CW Q4 2019 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

10/1/2019  kSARIA Corporation acquired Co-Operative Industries Defense, LLC. The terms of the transaction were not disclosed. Co-Operative Industries Defense manufactures electrical wiring harnesses, ignition leads and flexible metal conduit for the commercial airline and defense industries and is based in Fort Worth, TX.  kSARIA produces and supplies fiber optic interconnect products for military and aerospace markets and is based in Methuen, MA.

10/2/2019  FLIR Systems, Inc. (NasdaqGS:FLIR) acquired certain operating assets of Aria Insights. The terms of the transaction were not disclosed. Aria provides aerial solutions for the defense, oil and gas, public safety and security, and telecommunication industries and is based in Danvers, MA. FLIR designs, develops, markets, and distributes thermal imaging systems, visible-light imaging systems, locater systems, measurement and diagnostic systems, and threat-detection solutions worldwide and is based in Wilsonville, OR.

10/2/2019  Dart Aerospace Limited announced it recently acquired Simplex Manufacturing Company, dba Simplex Aerospace. The terms of the transaction were not disclosed. Simplex designs and manufactures aerial application systems and mission equipment and is based in Portland, OR. Dart designs and manufactures market-certified solutions for the helicopter and aerospace industry worldwide and is based in Hawkesbury, Canada.

10/7/2019  Craig Kruckeberg recently acquired Stinar HG, Inc., dba Stinar Corporation. The terms of the transaction were not disclosed. Stinar manufactures and sells aircraft ground support equipment for the aviation industry worldwide and is based in St. Paul, MN.

10/8/2019  Otis Products, Inc., dba Otis Technology, Inc., acquired DRD Tactical. The terms of the transaction were not disclosed. DRD manufactures rifles and is based in Dallas, GA. Otis manufactures gun cleaning systems and accessories for hunters, competition shooters, law enforcement professionals, and the U.S. armed forces and is based in Lyons Falls, NY.

10/8/2019  Ducommun LaBarge Technologies, Inc. acquired Nobles Worldwide, Inc. for $77.0 million. Nobles designs and manufactures flexible ammunition chutes and is based in St. Croix Falls, WI. Ducommun manufactures electronics for the defense, aerospace, industrial, natural resources, and medical industries and is based in Carson, CA. Winston & Strawn LLP served as legal advisor to Ducommun.

10/14/2019  Loc Performance Products, Inc. acquired the machining operations of Lapeer Industries, Inc. The terms of the transaction were not disclosed. Lapeer engages in designing, engineering, machining, manufacturing, and supplying parts and components in the defense, automotive, and renewable energy sectors and is based in Lapeer, MI. Loc Performance designs, develops, and manufactures CNC machined components and assemblies for drivetrain and suspension systems used in defense, heavy truck, and heavy equipment industries and is based in Plymouth, MI.

10/14/2019  C&L Aerospace, LLC acquired the Beechjet Business of GlobalParts Group, Inc. The terms of the transaction were not disclosed. GlobalParts Group manufactures and distributes aviation spare parts and also engages in the maintenance, repair, and overhaul of airframe structure and is based in Augusta, KS. C&L offers parts and services to the airline sector and is based in Bangor, ME.

10/17/2019  Whitney, Bradley and Brown, Inc. acquired Baum, Romstedt Technology Research Corporation. The terms of the transaction were not disclosed. Baum, Romstedt provides professional services to federal government agencies and is based in Fairfax, VA. Whitney, Bradley and Brown offers financial and management consulting services to federal government clients and is based in Reston, VA.

10/21/2019  Dart Aerospace Limited announced it recently acquired key product lines of Aero Design Ltd. The terms of the transaction were not disclosed. Aero Design designs and manufactures parts and systems for helicopters and commercial airliners and is based in Saint-Laurent, Canada. Dart designs and manufactures market-certified solutions for the helicopter and aerospace industry worldwide and is based in Hawkesbury, Canada.

10/23/2019  Voyager Space Holdings, Inc. announced its intent to acquire a majority stake in Altius Space Machines, Inc. The terms of the transaction were not disclosed. Altius provides rapid-prototyping space infrastructure and is based in Louisville, CO. Voyager is a privately held global holding company acquiring and operating companies in the space exploration industry and is based in Denver, CO.

10/25/2019  EchoStar Global L.L.C. acquired Helios Wire Corporation. The terms of the transaction were not disclosed. Helios develops satellites that offer integrated satellite-enabled monitoring and messaging service that tracks and provides communication with up to 5 billion transmitters and is based in Vancouver, Canada. EchoStar is a global provider of satellite communication solutions and is based in Englewood, CO.

10/31/2019  Spirit AeroSystems, Inc. agreed to acquire Short Brothers plc, Bombardier Aerospace North Africa SAS and Assets of Business in Dallas for $1.1 billion. Bombardier Aerospace North Africa SAS and Short Brothers manufacture aircraft components, and assets of business in Dallas comprises aircraft maintenance, repair, and overhaul business. Spirit designs, manufactures, and sells non-OEM aero structures and aircraft components for commercial and defense aircraft and is based in Wichita, KS. Norton Rose Fulbright LLP is serving as legal advisor to Bombardier. Sullivan & Cromwell LLP is serving as legal advisor to Spirit.

11/12/2019  Bromford Industries Limited along with the management team of Numet Machining Techniques Inc. acquired Numet Machining Techniques Inc. The terms of the transaction were not disclosed. Numet manufactures jet turbine engine components and is based in Stratford, CT. Bromford manufactures and supplies precision machining, components, and fabrications and is based in Birmingham, United Kingdom. Gibson, Dunn & Crutcher LLP served as legal advisor to Bromford.

11/12/2019  Williams Aerospace & Manufacturing, Inc. acquired Aerospace Welding, Inc. The terms of the transaction were not disclosed. Aerospace Welding provides spot, seam, stud, and flash welding services for the aerospace and defense sectors and is based in Los Angeles, CA. Williams manufactures military aircraft spare parts and ground support equipment for the US Government, the international free world government, and large US prime contractors and is based in Spring Valley, CA.

11/13/2019  PPG Industries, Inc. (NYSE:PPG) acquired Texstars, LLC. The terms of the transaction were not disclosed. Texstars designs and manufactures aircraft composites, transparencies, and aerospace components for aerospace, military vehicle, and mass transit markets worldwide and is based in Grand Prairie, TX. PPG Industries manufactures and distributes paints, coatings, and specialty materials worldwide and is based in Pittsburgh, PA.

11/19/2019  ARCH Global Precision LLC acquired Aero Pacific Corporation/2nd Source Wire & Cable. The terms of the transaction were not disclosed. Aero Pacific manufactures and supplies aero-structures and aircraft assemblies to aircraft manufacturing companies and is based in Placentia, CA. 2nd Source provides mil-spec wire, cable, and wire-related harnessing products and is based in Placentia, CA. ARCH, through its subsidiaries, manufactures and distributes precision cutting tools, precision-machined industrial components, and medical implants and instruments and is based in Livonia, MI.

11/21/2019  Nammo AS agreed to acquire Chemring Ordnance, Inc. for $17.0 million. Chemring designs, develops, and manufactures ordnance, pyrotechnic, and other munition components for military, homeland security, and first responders and is based in Perry, FL. Nammo operates as an aerospace and defense company providing specialty ammunition and rocket motors for both military and civilian customers and is based in Raufoss, Norway,

11/22/2019  Kellstrom Defense Aerospace, Inc. acquired Airborne Technologies, Inc. The terms of the transaction were not disclosed. Airborne Technologies manufactures and supplies precision aerospace structural components and assemblies to the military, commercial, and general aviation market and is based in Camarillo, CA. Kellstrom distributes aircraft parts for operators, depots, and aircraft maintenance, repair, and overhaul centers worldwide and is based in El Segundo, CA. Russ August & Kabat LLP and Willkie Farr & Gallagher LLP served as legal advisors to Kellstrom.

12/3/2019  Hartzell Engine Technologies, LLC acquired assets of T&W Electrical Service Inc. The terms of the transaction were not disclosed. T&W manufactures parts for general aviation aircraft and piston engines and is based in Lakeview, MI. Hartzell manufactures new and refurbished parts for piston engine and general aviation aircraft, helicopters, military applications, and light jets and is based in Montgomery, AL.

12/4/2019  Blue Canyon Technologies, Inc. acquired Antenna Development Corporation. The terms of the transaction were not disclosed. Antenna Development manufactures radio frequency antenna and is based in Las Cruces, NM. Blue Canyon designs, manufactures, tests, and operates small spacecraft, including airspace components and system buses and is based in Boulder, CO.

12/10/2019  BJG Electronics, Inc. acquired Whitmor Plastic Wire & Cable Corp. The terms of the transaction were not disclosed. Whitmor manufactures wires, cables, and tubings for the military, aerospace, and satellite industries and is based in Valencia, CA. BJG Electronics supplies interconnect and electromechanical products and is based in Ronkonkoma, NY.

12/12/2019  Airbus Americas, Inc. acquired MTM Robotics LLC. The terms of the transaction were not disclosed. MTM manufactures portable tools and provides software systems for the aerospace and aircraft manufacturing industry and is based in Mukilteo, WA.

12/13/2019  Lockheed Martin Corporation (NYSE:LMT) agreed to acquire assets of Vector Launch, Inc. for $4.3 million. Vector develops software designed satellites and launch vehicles and is based in Tucson. Pillsbury Winthrop Shaw Pittman LLP and Sullivan Hazeltine Allinson LLC are serving as legal advisors to Vector.

12/16/2019  Shimtech Industries Us, Inc. acquired Fastener Technology Corporation. The terms of the transaction were not disclosed. Fastener Technology designs and manufactures high-strength aerospace and captive fastening products to aerospace, military, and commercial customers and is based in North Hollywood, CA. Shimtech manufactures high volume metallic and composite detailed components serving commercial and military aerospace markets and is based in Santa Clarita, CA. Drinker Biddle & Reath LLP served as legal advisor to Shimtech.

12/16/2019  Electronic Technologies Group, Inc. acquired 80.1% of Quell Corporation, Inc. The terms of the transaction were not disclosed. Quell designs and manufactures electromagnetic interference (EMI)/radio-frequency interference (RFI) filters and transient protection solutions with flexible devices that filter out transients and other interference in electronics, communications, and other systems and is based in Albuquerque, NM. Electronic Technologies designs, manufactures, and sells subsystems and subcomponents used in aviation, defense, electronics, medical, telecommunications, and other systems and is based in Miami, FL.

12/17/2019  PrimeFlight Aviation Services, Inc. acquired Appearance Group, Inc. The terms of the transaction were not disclosed. Appearance Group offers aircraft services, such as strip and polish, hand waxing, and cabinetry repair services and is based in Wichita, KS. PrimeFlight provides ground handling, passenger, cabin appearance, general aircraft, into-plane fueling, deicing, and terminal facility services to airlines, air carriers, and airports and is based in Sugar Land, TX.

12/17/2019  Leidos, Inc. agreed to acquire Dynetics, Inc. for $1.7 billion. Dynetics, through its subsidiaries, provides engineering, scientific, and information technology solutions to security, cybersecurity, space, and critical infrastructure security sectors and is based in Huntsville, AL. Leidos provides information technology, engineering, and science solutions and services to customers in defense, intelligence, homeland security, civil, and health markets and is based in Reston, VA. King & Spalding LLP is serving as legal advisor to Dynetics. Levenfeld Pearlstein, LLC is serving as legal advisor to the employees of Dynetics. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Leidos.

12/17/2019  AEGIX Global, LLC acquired AMTAC, Inc. The terms of the transaction were not disclosed. AMTAC designs, manufactures, and sells suppressors and is based in Salt Lake City, UT.  AEGIX manufactures weapons, optics, and ammunition in the United States and is based in Salt Lake City, UT.

12/17/2019  American Aerospace Technologies, Inc. acquired assets of PAE ISR LLC. The terms of the transaction were not disclosed. PAE ISR provides intelligence, surveillance, and reconnaissance solutions and services for unmanned aerial systems to U.S. government agencies, NATO, and other international organizations and is based in Sterling, VA. American Aerospace Technologies provides long-endurance unmanned aircraft systems (UAS) and flight services to the oil and gas industry and is based in Conshohocken, PA.

12/23/2019  TALCO Aviation Corporation acquired Bob Fields Aerocessories, Inc. The terms of the transaction were not disclosed. Bob Fields Aerocessories manufactures inflatable door seals for the aviation industry and is based in Santa Paula, CA. TALCO supplies aircraft products and services and is based in San Antonio, TX.

12/31/2019  WHI Global, LLC acquired the assets of Aero-Bond Corporation. The terms of the transaction were not disclosed. Aero-Bond manufactures and supplies aerospace components, composite structures, and assemblies and is based in Springfield, MA. WHI manufactures precision metal components and complex assemblies and is based in Fort Worth, TX. Morrison Cohen LLP served as legal advisor to WHI.

12/31/2019  TECT Aerospace, Inc. acquired Assembly Operations of Triumph Group, Inc. (NYSE:TGI) in Nashville. The terms of the transaction were not disclosed. TECT manufactures and supplies aerostructure components, parts, and assemblies for commercial, business, general, and military aviation and is based in Wichita, KS.

12/31/2019  Latécoère S.A. (ENXTPA:LAT) agreed to acquire certain assets of EWI System Business of Bombardier Aviation Segment of Bombardier Inc. (TSX:BBD.B) for $50.0 million. Latécoère, together with its subsidiaries, designs, develops, manufactures, and supports aerostructures and interconnection systems and is based in Toulouse, France.

M&A - Financial

10/22/2019  Arlington Capital Partners LP announced that it has agreed to make a majority investment in AEgis Technologies. The terms of the transaction were not disclosed. AEgis provides 3D visualization and embedded training devices for unmanned systems and is based in Huntsville, AL. Arlington is a private equity firm based in Washington, D.C..

10/1/2019  Asgard Partners & Co. and Merit Capital Partners agreed to acquire the Protective Eyewear Business of Revision Military Ltd. Revision develops and manufactures protective equipment for military use worldwide and is based in Essex Junction, VT. Asgard is a private equity firm based in New York, NY. Merit is a private equity firm based in Chicago, IL.

11/1/2019  Gores Holdings III, Inc. (NasdaqCM:GRSH) agreed to acquire Pacific Architects and Engineers Inc. (PAE) for $1.5 billion. PAE provides integrated services to support missions of the United States government and international partners and is based in Arlington, VA. Gores Holdings is a special purpose acquisition company sponsored by an affiliate of global investment firm The Gores Group and is based in Beverly Hills, CA. Latham & Watkins LLP is serving as legal advisor to PAE. Weil, Gotshal & Manges LLP is serving as legal advisor to Gores Holdings.

11/13/2019  Graham Partners, Inc. acquired Damping Technologies, Inc. The terms of the transaction were not disclosed. Damping Technologies provides vibration and noise control applications primarily serving the aerospace, defense, and space end markets and is based in Mishawaka, IN. Graham Partners is a private equity firm based in Newton Square, PA.

11/25/2019  KKR & Co. Inc. (NYSE:KKR) agreed to acquire Novaria Holdings, LLC. The terms of the transaction were not disclosed. Novaria, through its subsidiaries, manufactures precision components and structural fasteners for the aerospace and defense industry and is based in North Richland Hills, TX. KKR is a private equity firm based in New York, NY. Foley & Lardner LLP is serving as legal advisor to Novaria. Kirkland & Ellis LLP is serving as legal advisor to KKR.

12/30/2019  Northern Private Capital Ltd. agreed to acquire Maxar Technologies ULC and MDA Systems Inc. for $766.0 million. Maxar Technologies ULC and MDA Systems comprise ground stations, radar satellite products, robotics, defense, and satellite components business and are based in Canada. Northern Private Capital is a principal investment firm based in Toronto, Canada. Wachtell, Lipton, Rosen & Katz LLP and Stikeman Elliot LLP are serving as legal advisors to Maxar.

Private Placements

10/8/2019  Virgin Galactic, LLC announced that it has received $20.0 million in an equity round of funding from new investor Boeing HorizonX Ventures. Virgin Galactic is an aerospace company that develops human spaceflight for private individuals and researchers and is based in Las Cruces, NM. Boeing HorizonX Ventures is a venture capital arm of The Boeing Company and is based in Chicago, IL.

10/16/2019  AST & Science LLC announced that it will receive $50.0 million in funding. As of October 31, 2019, the company received $31.0 in its first tranche from 2 investors. AST & Science manufactures miniature satellites and is based in Miami, FL.

10/25/2019  Epirus, Inc. announced that it will receive $17.8 million in funding. As of November 8, 2019, the company has received $17.4 million in its first tranche from 21 investors. Epirus designs and develops agile defense systems for tackling drones and asymmetric technologies and is based in Redondo Beach, CA.

10/31/2019  Spaceflight Industries, Inc. announced that it will receive $39.9 million in funding. As of November 14, 2019, the company has received $39.5 million in its first tranche from 33 investors. Spaceflight Industries provides launch and mission management services to satellites and is based in Seattle, WA.

11/5/2019  Intrepid Solutions and Services, Inc. announced that it has received a round of funding from new investor Bluestone Investment Partners and from Route 2 Capital Partners.  McCandlish & Lillard, PC and PilieroMazza PLLC served as legal advisors to Intrepid. Pillsbury Winthrop Shaw Pittman LLP served as legal advisor to Bluestone.

11/7/2019  MICT, Inc. (NasdaqCM:MICT) announced that it will receive $24.9 million from  Stadium Parkgate (Holdings) Ltd. and other investors. MICT designs, develops, manufactures, and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions for challenging work environments and is based in Montvale, NJ. Stadium is a holding company based in Brough, United Kingdom.

11/11/2019  Skydweller Aero, Inc. announced that it has received a round of funding from new investor Leonardo S.p.a. (BIT:LDO). Skydweller develops solar-powered, unmanned perpetual flight vehicle and is based in Alexandria, VA. Leonardo S.p.a. engages in the helicopters, electronics, defense and security systems, aeronautics, space, and other businesses and is based in Rome, Italy.

11/13/2019  Loft Orbital Solutions Inc. announced that it has received $13.0 million in a round of funding from Foundation Capital and other investors. Loft Orbital operates microsatellites and flies customer payloads as a service and is based in San Francisco, CA. Foundation Capital is a venture capital firm based in Menlo Park, CA.

11/20/2019  Capella Space Corp. announced that it will receive $30.0 million in funding. As of December 12, 2019, the company received $29.4 million in its first tranche from 11 investors. Capella manufactures and operates a commercial radar satellite constellation that detects sub-meter changes on the surface of the earth and is based in San Francisco, CA.

11/26/2019  Top Aces Inc. announced that it will receive $100.0 million in an equity round of funding from Clairvest Group Inc. (TSX:CVG), the Caisse de dépôt et placement du Québec (CDPQ), and other existing investors. Top Aces provides combat airborne training, adversary, and other services to the Australian, Canadian, and German armed forces and is based in Dorval, Canada. Clairvest is a private equity firm based in Toronto, Canada. CDPQ is a privately owned investment manager based in Quebec City, Canada.

12/17/2019  Skyryse, Inc. announced that it has received $13.0 million in a round of funding from existing investors and individual investor William Clay Ford Jr., Chairman of Ford Motor Co. Skyryse is an air mobility company that develops and builds helicopters and aircraft and is based in Hayward, CA.

12/19/2019  Satellogic announced that it has received $50.0 million in funding from Tencent Holdings Ltd., Investment Arm and other investors. Satellogic builds and operates nano satellites for commercial-grade Earth observation in real-time and is based in Palo Alto, CA. Tencent is a multinational conglomerate holding company whose subsidiaries specialize in various Internet-related services and products, entertainment, artificial intelligence and technology in China and globally and is based in Shenzhen, China.

12/20/2019  SkySpecs, LLC announced that it has received $17.0 million in its Series C round of funding from McRock INFund LP and other investors. SkySpecs develops unmanned aerial vehicles for general purpose aerial data collection and infrastructure inspections and is based in Ann Arbor, MI. McRock INFund is a fund managed by McRock Capital, a private equity and venture capital firm based in Toronto, Canada.