Defense Industry M&A: 2023

AAR buys Triumph Product Support

Seller: Triumph Group

MRO services for structural components, engine and airframe accessories, interior refurbishment, and wheels and brakes

Godspeed Capital Management LP agrees to buy Crimson Phoenix

A data and intelligence solutions platform designed to support critical mission requirements of the U.S. Intelligence Community and U.S. Special Operations Command.

Funds managed by Carlyle and Insight Partners buy Exiger

A supply chain risk and third-party risk software company serving corporations, government agencies and banks.

Artemis Capital Partners sells STC Material Solutions to IDEX

Buyer: IDEX

Advanced materials manufacturer of technical ceramics and hermetic sealing products, based in St. Albans, Vermont

Capitol Meridian Partners buys Clarity Innovations

provider of advanced data and cyber analytics services and software to the U.S. national security community

NewMarket buys American Pacific

Seller: AE Industrial Partners

Manufacturer of critical performance additives used in solid rocket motors for space launch and military defense applications

NewMarket buys AMPAC

Seller: Coyote Ultimate Holdings

Manufacturer of critical performance additives used in solid rocket motors for space launch and military defense applications.

Trive Capital sells Systems Innovation Engineering

Buyer: Undisclosed buyer

Technology-driven defense services firm focused on improving industrial base resiliency.

Hexcel sells Aerospace Composites Malaysia to Boeing

Buyer: Boeing

Malaysian joint venture that manufactures composite structures for Commercial Aerospace applications; Hexcel held 50%.

Arcfield buys Orion Space Solutions

Backed by Veritas Capital

Colorado-based developer of end-to-end space mission capabilities and solutions

Madison Dearborn Partners buys T2S Solutions

A founder-owned provider of R&D, prototyping, engineering, integration, and technology products to mission critical programs for the U.S. Department of Defense, Intelligence Community, and other U.S. Government Agencies

BlueHalo buys Ipsolon Research

Backed by Arlington Capital Partners

A designer and manufacturer of high-performance, ultra-small form factor Software Defined Radios

L3Harris sells commercial pilot training, avionics and flight data analytics to Affiliate of TJC

Buyer: Affiliate of TJC

two units: Avionics, which designs and manufactures mission critical avionics products, and Commercial Training Solutions, which provides aircraft training solutions

Precise Systems buys Excet

Backed by Bluestone Investment Partners

a Springfield, Virginia-based provider of scientific research and engineering services

Amentum Holdings merges with Jacobs' Critical Mission Solutions and Cyber & Intelligence businesses

Seller: Jacobs Solutions · Backed by American Securities and Lindsay Goldberg

Mission-critical, technology-driven services in government and commercial markets

Washington Harbour Partners LP buys SIXGEN

Cyber solutions company for the U.S. national security, intelligence, and defense communities, and critical commercial industries

National Presto Industries sells Rusoh

Buyer: Undisclosed buyer

Designed and marketed an owner-maintained, multipurpose, reloadable, dry chemical fire extinguisher

TransDigm Group buys CPI Electron Device Business

Seller: TJC

Manufactures electronic components and subsystems primarily serving the aerospace and defense market.

Blue Delta Capital Partners takes a stake in Concept Plus

Software development solutions focused on Oracle, Cloud Computing, Data Analytics and Digital Services for U.S. Government customers

Falfurrias Capital Partners buys Synergy ECP

A provider of software engineering, cybersecurity and systems engineering services for the U.S. Intelligence Community and Defense Department.

Bain Capital Private Equity buys Guidehouse

Seller: Veritas Capital

a global provider of consulting services to the public sector and commercial markets

BigBear.ai buys Pangiam

Seller: Pangiam Ultimate Holdings · Backed by AE Industrial Partners, LP

a company focused on vision AI for the global trade, travel, and digital identity industries

Eqlipse Technologies buys SR Technologies

Backed by Arlington Capital Partners

A provider of signals intelligence and electronic warfare technologies

Undisclosed buyer takes a stake in BlackSky Technology's X-Bow Launch Systems

Seller: BlackSky Technology

A space technology company specializing in additive manufacturing of solid rocket motors (BlackSky held a minority equity-method stake of less than 20%).

Redhorse buys Allied Associates International

Backed by Blue Delta Capital Partners

Cybersecurity and engineering company that develops software to extract actionable intelligence from data

Parsons buys I.S. Engineers

Full-service consulting engineering firm specializing in transportation engineering, including roads and highways, and program management, located in Texas.

Fairbanks Morse Defense buys American Fan

A company focused on axial and centrifugal fan technology, located in Fairfield, Ohio

Moog buys Data Collection Limited

Manufactures and operates pavement surveying equipment and provides solutions for measuring and managing pavements, based in Auckland, New Zealand.

RTX sells Raytheon Cybersecurity, Intelligence and Services business to Blackstone

Buyer: Blackstone

the Cybersecurity, Intelligence and Services (CIS) business within Raytheon Technologies' Raytheon segment

Czechoslovak Group a.s. buys Kinetic Group

Seller: Vista Outdoor

Vista Outdoor's Sporting Products business

Stellant Systems buys Power Systems Technology product line

Seller: Comtech Telecommunications · Backed by Arlington Capital Partners

Comtech's solid-state power amplification (PST) product line

EMCORE sells EMCORE Broadband and Defense Optoelectronics product lines to Photonics Foundries

Buyer: Photonics Foundries

EMCORE's Cable TV, wireless and sensing products and its defense optoelectronics business lines.

VSE buys Honeywell Fuel Control Systems

Seller: Honeywell International

Rights to exclusively manufacture, sell, market, distribute, and repair certain Honeywell fuel control systems, bought under an Asset Purchase and License Agreement.

Funds advised by Warburg Pincus buy iNRCORE

Seller: TJC, L.P., which remains a shareholder

Vertically integrated provider of highly engineered, high-reliability passive electronic components; recapitalization with Warburg Pincus and TJC

Kratos Defense & Security Solutions buys Sierra Technical Services

Seller: Former stockholders of Sierra Technical Services

An aerial target drone designer.

Arlington Capital Partners buys Exostar

Seller: Thoma Bravo

A company focused on trusted, secure business collaboration in highly regulated industries including aerospace and defense, healthcare and life sciences

CEVA sells Intrinsix to Cadence Design Systems

Buyer: Cadence Design Systems

Massachusetts-based provider of design engineering solutions focused on the U.S. Aerospace & Defense industry.

Anduril Industries buys Blue Force Technologies

Unmanned aircraft systems developer

Systems Planning & Analysis buys PRKK

Backed by Arlington Capital Partners

A firm focused on Space Domain Awareness and Space Superiority, doing large cross-domain studies and analyses

Loar Group buys CAV Systems Group

Seller: Baird Capital

Provider of highly engineered ice protection and drag reduction systems.

Cerberus Capital Management takes a stake in Resonant Sciences

Payload and survivability company serving the United States defense community, with advanced apertures, measurement and digital engineering, and integrated electronic systems.

GD-OTS sells GAU-19A/B .50-caliber Gatling gun product line to Fulcrum Concepts

Buyer: Fulcrum Concepts

Forward Slope, backed by Trive Capital buys SoarTech

Provider of advanced artificial intelligence solutions for Department of Defense mission requirements.

Parsons buys SealingTech

Maryland-based cyber and technology company focused on defensive cyber operations, edge computing, and secure data management.

Trive Capital buys Hypergiant Industries

AI-enabled, cloud-based command and control software and solutions for space, defense and critical infrastructure.

Owl Cyber Defense Solutions buys Big Bad Wolf Security

Backed by DC Capital Partners

A Maryland-based technology company focused on next generation cloud infrastructure security for government and commercial applications

AeroVironment buys Tomahawk Robotics

Melbourne, Florida provider of robotic common control solutions and designer of Kinesis, a multi-domain, cross-architecture, AI-enabled control system.

Ball sells Ball Aerospace to BAE Systems

Buyer: BAE Systems

Develops spacecraft, sensors and instruments, radio frequency systems and other advanced technologies for the civil, commercial and national security aerospace markets

Arcfield buys Strategic Technology Consulting

Backed by Veritas Capital

Model-based systems engineering (MBSE) and digital engineering services and solutions

Frontgrade Technologies buys Aethercomm

Designer and manufacturer of high-power RF solid state power amplifiers, transmit/receive and high-power RF switches

KKR takes a stake in OHB

a space and technology company in Germany, rest of Europe, and internationally

WSP Global sells Louis Berger Services to Versar

Buyer: Versar · Backed by Kingswood Capital Management

Specializes in operations and maintenance services for complex infrastructure assets at mission-essential defense and civilian facilities worldwide.

Arlington Capital Partners buys Integrated Data Services

Also known as: IDS

Provider of software and technology-enabled support and development for federal government customers; flagship software is Comprehensive Cost and Requirement (CCaR)

Voyager Space: joint venture Starlab Space

Transatlantic joint venture between Voyager Space and Airbus that designs, builds and operates the Starlab commercial space station

ATI sells Northbrook, IL operations

Buyer: Undisclosed buyer

ATI operations in Northbrook, IL; the filings give no further description.

Thales buys Imperva

Seller: Thoma Bravo

A cybersecurity company that protects critical applications, APIs and data anywhere, at scale, through application security and data security.

RTX sells Collins Aerospace actuation and flight control business to Safran

Buyer: Safran

The actuation and flight control business within RTX's Collins segment

GEM Manufacturing buys Coining Manufacturing and Precision Machine Products

Seller: Founder Bob Taylor · Backed by CORE Industrial Partners

a provider of specialty stamping and machining services

Forcepoint sells Forcepoint G2CI to TPG

Buyer: TPG · Backed by Francisco Partners

Forcepoint's Global Governments and Critical Infrastructure business, a cybersecurity provider for defense, intelligence and critical national infrastructure organizations

Artemis Capital Partners buys SightLine Applications

Developer of image processing electronics and software products for ISR and C-UAS missions

Airship AI goes public through BYTE Acquisition

AI-driven edge video, sensor and data management platform for government agencies and enterprises

Anduril Industries buys Adranos

A manufacturer of solid rocket motors, inventor of the ALITEC aluminum-lithium alloy fuel

Sayres Defense buys JRAD

Backed by Broadtree Partners

a provider of test and evaluation services, total life-cycle acquisition support, medical and public health preparedness, and science and technology research and development to government customers including DOD, DHS, and Federal Civilian Agencies

Trident Maritime Systems buys Custom Alloy

Backed by J.F. Lehman & Company

Vertically integrated provider of highly specialized alloyed forgings, fittings and pipe to defense and industrial end users

Arlington Capital Partners buys Pegasus Steel

Related platform: Keel

Provider of complex fabricated steel structures used for the construction of submarines, aircraft carriers and other naval and industrial systems

Firefly Aerospace buys Spaceflight

Backed by AE Industrial Partners

Provider of flight-proven orbital vehicles for payload deliveries, hosting, and transfer services, based in Bellevue, Washington

York Space Systems buys Emergent Space Technologies

Backed by AE Industrial Partners

Aerospace technology company developing and fielding mission software and Guidance, Navigation and Control solutions for multi-spacecraft missions

Barnes Group buys MB Aerospace

Seller: MB Aerospace Group Holdings Limited

Provider of precision aero-engine component manufacturing and repair services.

KKR takes CIRCOR private

mission critical flow control products and services for the Industrial and Aerospace & Defense markets

Northrop Grumman sells Park Air Systems to Indra Sistemas

Buyer: Indra Sistemas

Carlyle buys Meopta

Seller: Rausnitz family

A Czech manufacturer of optical, opto-mechanical, and opto-electronic solutions.

Boeing buys the remaining stake in Wisk Aero

Seller: Kittyhawk

Maury Microwave buys Wireless Telecom Group

Backed by Artemis Capital Partners

Designer and manufacturer of RF and microwave test and measurement equipment (Boonton, Holzworth and Noisecom)

Rocket Lab USA buys Virgin Orbit Long Beach assets

Seller: Virgin Orbit Holdings

A real property lease for a Long Beach, California property and certain production assets, machinery and equipment

HEICO buys Wencor

Seller: Warburg Pincus

A large commercial and military aircraft aftermarket company offering factory-new FAA-approved aircraft replacement parts, value-added distribution of high-use commercial and military aftermarket parts, and aircraft and engine accessory component repair and overhaul services.

Bluestone Investment Partners buys Precise Systems

a Lexington Park, Maryland-based provider of mission readiness and software development services

Bernhard Capital Partners buys Duotech Services

a provider of services for radar and related systems, as well as proprietary radar products

VSE buys Desser Aerospace

Independent distributor of specialty aviation tires, tubes, brakes, and batteries and a provider of component Maintenance, Repair and Overhaul (MRO) services.

Loar Group buys Desser Aerospace's Proprietary Solutions businesses

Seller: VSE

Makes carbon brakes, steel brakes, starter generators and vacuum generators, primarily for general aviation and regional jets.

Micross Components buys TechnoGraph

Backed by Behrman Capital

Provider of hybrid integrated circuits, RF and microwave products, optoelectronics and PCB assembly, located in Portsmouth, UK

Bernhard Capital Partners' deal for VSE Federal and Defense business is called off

Buyer: Bernhard Capital Partners

Aftermarket refurbishment and sustainment services to extend and maintain the life cycle of military vehicles, ships and aircraft for the DoD.

Chesapeake Technology International buys Rapid Imaging Technologies

Backed by Bluestone Investment Partners

a developer of software and imaging solutions that put real-time geospatial situational awareness information on live video

Boeing buys CloudAhoy

Seller: CloudAhoy owners

BlueHalo buys Verus Technology Group

Backed by Arlington Capital Partners

A designer and integrator of counter-unmanned aerial systems products using radio frequency and digital signal processing technologies

HEICO buys Honeywell Aircraft Emergency Locator Transmitter product line

Seller: Honeywell International

Aircraft Emergency Locator Transmitter product line, structured as an exclusive perpetual license and asset purchase.

Elbit Systems of America buys Pacific Electronics Enterprises

Huntington Beach, California business specializing in the overhaul and repair of a wide spectrum of avionic equipment (communication, navigation, radar) and ground-based electronic systems

Commonwealth of Australia takes a stake in Northrop Grumman's 49% shareholding in CEA Technologies Pty

Seller: Northrop Grumman

Planet Labs buys Sinergise

Seller: Holding Sinergise d.o.o., its subsidiaries and certain shareholders

Cloud-based geo-spatial analysis products, platforms and solutions business.

Science Applications International sells SAIC logistics and supply chain management business to ASRC Federal Holding

Buyer: ASRC Federal Holding

SAIC's logistics and supply chain solutions, used by the Defense Logistics Agency to manage multiple supply chains for the agency's customers

Castellum buys Global Technologies Management Resources

a government contractor based in Hollywood, Maryland near Naval Air Station Patuxent River

Ducommun buys BLR Aerospace

Seller: Crescent Capital Aerospace, L.L.C. and Michael Carpenter

A privately-held provider of aerodynamic systems for rotary- and fixed-wing aircraft, including FastFin systems, winglet systems, propellers and flow modifiers, based in Everett, Washington.

AAR buys Trax

A provider of aircraft MRO and fleet management software

RE3DTECH + GoProto buys Phoenix Proto Technologies

Backed by CORE Industrial Partners

a provider of on-demand manufacturing services with expertise in rapid tooling and injection molding

TransDigm Group buys Calspan

Independent provider of proprietary highly engineered testing and technology development services and systems primarily for the aerospace and defense industry, including a transonic wind tunnel.

Parsons buys IPKeys Power Partners

Provides cloud-based cybersecurity and software solutions at the intersection of information and operational technology (IT and OT).

Voyager Space buys ZIN Technologies

Engineering, design and integration company providing human-rated spaceflight systems and monitoring solutions, propulsion and more

TTM Technologies sells Shanghai Backplane Assembly to DBG Holdings Limited

Buyer: DBG Holdings Limited

A small assembly facility that generated $44.7 million in revenues in 2022

Science Applications International takes a stake in Morpheus Data

A provider of cloud automation and platform engineering solutions

Iridium Communications takes a stake in Satelles

A provider of satellite-based time and location services that complement and protect GPS and other GNSS systems.

Cadrex Manufacturing Solutions buys D&R Machine

Backed by CORE Industrial Partners

a provider of CNC precision machining solutions for the aerospace & defense market

Stellex Capital Management buys David Brown Santasalo

Company whose UK facility supplies critical Ministry of Defence programmes

cBEYONData buys Summit2Sea Consulting

Backed by Bluestone Investment Partners

a provider of data analytics, robotic process automation, and enterprise application modernization

Tex Tech Industries buys SGL Carbon Gardena site

Seller: SGL Carbon · Backed by Arlington Capital Partners

Related platform: FMI Industries

The operating assets of SGL Carbon's Gardena, California site, a developer and manufacturer of high-temperature composite materials and components

CORE Industrial Partners buys GEM Manufacturing

a provider of precision deep drawn metal components and mechanical assemblies; the base of CORE's PrecisionX Group

Science Applications International sells Forfeiture Support Associates J.V.

Buyer: Undisclosed buyer

A joint venture in which SAIC held a 50.1 % majority ownership interest

Carlyle and Stellex Capital Management sell Titan Acquisition Holdings to An affiliate of Lone Star Funds

Buyer: An affiliate of Lone Star Funds

A bi-coastal ship repair, marine and heavy complex fabrication group made up of Vigor Industrial, MHI Holdings and Continental Maritime of San Diego.

VSE buys Precision Fuel Components

Privately owned provider of MRO services for engine accessory and fuel systems supporting the business and general aviation market, based in Everett, Washington.

NV5 Global buys Axim Geospatial

Seller: Bluestone Investment Partners

a provider of comprehensive geospatial services and solutions addressing critical mission requirements for customers across the defense and intelligence and state and local government sectors

Highlander Partners buys Black Sage Technologies

Seller: Acorn Growth Companies

Multi-mission platform provider of Counter Unmanned Aircraft Systems (C-UAS) and security solutions, built around its DefenseOS command and control software.

Trive Capital buys Kittyhawk

Provider of Hot Isostatic Pressing (HIP) services for space, commercial aerospace, defense and medical applications.

AE Industrial Partners buys REDLattice

Pure-play cyber technology company providing full spectrum cyber capabilities; AEI acquired a significant stake

Thoma Bravo takes Magnet Forensics private

Seller: Magnet Forensics shareholders

A developer of digital investigation software that acquires, analyzes, reports on, and manages evidence from digital sources, including computers, mobile devices, IoT devices and cloud services.

Infinite Electronics buys Bulgin

Seller: Equistone Partners Europe · Backed by Warburg Pincus

UK-based developer and manufacturer of connectors and related components for harsh-environment applications

AIM MRO buys Tribologix

Backed by AE Industrial Partners

Provider of engineered surface coatings and dry film lubricants for extreme environments, based in Golden, Colorado

Epiq Solutions buys Xiphos Systems

High-performance, space-focused computing solutions

RE3DTECH+GoProto buys Stanfordville Machine & Manufacturing

Backed by CORE Industrial Partners

a supplier of precision machined components and assemblies

Infineon Technologies AG sells High-Reliability DC-DC converter business of Infineon to Micross Components

Buyer: Micross Components · Backed by Behrman Capital

High-reliability DC-DC converters, including hybrid and custom board based power products, headquartered in San Jose, California

Highlander Partners buys DZYNE Technologies

Designs and manufactures a variety of Unmanned Aircraft Systems (UAS), specializing in intelligence, reconnaissance and surveillance (ISR) capabilities.

George Industries merges with Alexander Machine & Tool

Backed by Behrman Capital

Provider of complex engineered solutions for mission-critical defense applications, specializing in thermal management solutions

Micross Components buys KCB Solutions

Seller: Artemis Capital Partners · Backed by Behrman Capital

Provider of RF and microwave products, based in Shirley, Massachusetts

Teledyne Technologies buys ChartWorld

Provider of digital marine navigation hardware and software provided through an affordable subscription-based model.

Planet Labs buys Salo Sciences

A climate technology company that provides solutions to measure Earth’s ecosystems.