CW Q2 2021 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

4/1/2021 Blair-HSM Group of Companies acquired Air Marine Forwarding Co. and Airlift Hydraulics. The terms of the transaction were not disclosed. Air Marine and Airlift Hydraulics is a supplier of landing gear maintenance, repair, overhaul services for aircraft primes and integrators and is based in Freeport, NY. Blair-HSM designs, manufactures, and integrates structural landing gear components, airframe machined parts, engine mount systems, and hydraulic components for commercial and military aviation markets and is based in Medford, NY. Ortoli Rosenstadt LLP served as legal advisor to Blair-HSM.

4/1/2021 Anduril Industries, Inc. acquired Area-I, Inc. The terms of the transaction were not disclosed. Area-I operates as an aerospace company that designs, prototypes, optimizes, integrates, flight controls, and flight tests unmanned systems from initial concept to demonstration and is based in Marietta, GA. Anduril designs, manufactures, and deploys hardware and software products for defense industries and is based in Irvine, CA. Cozen O'Connor LLP served as legal advisor to Area-I. Covington & Burling LLP and Gunderson Dettmer LLP served as legal advisors to Anduril.

4/2/2021 ENSCO, Inc. acquired Exostrategies, Inc. The terms of the transaction were not disclosed. Exostrategies provides space and intelligence program services and is based in Colorado Springs, CO. ENSCO, along with its subsidiaries, provides engineering, science, and technology solutions for government entities and private institutions in defense, rail transportation, aerospace and aviation, and intelligence sectors worldwide and is based in Falls Church, VA. Pillsbury Winthrop Shaw Pittman LLP served as legal advisor to ENSCO.

4/6/2021 Sylvain Perron acquired Premier Aviation Quebec, Inc. The terms of the transaction were not disclosed. Premier Aviation offers regional airframe heavy maintenance services and is based in Québec, Canada.

4/12/2021 Raptor Scientific LLC acquired TestVonics, Inc. The terms of the transaction were not disclosed. TestVonics manufactures and sells air data calibrators and pitot static test equipment for US department of defense, NATO, foreign military services, and commercial airlines and airframers and is based in Peterborough, NH. Raptor, through its subsidiaries, manufactures measurement and testing systems for the aerospace and defense industry and is based in Berlin, CT.

4/20/2021 SHINE Medical Technologies LLC acquired Phoenix, LLC. The terms of the transaction were not disclosed. Phoenix designs and manufactures commercial nuclear and particle accelerator technologies for applications in aerospace, defense, medical, semiconductor, and other applications and is based in Madison, WI. SHINE manufactures and supplies medical tracers and cancer treatment elements and is based in Janesville, WI. Godfrey & Kahn S.C. served as legal advisor to Phoenix. Foley & Lardner LLP served as legal advisor to SHINE.

4/21/2021 Dem Jet, Inc., dba Jets.com, acquired an unknown stake in Holman Leasing Systems, Inc., dba Pittsburgh Jet Center. The terms of the transaction were not disclosed. Pittsburgh Jet Center provides aviation services and is based in Zelienople, PA. Jets.com provides private jet charter services and is based in New York, NY.

4/27/2021 Spirit AeroSystems Holdings, Inc. (NYSE:SPR) acquired assets of Applied Aerodynamics, Inc. The terms of the transaction were not disclosed. Applied Aerodynamics engages in the manufacture, repair, and overhaul of radomes, and bonded and sheet metal airframe related structures and is based in Dallas, TX. Spirit designs and manufactures commercial aerostructures worldwide and is based in Wichita, KS.

4/30/2021 J&E Precision Tool, Inc. acquired Beranek, Inc. In a related transaction J&E acquired Alloy Specialties Inc. The terms of the transactions were not disclosed. Beranek manufactures precision-machined components for aerospace, defense, and commercial industries and is based in Torrance, CA. Alloy is a manufacturer of engine components for defense and commercial air and ground applications and is based in Manchester, CT. J&E manufactures computer numerical control machining-based precision components for the aerospace and defense industry and is based in Southampton, MS. Bass, Berry & Sims PLC served as legal advisor to J&E.

5/3/2021 Noblis, Inc. acquired McKean Defense Group, LLC. The terms of the transaction were not disclosed. McKean provides IT and enterprise management solutions to federal, civilian, and Department of Defense customers and is based in Philadelphia, PA. Noblis provides science, technology, and strategy related technical and advisory solutions and is based in Reston, VA.

5/3/2021 Enjet Aero, LLC acquired Birken Manufacturing Company, Inc. The terms of the transaction were not disclosed. Birken manufactures assemblies and components primarily for aerospace jet engines and is based in Bloomfield, CT. Enjet manufactures and supplies precision machined and fabricated parts to the engine sector of the aerospace and defense industries and is based in Overland Park, KS.

5/4/2021 Re:Build Manufacturing acquired Cutting Dynamics, Inc. The terms of the transaction were not disclosed. Cutting Dynamics manufactures sub-assemblies and components primarily for the aerospace industry and is based in Avon, OH. Re:Build is an industrial manufacturing group that integrates new technologies into conventional manufacturing businesses to provide high value manufacturing and is based in Framingham, MA.

5/7/2021 Premier Air, Inc. acquired Oakland Air. The terms of the transaction were not disclosed. Oakland Air provides FBO services, aircraft management, sales, maintenance, and charter services and is based in Waterford, MI. Premier Air offers private jet charter services and is based in Stuart, FL.

5/19/2021 Precision Aviation Group, Inc. acquired Keystone Turbine Services, LLC. The terms of the transaction were not disclosed. Keystone provides repair, maintenance, and overhaul services for aviation engines and accessories and is based in Coatesville, PA. Precision, through its subsidiaries, operates repair stations that provide inventory supported maintenance, repair, and overhaul and is based in Atlanta, GA.

5/31/2021 Blackhawk Modifications, Inc. acquired Columbia Avionics & Aircraft Services, Inc., creating Blackhawk Aerospace Technologies to join the family of Blackhawk companies. The terms of the transaction were not disclosed. Blackhawk Aerospace offers aircraft maintenance and avionics sales, installation, repair, and support on a variety of airframes and is based in Columbia, MO. Blackhawk Modifications provides engine performance solutions to the turboprop fleet and is based in Waco, TX.

6/1/2021 Graham Corporation (NYSE:GHM) acquired Barber-Nichols Inc. for $84.2 million. Barber-Nichols designs and manufactures specialty turbo machinery in the United States and is based in Arvada, CO. Graham, together with its subsidiaries, designs, manufactures, and supplies vacuum and heat transfer equipment for the chemical, defense, petrochemical, petroleum refining, power generation/alternative energy, and other industries and is based in Batavia, NY. Minor & Brown PC served as legal advisor to Barber-Nichols. Harter, Secrest & Emery LLP served as legal advisor to Graham.

6/7/2021 Astra Space, Inc. agreed to acquire Apollo Fusion, Inc. for $135.0 million. Apollo manufactures satellite propulsion systems and is based in Mountain View, CA. Astra operates as a space launch company and is based in Alameda, CA.

6/7/2021 McKim & Creed, Inc. acquired GSA Consulting Engineers, Inc. The terms of the transaction were not disclosed. GSA provides professional engineering consulting services to federal, state, and local governments, as well as the private sector, and is based in Gonzales, LA. McKim & Creed provides engineering, geomatics, and sustainable design services and is based in Raleigh, NC.

6/10/2021 John H Northrop and Associates (JHNA) acquired Technology Security Associates, Inc. (TSA). The terms of the transaction were not disclosed. TSA offers digital engineering solutions to the nation's defense and federal communities and is based in California, MD. JHNA provides strategically focused systems engineering and digital engineering solutions and is based in Alexandria, VA.

M&A - Financial

4/8/2021 McNally Capital, LLC and Nio Advisors, LLC acquired Orbis Operations, LLC. The terms of the transaction were not disclosed. Orbis provides situational awareness and tactical training, advisory, and cybersecurity services to intelligence communities, U.S. forces, foreign governments, and Fortune 500 companies and is based in McLean, VA. McNally is a private equity firm based in Chicago, IL. Nio offers investment and strategic advisory services for companies, governments and financial institutions and is based in the United States. DLA Piper LLP served as legal advisor to Orbis. Ropes & Gray LLP served as legal advisor to McNally.

4/26/2021 Greenbriar Equity Group, L.P. acquired PCX Aerosystems. The terms of the transaction were not disclosed. PCX manufactures airframe assemblies, including wing, fuselage, and engine components and is based in Newington, CT. Greenbriar is a private equity firm based in Rye, NY.

5/11/2021 Brightstar Capital Partners, L.P. acquired an unknown majority stake in ERC Incorporated. The terms of the transaction were not disclosed. ERC is an engineering and scientific services company that provides independent assessment support, IT support, and operations and maintenance support services to the US Department of Defense, NASA, and commercial clients and is based in Huntsville, AL. Brightstar is a private equity firm based in New York, NY.

5/18/2021 Nexus Capital Management LP agreed to acquire HDT Global, Inc. The terms of the transaction were not disclosed. The transaction closed on July 9, 2021. HDT engineers, designs, and manufactures shelters, generators, heaters, air filtration devices, robotics, and other engineered technologies for the United States and allied military units worldwide, as well as civilian government and commercial customers, and is based in Solon, OH. Nexus is a private equity firm based in Los Angeles, CA. Ropes & Gray LLP served as legal advisor to HDT. O'Melveny & Myers LLP and Munger, Tolles & Olson LLP served as legal advisor to Nexus.

6/8/2021 Angeles Equity Partners, LLC acquired Primus Metals, Inc., dba Primus Aero. The terms of the transaction were not disclosed. Primus designs and manufactures machined components and integrated assemblies for the aerospace, defense, and space industries and is based in Lakewood, CO. Angeles Equity Partners is a private equity firm based in Santa Monica, CA. Brownstein Hyatt Farber Schreck, LLP served as legal advisor to Primus. Simpson Thacher & Bartlett LLP served as legal advisor to Angeles.

Private Placements

4/14/2021 Boom Technology, Inc., dba Boom Supersonic, announced that it has raised $45.0 million in a round of funding from new investor Prime Movers Lab. Boom designs and manufactures supersonic aircraft and is based in Centennial, CO. Prime Movers Lab is a venture capital firm based in Jackson, WY.

4/20/2021 Frontier Aerospace Corporation announced that it has received an equity round of funding from new investor American Pacific Corporation. Frontier provides end-to-end space propulsion services from concept ideation to product development to design verification testing and is based in Simi Valley, CA. American Pacific manufactures specialty chemicals and is based in Cedar City, UT. Polsinelli PC served as legal advisor to Frontier. Kirkland & Ellis LLP served as legal advisor to American Pacific.

4/22/2021 Albedo Space Corp. announced that it has received $10.0 million in a round of funding from Initialized Capital Management, LLC, Soma Capital, and other investors. Albedo designs and operates satellites that capture the highest resolution imagery available commercially, along with simultaneously collected thermal infrared imagery, and is based in Englewood, CO. Initialized and Soma are venture capital firms based in San Francisco, CA.

4/29/2021 Advanced Aircraft Company announced that it has received a round of funding from new investor CIT GAP Funds. Advanced Aircraft operates as an aeronautical engineering and aircraft manufacturing company and is based in Hampton, VA. CIT GAP Funds is a venture capital arm of The Centre for Innovative Technology and is based in Herndon, VA.

5/4/2021 Firefly Aerospace Inc. announced that it has received $75.0 million in its Series A round of funding led by new investor DADA Holdings, LLC and completed a $100.0 million secondary transaction which consisted of the sale of holdings held by primary investor Noosphere Ventures. Firefly engages in the design, manufacture, and operation of launch and in-space vehicles and services and is based in Cedar Park, TX. DADA is an investment company based in Fort Lauderdale, FL. Noosphere invests in space technology companies and is based in Menlo Park, CA.

5/11/2021 Maritime Launch Services Ltd. announced that it has received $8.7 million in a round of funding co-led by PowerOne Capital Markets Limited, Investment Arm and Primary Capital Group. Maritime offers spacecrafts and satellite launch services and is based in Halifax, Canada. PowerOne provides capital to emerging growth companies globally and is based in Toronto, Canada.

5/25/2021 Ramon.Space announced that it has raised $17.5 million in a round of funding from StageOne Ventures, Deep Insight, WorldQuant Ventures, LLC, and other investors. Ramon.Space develops space resilient computing systems that revolutionize the way software is written, applied, and processed in space and is based in Palo Alto, CA. StageOne is a venture capital firm based in Herzliya Pituach, Israel. Deep Insight is a principal investment firm based in Herzliya, Israel. WorldQuant is a principal investment firm based in Old Greenwich, CT.

6/1/2021 Red 6 Inc. announced that it has received $30.0 million in its Series A round of funding led by existing investor Snowpoint Ventures. Red 6 develops outdoor augmented reality solutions for air combat training and is based in Santa Monica, CA. Snowpoint is a venture capital firm based in San Francisco, CA.

6/2/2021 Launcher Inc. announced that it has raised $11.7 million in a round of funding co-led by returning investors Boost VC and Max Haot. Launcher provides delivery services for small satellites to orbit and is based in New York, NY. Boost is an accelerator and venture capital firm and is based in San Mateo, CA.

6/3/2021 LeoLabs, Inc. announced that it has raised $65.0 million in a round of funding led by new investor Insight Venture Management, LLC and existing investor Velvet Sea Ventures. LeoLabs builds and operates phased-array radars that provide and track high resolution data on objects in low earth orbit and is based in Menlo Park, CA. Insight is a venture capital and private equity firm based in New York, NY. Velvet Sea is a venture capital firm based in New York, NY. Willkie Farr & Gallagher LLP served as legal advisor to Insight.

6/4/2021 A2Z Smart Technologies Corp. (TSXV:AZ) announced a private placement for gross proceeds of $8.8 million from 15 investors. A2Z provides services in the field of advanced engineering capabilities to the military/security markets and governmental agencies in Israel is based in Vancouver, Canada.

6/8/2021 Relativity Space, Inc. announced that it has received $650.0 million in an equity round of funding led by existing investors Fidelity Management & Research Company LLC. Relativity Space manufactures and supplies orbital rockets and is based in Inglewood, CA. Fidelity is a privately owned investment manager and is based in Boston, MA.

6/9/2021 Kepler Communications Inc. announced that it has received $60.0 million in its Series B round of funding led by new investor Tribe Capital Management, LLC. Kepler designs, develops, and operates satellites and infrastructure for space-based connectivity that connects space stations, habitats, machines, and devices with satellites on orbit and is based in Toronto, Canada. Tribe is a venture capital firm based in San Francisco, CA.

6/11/2021 Phase Four LLC announced that it has received $26.0 million in a round of funding led by new investor New Science Ventures, LLC. Phase Four manufactures plasma propulsion systems and is based in El Segundo, CA. New Science is a venture capital firm based in New York, NY.

6/15/2021 Xenesis acquired an unknown minority stake in Space Micro Inc. The terms of the transaction were not disclosed. Space Micro develops and manufactures communication and digital computer products for aerospace primes, government agencies, military, computing, performance-critical, communications electronics technology, and commercial space microelectronics companies and is based in San Diego, CA. Xenesis is a space telecommunications company based in Chicago, IL.

6/17/2021 Anduril Industries, Inc. announced that it has received $450.0 million in a round of funding led by Elad Gil with participation from existing investors Andreessen Horowitz LLC, Founders Fund, Inc., Eight Partners VC, and other investors. Anduril designs, manufactures, and deploys hardware and software products for defense industries and is based in Irvine, CA. Andreessen is a venture capital firm based in Menlo Park, CA. Founders Fund is a venture capital firm based in San Francisco, CA. Eight Partners is a venture capital firm based in Austin, TX.

6/23/2021 Fenix Group, Inc. announced that it has received an investment from Enlightenment Capital. Fenix develops and provides equipment and services for handheld communication devices and broadband networks in support of the defense and intelligence industries and is based in Chantilly, VA. Enlightenment Capital is a private equity firm based in Chevy Chase, MD.

6/24/2021 Frontier Aerospace Corporation announced that it has received $5.5 million in funding from one investor. Frontier provides end-to-end space propulsion services and is based in Simi Valley, CA.

4/12/2021 HawkEye 360, Inc. announced that it has received $55.0 million in a round of funding led by NightDragon with participation from Environmental Systems Research Institute, Inc., Adage Capital Management, L.P., and other investors. HawkEye is a radio frequency (RF) data analytics company that operates a commercial satellite constellation to identify, process, and geolocate RF signals and is based in Herndon, VA. NightDragon is a private equity and venture capital firm based in San Francisco, CA. Environmental Systems develops GIS and mapping software and is based in Redlands, CA. Adage is an employee-owned hedge fund sponsor based in Boston, MA. Wilmer Cutler Pickering Hale and Dorr LLP served as legal advisor to HawkEye.