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M&A

Private equity-owned Fathom buys three Rochester aerospace and defense suppliers

TCS brings circuit board assemblies and wire harnesses, and PGM supports customers through full-rate production. CORE Industrial Partners, which owns Fathom, gave no price.

Fathom Digital Manufacturing has acquired TCS Industries, TCS Electronics and Precision Grinding & Manufacturing (PGM), all based in Rochester, New York, its owner CORE Industrial Partners announced Tuesday, Oct. 13.1 CORE affiliates took the Hartland, Wisconsin, contract manufacturer private in May 2024.1, 4 The deals bring Fathom to 10 facilities and about 700 employees.1

Fathom's Rochester buys add circuit board, harness and full-rate production work

What the acquisition release says each company does, and what Fathom says the combination leaves it better positioned to support. CORE Industrial Partners announced its portfolio company Fathom's acquisitions Oct. 13, 2026.

Fathom Digital ManufacturingAdvanced manufacturing and low- to mid-volume production services
TCS Industries and TCS ElectronicsPrinted circuit board (PCB) assemblies, cable and wire harnesses and electro-mechanical box builds; nearly 35 years with aerospace and defense customers
Precision Grinding & Manufacturing (PGM)Supports aerospace and defense customers from low- and mid-volume manufacturing through full-rate production
Early-stage development and prototyping through qualified, sustained productionWhat Fathom says the combination leaves it better positioned to support

Fathom's website capabilities menu lists no PCB assembly or wire harness work. CORE gave no price.

Source: CORE Industrial Partners release, Oct. 13, 2026, published on Fathom's website; Fathom website capabilities menu. Data as of Oct. 14, 2026.

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TCS adds printed circuit board assemblies and cable and wire harnesses, work that does not appear in the capabilities menu on Fathom's website.1–2 PGM reaches further along the volume curve than the announcement's description of Fathom. It supports aerospace and defense customers from low- and mid-volume manufacturing through full-rate production, while Fathom describes its own production services as low- to mid-volume.1

PGM's website says it is involved with "many critical programs for our armed forces" and makes components and assemblies for areas including electronic protection (countermeasures) and RF housings and covers.3 Both TCS and PGM hold AS9100 certifications and International Traffic in Arms Regulations (ITAR) registrations. The announcement says TCS serves customers primarily in aerospace and defense but gives no split between defense and commercial aerospace work at either company.1

Fathom says the combination leaves it better positioned to support customers from early-stage development and prototyping through qualified, sustained production. What has already changed is ownership: a contract manufacturer whose listed services include 3D printing, CNC machining and injection molding now owns electronics assembly and precision grinding shops that serve aerospace and defense customers.1

Sources (4)
  1. Fathom Digital Manufacturing: Fathom Digital Manufacturing Expands Aerospace and Defense Platform with Three Strategic Acquisitions (Oct. 13, 2026) fathommfg.com
  2. Fathom Digital Manufacturing: Home page fathommfg.com
  3. Precision Grinding & Manufacturing: Defense www.pgmcorp.com
  4. Fathom Digital Manufacturing Corp.: Form 8-K (May 21, 2024) www.sec.gov
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M&A

T3 Defense buys KeepZone to expand homeland security sales

The acquisition closed Nov. 4 for $1,539,800 in stock, plus a potential cash earn-out. T3 plans to sell its subsidiaries’ products through KeepZone’s channels.

T3 Defense completed its acquisition of homeland security distributor and integrator KeepZone AI from Nexera Technologies on Nov. 4, issuing 425,594 common shares for all of KeepZone’s stock.1–2

T3 Defense completed the KeepZone acquisition

November 4, 2026

common shares425,594actual

issuing 425,594 common shares for all KeepZone shares

KeepZone’s sales channelsintroduce its subsidiaries’ productsplanned

T3 Defense intends to use KeepZone’s sales channels to introduce its subsidiaries’ products alongside KeepZone’s existing portfolio

T3 Defense Form 8-K, Nov. 6, 2026; company release, Oct. 27, 2026

Sources
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The purchase adds a sales channel to T3, which focuses on manufacturers in areas such as drones, counter-drone systems and tactical robotics.2–3 T3 intends to introduce its subsidiaries’ products through KeepZone alongside the distributor’s existing portfolio.3

KeepZone has several non-exclusive reseller agreements and markets a multi-vendor portfolio covering screening, surveillance, counter-drone technology, AI analytics and unmanned aerial systems.2–3 Its offerings include partner products and its proprietary VocentraAI voice-analysis platform.3

An amendment signed on the closing date increased the stock purchase price to $1,539,800.1 The original agreement, dated Oct. 26, set the price at $1 million.2

The stock payment is accompanied by a potential cash earn-out.1–2 T3’s announcement described that earn-out as 50% of KeepZone’s standalone net profit over the 24 months after closing. The cash payout is capped at $5 million.3

T3 expects KeepZone to become its dedicated homeland security marketing, sales and business development platform. The company expects the platform to extend T3’s commercial reach to critical infrastructure, law enforcement, public safety and border security customers in Israel and international markets.3

Sources (3)
  1. T3 Defense Form 8-K, Nov. 6, 2026 (event Nov. 4) www.sec.gov
  2. T3 Defense Form 8-K, Oct. 27, 2026 www.sec.gov
  3. T3 Defense press release, Oct. 27, 2026 www.sec.gov
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M&A · Maritime intelligence

Windward acquires Azimut.ai to add maritime optical sensing

The maritime intelligence company's first step into ground and ship-based sensors supports its aim to place proprietary cameras at maritime chokepoints.

Windward announced its acquisition of maritime visual intelligence company Azimut.ai on Nov. 3, 2026, adding an optical sensing layer to its platform. The deal marks Windward's first step into ground and ship-based sensors.1

Windward aims to place cameras at chokepoints

Windward announced Nov. 3, 2026 the acquisition of Azimut.ai

cameras at chokepointsaims to place cameras at chokepointsplanned

Windward aims to place cameras at chokepoints and fuse visual identifications with its existing datasets for government and commercial customers

intended for vessel analytics

The system gives customers no raw images or video and is intended for vessel analytics, not identifying individuals

Source: Windward, Nov. 3, 2026

Sources
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Windward aims to place cameras at maritime chokepoints and key thoroughfares, expanding into proprietary sensing alongside the multiple data sources its platform already combines.1

The company says not every vessel transmits, and some signals used in maritime intelligence can be switched off, obscured by weather or jammed. It says the added optical layer identifies and fingerprints vessels in real time at chokepoints and ports, including vessels that go dark to evade detection.1

The system provides customers with no raw images or video footage and is intended to analyze vessel activity, not identify or verify individuals.1

The announcement does not disclose the price or other terms, including closing conditions, or name a customer using the Azimut.ai sensors.1

Windward says it combines visual identifications from its own sensing assets with ownership, sanctions, cargo and behavioral data to produce assessments for government and commercial customers.1

Sources (1)
  1. Windward, "Windward Expands into Maritime Visual Intelligence with Acquisition of Azimut.ai," Nov. 3, 2026 windward.ai
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