company, Sierra Bullets LLC won the auction for the Barnes ammunitions business, Sportsman’s Warehouse, Inc. won the auction for TAPCO brand, JJE Capital Holdings won the auction for DPMS, H&R, Stormlake, AAC, and Parker brands, while Franklin Armory Holdings won the auction for Bushmaster brand. 

9/29/2020 Avantus Aerospace Group Limited acquired Fastener Innovation Technology, Inc., dba F.I.T. The terms of the transaction were not disclosed. F.I.T. manufactures and sells fasteners to aerospace and electronics industries and is based in Gardena, CA. Avantus is a group of aerospace manufacturing companies delivering a wide range of C-class and specialty machined components and composite and metal bond structures with management headquarters in Santa Clarita, CA. 

9/30/2020 Aethon Aerial Solutions Inc. acquired Flight Evolved LLC. The terms of the transaction were not disclosed. Flight Evolved manufactures sensors for unmanned aerial vehicles and helicopter-borne sensor systems, develops data analysis software and is based in Hamilton, MT. Aethon manufactures light detection and ranging (LiDAR) sensor products and is based in Burlington, Canada.

M&A - Financial

7/1/2020 Pine Island Capital Partners announced that it acquired Meggitt Training Systems, Inc. for $146.0 million. Meggitt Training Systems develops, manufactures, and distributes integrated live-fire and virtual weapons training systems and is based in Suwanee, GA. Pine Island Capital is a private equity firm based in Fort Lauderdale, FL. Davies Ward Phillips & Vineberg LLP served as legal advisor to Meggitt. Squire Patton Boggs (US) LLP and Paul Hastings served as legal advisors to Pine Island Capital.

7/22/2020 KPS Capital Partners agreed to acquire AM General LLC. The terms of the transaction were not disclosed. AM General, along with its subsidiaries, designs, engineers, manufactures, supplies, and supports specialized vehicles for military, commercial, and consumer use and is based in South Bend, IN. KPS is a private equity firm based in New York, NY. Barnes & Thornburg LLP and Arnold & Porter Kaye Scholer LLP are serving as legal advisors to AM General. Kirkland & Ellis is serving as legal advisor to KPS. 

8/3/2020 Arlington Capital Partners agreed to acquire the Composites Business of Triumph Group, Inc. (NYSE:TGI). The terms of the transaction were not disclosed. The Composites Business of Triumph Group, Inc. comprises structural and engine composite fabrications and assemblies for commercial, business jet, and defense platforms. Triumph is based in Berwyn, PA. Arlington Capital is a private equity firm based in Washington, D.C. 

8/27/2020 Mollenhour Gross, LLC acquired ADPma LLC. The terms of the transaction were not disclosed. ADPma manufactures replacement parts for the aviation industry and is based in Piney Flats, TN. Mollenhour Gross focuses on investing in and buying businesses across various industries and is based in Knoxville, TN.

9/24/2020 DC Capital Partners agreed to acquire Digital Force Technologies, LLC (DFT). The terms of the transaction were not disclosed. DFT is a defense engineering company that provides reconnaissance, surveillance, and communications solutions to the U.S. military, homeland security, and other government organizations and is based in San Diego, CA. DC Capital is a private equity firm based in Alexandria, VA. DLA Piper is serving as legal advisor to DFT. Latham & Watkins LLP is serving as legal advisor to DC Capital.

Private Placements

7/1/2020 Anduril Industries, Inc. announced that it has received $200.0 million in its Series C round of funding led by returning investor Andreessen Horowitz LLC with participation from Eight Partners VC, LLC, Lux Capital Management, and other investors. Anduril designs, manufactures, and deploys hardware and software products that solve complex national security challenges for the United States and its allies and is based in Irvine, CA. Andreessen Horowitz is a venture capital firm based in Menlo Park, CA. Eight Partners is a venture capital firm based in San Francisco, CA. Lux is a venture capital firm based in New York, NY.

7/13/2020 Skydio Inc. announced it has received $100.0 million in its Series C round of funding from Next47 GmbH and other investors. Skydio designs, assembles, manufactures, and supports drones and is based in Redwood City, CA. Next47 is a venture capital arm of Siemens Aktiengesellschaft and is based in Palo Alto, CA.

7/21/2020 Joby Aviation, LLC announced that it has received a round of funding from Aioi Nissay Dowa Insurance Co., Ltd. Joby operates as an electric mobility company that develops fully electric vertical take-off and landing passenger aircraft optimized to deliver air-transportation-as-a-service and is based in Santa Cruz, CA. Aioi Nissay Dowa provides insurance products and services to individual and corporate customers in Japan and internationally and is based in Tokyo, Japan.

7/27/2020 Trive Capital acquired an unknown minority stake in Field Aerospace, Inc. Field Aerospace provides heavy aircraft modifications and upgrades, program management, aircraft maintenance, special-mission aircraft services, certification and installation services, and parts manufacturing for U.S. and international government, aerospace, and defense customers and is based in Cincinnati, OH. Trive Capital is a private equity firm based in Dallas, TX.

8/4/2020 Sumitomo Corporation of Americas agreed to acquire an unknown minority stake in Sintavia, LLC. Sintavia is an aerospace, defense, and space additive manufacturer based in Hollywood, FL. Sumitomo engages in tubular product, steel and non-ferrous metal, machinery and power, chemicals and electronics, living related product, and mineral resources and energy businesses and is based in New York, NY.

8/18/2020 Space Exploration Technologies Corp. announced that it has received $1,901.5 million in funding from 75 investors. Space Exploration Technologies designs, manufactures, and launches advanced rockets and spacecraft and is based in Hawthorne, CA. 

8/20/2020 Aerion Corporation announced that it has received a round of funding from Space Florida Corporation. Aerion designs, develops, and sells supersonic aircrafts and is based in Reno, NV. Space Florida, an aerospace economic development organization, provides aerospace research, investment, exploration, and commerce services and is based in Titusville, FL.

8/28/2020 Reliable Robotics Corporation announced that it has raised $25.0 million in a round of funding from Eclipse Ventures and other investors. Reliable Robotics develops software for the aerospace industry and is based in Mountain View, CA. Eclipse is a venture capital firm based in Palo Alto, CA. Fenwick & West LLP served as legal advisor to Reliable Robotics.

9/15/2020 Volansi, Inc. announced that it has received $50.0 million in its Series B equity round of funding led by new investor Icon Management Associates LLC with participation from Harpoon Ventures, Merck Global Health Innovation Fund, LLC, and other investors. Volansi operates as a logistics and transportation company that manufactures heavy-payload drones for commercial, defense, and humanitarian applications and is based in San Francisco, CA. Icon is a venture capital firm based in Palo Alto, CA. Harpoon Ventures is a venture capital firm based in Menlo Park, CA.

9/17/2020 HyPoint Inc. announced that it has received a round of funding from new investor Alchemist Accelerator, LLC. HyPoint develops hydrogen fuel cell systems for the air transportation and urban air mobility market and is based in Menlo Park, CA. Alchemist is an accelerator specializing in incubation and seed-stage startups and is based in San Francisco, CA.

9/22/2020 NOVI, LLC announced that it has received a round of funding from returning investor CIT GAP Funds. NOVI develops hardware and data analytics platforms for the infrastructure, manufacturing, and space and defense industries and is based in Arlington, VA. CIT GAP Funds is a venture capital firm based in Herndon, VA.

9/22/2020 Space Exploration Technologies Corp. announced that it has received its Series N round of funding from new investor Legendary Ventures, LLC. Space Exploration Technologies designs, manufactures, and launches advanced rockets and spacecraft and is based in Hawthorne, CA. Legendary Ventures is a venture capital firm and is based in New York, NY.

9/24/2020 5x5 Technologies Inc. announced that it will receive $6.0 million in its Series B round of funding from new investor Safar Partners. 5x5 Technologies manufactures unmanned aircraft systems for Unmanned Aerial Vehicles and is based in St. Petersburg, FL. Safar is a venture capital firm and is based in Cambridge, MA.

9/25/2020 Epirus, Inc. announced that it will receive $70.0 million in funding. As of October 13, 2020, the company received $57.3 million in its first tranche from 27 investors. Epirus designs and develops agile defense systems for tackling drones and asymmetric technologies and is based in Redondo Beach, CA.