CW Q1 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


1/2/2020  Pro-Shot Products, Inc. acquired Kleen-Bore, Inc. The terms of the transaction were not disclosed. Kleen-Bore develops gun care products for the shooting industry and is based in Fort Worth, TX. Pro-Shot designs and manufactures firearms cleaning accessories and is based in Taylorville, IL.


1/6/2020  Tailwind Technologies Inc. acquired Quality Aircraft Accessories, Inc., Aerospace Welding Minneapolis, Inc. (AWI), and Aerospace Manufacturing, Inc. (AMI). The terms of the transactions were not disclosed. Quality Aircraft repairs, overhauls, and exchanges general aviation engine parts and aircraft accessories and is based in Tulsa, OK. AWI specializes in the manufacture, repair, and overhaul of piston aircraft exhaust and engine mounts and is based in Minneapolis, MN. AMI specializes in make to print machining and welding with a focus on bending and welding tube assemblies for jet engines and airframes as well as metal details for AWI's exhaust and engine mount business and is based in Minneapolis, MN. Tailwind, through its subsidiaries, manufactures aircraft propeller systems and other parts for aircraft and is based in Piqua, OH.


1/6/2020  STS Aviation Group, Inc. acquired LES Services Airbase, Inc. The terms of the transaction were not disclosed. LES Services provides maintenance, repair, and management services to the transportation industry and is based in Dorval, Canada. STS Aviation provides workforce management, aircraft engineering, line maintenance, aircraft parts, hose manufacturing, aircraft repair, component sales and distribution, and aircraft modification services to the aerospace industry and is based in Jensen Beach, FL.


1/7/2020  Jet Parts Engineering, Inc. acquired Aero Parts Mart, Inc. The terms of the transaction were not disclosed. Aero Parts Mart manufactures parts for the aviation industry and is based in Fort Worth, TX. Jet Parts manufactures and sells PMA parts for the aerospace industry and is based in Seattle, WA. Kelly Hart & Hallman LLP served as legal advisor to Aero Parts Mart.


1/7/2020  Premier Forge Group acquired California Amforge Corporation. The terms of the transaction were not disclosed. California Amforge manufactures closed dies and upset forgings for aerospace customers and applications and is based in Azusa, CA. Premier Forge provides high-value, complex forgings for blue-chip OEMs primarily in the transportation, oil & gas, construction, mining, agricultural, and aerospace & defense markets and is based in Portland, IN.


1/14/2020  Wind River Systems, Inc. acquired Star Lab Corporation. The terms of the transaction were not disclosed. Star Lab develops embedded cybersecurity solutions for aerospace and defense systems and is based in Washington, D.C. Wind River Systems provides embedded software for intelligent connected systems and is based in Alameda, CA.


1/14/2020  Global GRAB Technologies, Inc. announced that it recently acquired CatsClaw Americas, LLC. The terms of the transaction were not disclosed. CatsClaw manufactures and provides mobile, permanent in-ground, and tactical vehicle tire shredding products for facility vehicle entrance gates, border crossings, military operations, and temporary vehicle checkpoints and is based in Randleman, NC. Global GRAB Technologies manufactures and sells security products to commercial, federal, military, and municipal organizations and is based in Franklin, TN.


1/15/2020  Lubbock Aero, Inc. acquired Chaparral Jet Center Inc. The terms of the transaction were not disclosed. Chaparral Jet Center provides jet charter, executive terminal, aircraft maintenance, and storage facility services and is based in Lubbock, TX. Lubbock Aero provides aircraft maintenance, repair and overhaul services and is based in Lubbock, TX.


1/16/2020  Pacific Defense acquired Spectranetix, Inc. The terms of the transaction were not disclosed. Spectranetix designs and builds signals intelligence, electronic warfare, direction finding, and cyber security systems and is based in Santa Clara, CA. Pacific Defense develops non-kinetic systems for the military sector and is based in the United States. Wilson Sonsini Goodrich & Rosati, P.C. served as legal advisor to Spectranetix.


1/20/2020  BAE Systems plc (LSE:BA.) agreed to acquire the military global positioning system (GPS) business of Collins Aerospace for $1.9 billion and the airborne tactical radios (ATR) business from Raytheon Company (NYSE:RTN) for $275.0 million. Collins' military GPS business is a provider of mission critical military GPS receiver solutions and is based in Cedar Rapids, IA. Raytheon's ATR business designs, manufactures, and supplies a wide array of mission-critical communication systems to the U.S. Department of Defense, allied governments, and large defense aircraft manufacturers and is based in Fort Wayne, Indiana and Largo, Florida. BAE provides defense, aerospace, and security solutions worldwide and is based in London, United Kingdom. DLA Piper LLP (US) is serving as legal advisor to BAE Systems.


1/21/2020  Precision Aviation Group, Inc. acquired World Aviation Corp. The terms of the transaction were not disclosed. World Aviation repairs and modifies electrical generator subcomponents in aircraft and is based in Concord, Canada. Precision Aviation, through its subsidiaries, operates repair stations that provide inventory supported maintenance, repair, and overhaul and is based in Atlanta, GA.


1/24/2020  CMI Group Holdings, LLC and senior leadership of Cassavant Machining, Inc. acquired Cassavant Machining, Inc. The terms of the transaction were not disclosed. Cassavant manufactures machined component parts and assembled components for aerospace and commercial industries and is based in Phoenix, AZ. CMI is a newly-formed company of Gallant Capital Partners, LLC, an investment firm based in Los Angeles, CA.


1/29/2020  Stanley Black & Decker, Inc. (NYSE:SWK) agreed to acquire Consolidated Aerospace Manufacturing, LLC (CAM) for $1.5 billion. CAM engages in the design and manufacture of fittings, precision aerospace/aircraft components, hardware, and fastening solutions for the aerospace and other industries and is based in Fullerton, CA. Stanley Black & Decker is a diversified global provider of hand tools, power tools and related accessories, electronic security solutions, healthcare solutions, engineered fastening systems, and more and is based in New Britain, CT. Sullivan & Cromwell LLP and Montgomery, McCracken, Walker & Rhoads, LLP are serving as legal advisors to CAM. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Stanley Black & Decker.


2/1/2020  HC Merchandisers Inc., dba HC Pacific, acquired the California Associated Products cleco temporary fastener product line from Wetmore Tool and Engineering. The terms of the transaction were not disclosed. California Associated Products comprises aerospace fastener products manufacturing operations and is based in Chino, CA. HC Pacific distributes aerospace fasteners and is based in Ontario, CA. Wetmore, along with its subsidiaries, manufactures and sells carbide cutting tools for aerospace, automotive, fastener, medical, and metal working industries in the United States and Canada and is based in Chino, CA.


2/4/2020  PrimeFlight Aviation Services, Inc. acquired the assets of International Aero. The terms of the transaction were not disclosed. International Aero is an aircraft cleaning and maintenance company based in Bellflower, CA. PrimeFlight, along with its subsidiaries, provides major airlines and airports with ground handling services, aircraft services, into-plane fueling, deicing, and terminal services and is based in Sugar Land, TX.


2/4/2020  Trowbridge & Trowbridge, LLC acquired IntelliWare Systems, Inc. The terms of the transaction were not disclosed. IntelliWare provides professional services to the United States Government National Security and Law Enforcement customers and is based in Fredericksburg, VA. Trowbridge provides cloud, cyber, and IT modernization solutions to defense, intelligence, and federal civilian markets and is based in McLean, VA.


2/10/2020  KAMIC Group AB acquired Liftsafe Group of Companies. The terms of the transaction were not disclosed. Liftsafe manufactures custom fabricated products, including ergonomic and overhead material handling and lifting solutions, fall safety products and work platforms, and aviation support equipment and is based in Ayr, Canada. KAMIC is a supplier of technical products and services, with operations including installation, electronics, broadband, production technology, and magnetics and is based in Spanga, Sweden.


2/11/2020  Yamasa Co., Ltd. and Mitsui & Co., Ltd. (TSE:8031) in a joint venture agreed to acquire Spaceflight Systems, Inc. The terms of the transaction were not disclosed. Spaceflight Systems provides launch services and mission management services and is based in Seattle, WA. Yamasa engages in the distribution of liquid petroleum gas and is based in Nagoya-shi, Japan. Mitsui operates as a general trading company worldwide and is based in Tokyo, Japan.


2/12/2020  Airbus SE (ENXTPA:AIR) and Investissement Québec acquired the remaining 33.6% stake in C Series Aircraft Limited Partnership, now known as Airbus Canada Limited Partnership, from Bombardier Inc. (TSX:BBD.B) for $591.0 million. Airbus Canada manufactures and supplies aircraft components and is based in Mirabel, Canada. Airbus SE provides aerospace products, services, and solutions and is based in Leiden, Netherlands. Investissement Québec, through its subsidiaries, provides financing resources and support services and is based in Montréal, Canada. Stikeman Elliott LLP and Freshfields Bruckhaus Deringer LLP served as legal advisors to Airbus SE. Norton Rose Fulbright Canada LLP and Jones Day served as legal advisors to Bombardier.


2/18/2020  Cadence Aerospace acquired Premier Processing. The terms of the transaction were not disclosed. Premier Processing is a metal finishing company that provides chemical processing, non-destructive testing, and painting services to aerospace and defense customers and is based in Wichita, KS. Cadence manufactures components, subassemblies, and assemblies, as well as provides repair and overhaul services for the manufacturers of aircraft, aerostructures, aeroequipment, and other defense platforms and is based in Anaheim, CA.


2/19/2020  Qorvo, Inc. (NasdaqGS:QRVO) acquired Custom MMIC Design Services, Inc. for $105.0 million. Custom MMIC designs and supplies fabless radio frequency (RF) and microwave monolithic microwave integrated circuit (MMIC) products for aerospace, defense, and instrumentation customers and is based in Chelmsford, MA. Qorvo provides radio frequency solutions and technologies for smartphones and other mobile devices, defense and aerospace, Wi-Fi customer premises equipment, cellular base stations, and Internet of Things applications (IoT) worldwide and is based in Greensboro, NC.


2/24/2020  ACR Electronics, Inc. acquired FreeFlight Systems, Inc. The terms of the transaction were not disclosed. FreeFlight designs, manufactures, and supplies avionics system solutions and is based in Irving, TX. ACR designs and manufactures rescue beacons and survival gear and is based in Fort Lauderdale, FL.


2/27/2020  PTB Group Limited (ASX:PTB) acquired Prime Turbines, LLC for $21.0 million. Prime Turbines provides aircraft engine repair, maintenance, and overhaul services and is based in Hyannis, MA. PTB operates in multiple business segments including aircraft engine repair, maintenance, and overhaul services and is based in Pinkenba, Australia.


2/29/2020  UDC USA, Inc. acquired MAST Technology, Inc. The terms of the transaction were not disclosed. MAST manufactures ammunition-related machinery and is based in Blue Springs, MO. UDC manufactures and sells defense articles for governments and prime contractors and is based in Tampa, FL.


3/2/2020  Whitcraft LLC acquired TECT Power, Inc. The terms of the transaction were not disclosed. TECT Power manufactures and supplies turbine engine components and assemblies for aviation, industrial, military, and marine applications and is based in Fort Mitchell, KY. Whitcraft manufactures formed, machined, and fabricated sheet metal aerospace components and assemblies and is based in Eastford, CT.


3/2/2020  TriMas Corporation (NasdaqGS:TRS) acquired RSA Engineered Products, LLC for $85.0 million. RSA designs and manufactures aircraft parts and equipment and is based in Simi Valley, CA. TriMas manufactures products for consumer products, aerospace, and industrial end markets and is based in Bloomfield Hills, MI. Much Shelist, P.C. served as legal advisor to RSA.


3/3/2020  General Atomics Corp. acquired Neva Ridge Technologies, Inc. The terms of the transaction were not disclosed. Neva Ridge operates in Synthetic Aperture Radar (SAR) data processing technology and services and is based in Boulder, CO. General Atomics develops technology solutions for energy, environmental, and defense applications and is based in San Diego, CA.


3/5/2020  Exclusive Jets LLC agreed to acquire Sky Night, LLC. The terms of the transaction were not disclosed. Sky Night will be rebranded as flyExclusive International. Sky Night provides aviation services, including aircraft management and pilot services, fractional ownership programs, and aircraft sales and is based in Greeneville, TN. Exclusive Jets provides private jet transportation services and is based in Kinston, NC.


3/13/2020  Science Applications International Corporation (NYSE:SAIC) acquired Unisys Federal for $1.2 billion. Unisys provides infrastructure modernization, cloud migration, managed and enterprise IT-as-a-service solutions to U.S. federal civilian agencies and the Department of Defense and is based in Blue Bell, PA. SAIC provides technical, engineering, and enterprise information technology services and is based in Reston, VA. Sullivan & Cromwell LLP served as legal advisor to Unisys. King & Spalding LLP served as legal advisor to SAIC.


3/16/2020  Rocket Lab Ltd agreed to acquire Sinclair Interplanetary. The terms of the transaction were not disclosed. Sinclair manufactures reaction wheels and star trackers for small satellites and is based in Toronto, Canada. Rocket Lab designs and manufactures rocket systems and space systems and is based in Auckland, New Zealand. DLA Piper is serving as legal advisor to Rocket Lab.


3/24/2020  American Holoptics LLC agreed to acquire L-3 Communications EOTech, Inc. from L3Harris Technologies, Inc. (NYSE:LHX). The terms of the transaction were not disclosed. L-3 Communications EOTech manufactures and distributes weapon accessories for defense, law enforcement, homeland security, hunting, and recreational shooting markets and is based in Ann Arbor, MI. American Holoptics provides products to the global weapons accessory market and is based in Clawson, MI. L3Harris Technologies provides mission-critical solutions for government and commercial customers worldwide and is based in Melbourne, FL.


3/25/2020  CGI Federal Inc. agreed to acquire TeraThink Corporation. The terms of the transaction were not disclosed. TeraThink operates as an information technology and management consulting company that specializes in management, integration, and security services for enterprise application environments and is based in Reston, VA. CGI provides IT and business process services to the U.S. defense, civilian, and intelligence agencies and is based in Fairfax, VA.


3/25/2020  Hong Kong Aircraft Engineering Company Limited acquired Jet Engine Solutions, LLC. The terms of the transaction were not disclosed. Jet Engine Solutions offers consulting, fleet and records management, repair station services, and engine storage and maintenance services to the aircraft engine industry and is based in Carrollton, TX. Hong Kong Aircraft Engineering provides commercial aircraft overhaul, modification, and maintenance services and is based in Central, Hong Kong.


M&A – Financial


1/7/2020  GenNx360 Capital Partners announced the recent acquisition of an unknown majority stake in AeroRepair Corp. The terms of the transaction were not disclosed. AeroRepair provides overhaul services for aircraft components and is based in Londonderry, NH. GenNx360 is a private equity firm based in New York, NY.


1/31/2020  Lineage Capital, LLC acquired a majority stake in Flightcheck Commercial Aviation Services, LLC. The terms of the transaction were not disclosed. Flightcheck operates as a commercial line maintenance provider and is based in Bensenville, IL. Lineage Capital is a private equity firm based in Boston, MA.


1/31/2020  New Mountain Capital, L.L.C. acquired ILC Dover. The terms of the transaction were not disclosed. ILC Dover designs, develops, and manufactures engineered products and solutions employing flexible materials for critical applications and is based in Frederica, DE. New Mountain Capital is a private equity firm based in New York, NY. Latham & Watkins LLP served as legal advisor to ILC Dover. Simpson Thacher & Bartlett LLP served as legal advisor to New Mountain Capital.


1/31/2020  SPP Management Services, LLC acquired a majority interest in Elliott Aviation, Inc. The terms of the transaction were not disclosed. Elliott Aviation engages in aircraft sales and aviation services and solutions and is based in Milan, IL. SPP is a private equity firm based in Charlotte, NC.


2/25/2020  Mill Hill Capital announced it recently acquired Unique Airmotive Services, LLC. The terms of the transaction were not disclosed. Unique Airmotive provides maintenance, repair, and overhaul solutions for auxiliary power units to the aviation industry and is based in Lake Wylie, SC. Mill Hill Capital is a private equity firm based in Naples, FL.


3/2/2020  AE Industrial Partners, LP acquired Adcole Maryland Aerospace, LLC. The terms of the transaction were not disclosed. Adcole Maryland Aerospace engages in the design, manufacture, integration, test, and operation of small satellites and spacecraft components and is based in Crofton, MD. AE Industrial Partners is a private equity firm based in Boca Raton, FL. Akerman LLP served as legal advisor to AE Industrial Partners.


3/9/2020  Funds affiliated with Madison Dearborn Partners, LLC and CoVant Management, Inc. agreed to acquire AEVEX Aerospace, LLC. The terms of the transaction were not disclosed. AEVEX provides airborne intelligence solutions to the U.S. special operations community, U.S. Department of Defense customers, and their foreign partners and is based in Solana Beach, CA. Madison Dearborn Partners is a private equity firm based in Chicago, IL. CoVant Management is a private equity firm based in McLean, VA. Haynes and Boone, LLP is serving as legal advisor to AEVEX. Kirkland & Ellis LLP and Crowell & Moring LLP are serving as legal advisors to Madison Dearborn Partners and CoVant Management.


3/31/2020  OceanSound Partners acquired Trident Technologies, LLC. The terms of the transaction were not disclosed. Trident is a software development company that provides engineering, programmatic support, data integration, systems development, enterprise architecture, material procurement, and meteorological services to customers across the Department of Defense (DoD) and private industry and is based in Huntsville, AL. OceanSound Partners is a private equity firm based in New York, NY. Gibson, Dunn & Crutcher LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisors to OceanSound Partners.


Private Placements


1/7/2020  Axiom Space announced that it has received a round of funding from new investor SpaceFund. Axiom provides human spaceflight services and is based in Houston, TX. SpaceFund is a venture capital firm based in Houston, TX.


1/15/2020  Phase Four LLC announced that it will receive $17.6 million in funding. As of 1/29/2020, the company received $3.6 million in its first tranche from five investors. Phase Four manufactures satellite propulsion systems and is based in Pasadena, CA.


1/16/2020  SpinLaunch Inc. announced that it has received $35.0 million in a round of funding from Kleiner Perkins Caufield & Byers, GV, Airbus Ventures and other investors. SpinLaunch is a spaceflight technology development company that focuses on the development of an alternative launch system that uses a large mass accelerator to hurl payloads to space and is based in Long Beach, CA. Kleiner Perkins Caufield & Byers is a venture capital firm based in Menlo Park, CA. GV is the venture capital arm of Alphabet Inc. and is based in Mountain View, CA. Airbus Ventures is the venture capital arm of Airbus Group N.V. and is based in Menlo Park, CA.


1/31/2020  Pacific Defense announced that it has received a round of funding from new investor HCI Equity Partners. Pacific Defense develops non-kinetic systems for the military sector and is based in the United States. HCI is a private equity firm based in Washington, D.C.


2/11/2020  ATLAS Space Operations, Inc. announced that it has received $5.0 million in a round of funding from Beringea, LLC. ATLAS develops a software platform for users to gather information from space for use on the ground and is based in Traverse City, MI. Beringea is a private equity and venture capital firm based in Farmington Hills, MI.


2/13/2020  Astranis Space Technologies Corp. announced that it has raised $90.0 million in a debt and equity round led by Venrock and TriplePoint Capital. Astranis manufactures small telecommunications satellites to improve access to Internet connectivity and is based in San Francisco, CA. Venrock is a venture capital and private equity firm based in New York, NY. TriplePoint is a global financing provider based in Menlo Park, CA.


2/20/2020  Cassavant Machining, Inc. announced that it has received a round of funding from Gallant Capital Partners, LLC, The TCW Group, Inc., and Comvest Credit Partners. Cassavant manufactures machined component parts and assembled components for aerospace and commercial industries and is based in Phoenix, AZ. Gallant Capital Partners is a private equity firm based in Los Angeles, CA. TCW is an asset management firm based in Los Angeles, CA. Comvest is a private investment firm based in West Palm Beach, FL.


2/24/2020  First Class Air Support announced that it has received funding from Graycliff Partners LP, First Financial Bank, and new investor O2 Investment Partners. First Class Air Support distributes aftermarket aircraft components and is based in Louisville, KY. Graycliff is a private equity firm based in New York, NY. O2 Investment Partners is a private equity firm based in Bloomfield Hills, MI.


2/28/2020  Space Exploration Technologies Corp. announced that it will receive $250.0 million in funding. As of 3/13/2020, the company received $221.2 million in its first tranche from 11 investors. Space Exploration Technologies designs, manufactures, and launches advanced rockets and spacecraft and is based in Hawthorne, CA.


3/6/2020  ABL Space Systems Company announced that it will receive $49.2 million in a round of funding. As of 3/23/2020, the company has received $47.5 million in its first tranche from 40 investors. ABL Space Systems designs and manufactures rockets to launch small satellites and is based in El Segundo, CA.


3/24/2020  Elroy Air, Inc. announced that it will receive $7.8 million in funding. As of 4/7/2020, the company received $6.8 million in its first tranche from 23 investors. Elroy Air manufactures autonomous aircraft systems to deliver goods and is based in San Francisco, CA.


3/29/2020  Astra Space, Inc. announced that it has received a round of funding from new investor PROOF.VC. Astra designs and builds rockets and provides satellite delivery and launch services and is based in Alameda, CA. PROOF.VC is a venture capital firm based in Reston, VA.