Tracker · Deals and capital
Private equity in defense since 2020: what each firm bought, the add-ons its portfolio companies made, and what it sold, searchable by firm or company.
| Arlington Capital Partners | 17 | 33 | 7 | Arlington Capital Partners takes Gooch & Housego private |
|---|---|---|---|---|
| AE Industrial Partners | 16 | 34 | 5 | AE Industrial Partners buys Attilius Technologies |
| Arcline Investment Management | 15 | 24 | 0 | Signia Aerospace agrees to buy Heads Up Technologies |
| CORE Industrial Partners | 7 | 20 | 2 | Fathom Digital Manufacturing buys Precision Grinding & Manufacturing |
| Bluestone Investment Partners | 8 | 17 | 3 | Swift Ascent buys MMAX |
| Trive Capital | 10 | 14 | 4 | Canopy Aerospace & Defense buys Aviotec |
| Carlyle | 8 | 11 | 6 | Funds managed by Carlyle buy Quantum Leap |
| Behrman Capital | 2 | 14 | 2 | Micross Components agrees to buy AEMtec |
| Veritas Capital | 6 | 9 | 4 | TTM Technologies buys Epiq Solutions |
| J.F. Lehman & Company | 8 | 5 | 6 | Wrist Group agrees to buy Military Services Australia |
| Artemis Capital Partners | 6 | 7 | 4 | Acron Technologies buys Sightline Intelligence |
| Sagewind Capital | 4 | 8 | 2 | Shield AI buys Aechelon Technology |
| GenNx360 Capital Partners | 0 | 11 | 3 | VSE buys Precision Aviation Group |
| The Jordan Company | 6 | 5 | 3 | TJC agrees to buy 3dB Labs |
| DC Capital Partners | 7 | 3 | 1 | DC Capital Partners buys Knexus |
| 6 | 4 | 1 | EthosEnergy sells Ethos A&C to Wencor Group | |
| 6 | 4 | 0 | Blue Delta Capital Partners takes a stake in Tharros | |
| 8 | 2 | 0 | Capitol Meridian Partners agrees to buy RH Aero Systems | |
| 3 | 7 | 0 | Woven Solutions agrees to buy Insignis | |
| 5 | 5 | 0 | Washington Harbour Partners LP buys Outpost Mission Services | |
| 5 | 4 | 3 | Greenbriar Equity Group agrees to buy Spectrum Control | |
| 8 | 0 | 3 | Goodwin agrees to sell Mechanical Engineering Division of Goodwin to Cerberus Capital Management | |
| 7 | 1 | 1 | H.I.G. Capital agrees to take MISTRAS Group private | |
| 1 | 6 | 2 | Survitec sells Beaufort to Capitol Meridian Partners and Stellex Capital Management | |
| 3 | 4 | 1 | TransDigm Group buys Jet Parts Engineering and Victor Sierra Aviation Holdings | |
| 3 | 4 | 0 | AEVEX buys BlackSea Technologies | |
| 6 | 0 | 2 | Bain Capital agrees to buy SupplyOn | |
| 5 | 1 | 2 | RENK Group AG agrees to buy David Brown Defence | |
| 1 | 5 | 1 | ADDMAN agrees to buy Forecast 3D | |
| 1 | 5 | 1 | Comply365 agrees to buy MINT | |
| 3 | 2 | 9 | Advent International takes a stake in Avio | |
| 3 | 2 | 3 | Warburg Pincus and Berkshire Partners agree to sell Consolidated Precision Products to GE Aerospace | |
| 2 | 3 | 1 | Tallvine Partners agrees to buy Lind Marine | |
| 4 | 1 | 1 | Tinicum, L.P. and affiliated funds managed by Tinicum agree to buy GracoRoberts | |
| 5 | 0 | 0 | Bernhard Capital Partners' government services platform buys Apogee | |
| 1 | 3 | 3 | SGS buys Applied Technical Services | |
| 2 | 2 | 2 | Sentry Aerospares buys AirStart | |
| 3 | 1 | 1 | Ondas buys DZYNE Technologies | |
| 2 | 2 | 0 | Joint Research and Development buy Global Systems Technologies | |
| 0 | 4 | 0 | Amentum Holdings buys PAE | |
| 3 | 0 | 2 | Boeing sells Jeppesen, ForeFlight, AerData and OzRunways to Thoma Bravo | |
| 3 | 0 | 1 | Funds managed by Blackstone agree to buy ASEI | |
| 2 | 1 | 1 | CIRCOR agrees to buy Green Silence Group | |
| 2 | 1 | 1 | Gryphon Investors agrees to sell Jensen Hughes to New Mountain Capital | |
| 2 | 1 | 1 | Centerbridge Partners buys Precinmac | |
| 1 | 1 | 1 | Science Applications International buys SilverEdge | |
| 1 | 1 | 1 | Gryphon Investors agrees to sell Jensen Hughes to New Mountain Capital | |
| 1 | 1 | 1 | Kaseware agrees to merge with OSINT Combine | |
| 2 | 0 | 0 | AURELIUS buys Marshall Aerospace | |
| 2 | 0 | 0 | Apollo Funds takes Barnes Group private | |
| 1 | 1 | 0 | Stryten Energy buys C&D Trojan | |
| 2 | 0 | 0 | Clayton, Dubilier & Rice and Greenbriar Equity Group merge with Whitcraft Group | |
| 1 | 0 | 1 | Forcepoint sells Forcepoint G2CI to TPG | |
| 1 | 0 | 1 | Vigor Marine Group sells Vigor Marine Group Complex Fabrication division to Precision Build Integration | |
| 1 | 0 | 1 | Pfingsten buys Next Point Bearing Group | |
| 1 | 0 | 0 | BV Investment Partners buys CyberSheath | |
| 1 | 0 | 0 | Atlas CC Acquisition takes Cubic private | |
| 1 | 0 | 0 | TransDigm Group sells ScioTeq and TREALITY Simulation Visual Systems to OpenGate Capital | |
| 1 | 0 | 0 | Huntington Ingalls Industries sells HII oil and gas business to PMC Capital Partners | |
| 1 | 0 | 0 | an affiliate of Platinum Equity Advisors takes Héroux-Devtek private | |
| 0 | 0 | 2 | Maximus agrees to buy Agile Defense | |
| 0 | 0 | 1 | Warburg Pincus and Berkshire Partners agree to sell Consolidated Precision Products to GE Aerospace | |
| 0 | 0 | 1 | Leidos buys ENTRUST Solutions Group | |
| 0 | 0 | 1 | Liberty Hall Capital Partners buys Comply365 | |
| 0 | 0 | 1 | Precise Aerospace & Defense buys Precise Metal Products | |
| 0 | 0 | 1 | ADDMAN Engineering buys Domaille Engineering |
Select a firm to see its deals; the most active have their own page.
Backed by Bluestone Investment Partners
A firm specializing in space technologies and acquisition, supporting the Intelligence Community with business, strategy, and engineering management services.
Seller: JLL Partners · Backed by Arcline Investment Management
Provider of aircraft cabin systems, lighting and passenger-experience technologies, headquartered in Addison, Texas.
Backed by Bluestone Investment Partners
Alexandria, Virginia, provider of logistics, materials management and program support services to the U.S. Navy, U.S. Marine Corps and other Department of War customers
Backed by KKR
Italian provider of hydraulic pumps, electric motors and advanced engineering solutions
UK-based designer and manufacturer of photonic and optical components and subsystems for aerospace & defense, industrial and life sciences markets.
Seller: Arclight Equity Holdings · Backed by Enlightenment Capital
Cybersecurity, digital transformation, data analytics and AI services for defense and national security customers, based in McLean, Virginia
Backed by CORE Industrial Partners
Rochester, New York precision manufacturer of CNC machined, milled, turned, ground, lapped and honed components for aerospace and defense customers
Backed by CORE Industrial Partners
Rochester, New York maker of precision CNC machining, sheet metal fabrication, electro-mechanical box builds, PCB assemblies and cable and wire harnesses for aerospace and defense customers
Seller: Staple Street Capital · Backed by ATL Partners
A provider of critical airflow management solutions for engine system, auxiliary power unit, and environmental control system applications, based in Phoenix, Arizona.
Seller: Marshall Group
British aerospace and defence specialist in military maintenance, repair and overhaul (MRO), applied aerospace engineering and multi-domain advanced manufacturing.
Combined with TSC under Falcata, which develops and produces sensing, guidance, navigation and control technologies for missile defense and other national security missions
Combined with ASEI under Falcata, which develops and produces sensing, guidance, navigation and control technologies for missile defense and other national security missions
Seller: AEA Investors
An independent developer and manufacturer of highly engineered radio frequency (RF) components and subsystems enabling analog-to-digital communications across defense and high-reliability industrial end markets.
Seller: RH Aero shareholders, including the Moeller family
global provider of aviation support equipment and services
A value-added distributor of precision and miniature bearings and related power transmission components
Technology-enabled industrial asset integrity and laboratory testing solutions, listed on the NYSE.
Buyer: Cerberus Capital Management
High-integrity engineered solutions for aerospace and defence, nuclear, power and mining customers, with proprietary design and advanced manufacturing.
Buyer: GE Aerospace
manufactures highly engineered castings and sub-assemblies primarily for the commercial aerospace and defense markets
Backed by Trive Capital
Turin, Italy-based supplier of multi-layer insulation (MLI) blankets and electrical harnesses for satellites and spacecraft.
a provider of radio frequency signal processing and spectrum analysis solutions; TJC calls its deal a strategic investment made in partnership with the founders and management, who retain significant ownership, and does not state the stake
Seller: EDS TopCo, LP
Provider of open-architecture, AI-enabled software-defined radios, high-performance RF products and radiation-tolerant space compute solutions
Seller: Black Sea Technologies · Backed by Madison Dearborn Partners
One of the largest providers of unmanned surface and subsea vessels in the U.S. defense market
Seller: Cerberus Capital Management
Designs, manufactures and delivers advanced RF and mission systems for U.S. national security customers.
Vertically integrated national security intelligence platform, formed through the acquisition and rebranding of a provider of data intelligence and analytic solutions
Buyer: New Mountain Capital
A company focused on fire protection engineering, nuclear risk engineering and related safety consulting services.
Backed by Bluestone Investment Partners
a Huntsville, Alabama-based developer of advanced modeling and simulation software, creator of the FLAMES simulation framework
Federal contractor serving Homeland, Federal Civilian, Health, and Defense clients
Seller: Capiton · Backed by Behrman Capital
Provider of complex micro- and optoelectronic modules, advanced packaging, test and assembly services for high-reliability applications, headquartered in Berlin, Germany
Seller: CM Equity Partners
a value-added distributor of specialty chemicals and advanced composite materials to the aerospace and defense industry
Buyer: TE Connectivity
a provider of advanced power management and filtering solutions for mission critical industrial applications
a provider of maintenance, modernization and industrial services supporting the U.S. Navy and maritime defense community
Seller: AUMOVIO, Bosch, Schaeffler, and ZF
a supply chain collaboration platform serving the automotive, aerospace and defense, and other advanced manufacturing sectors across Europe
Buyer: Machine Sciences, a portfolio company of Viking Global
Provider of Hot Isostatic Pressing (HIP) services for space, commercial aerospace, defense and power generation end-markets.
Seller: KPS Capital Partners, LP · Backed by Atlas Holdings
Battery maker; the combined company serves transportation, industrial, essential power, and military and government markets
Related platform: Highwater
A U.S. provider of naval preservation, structural and scaffolding services
Backed by Acorn Capital Management
An independent stocking distributor of rotable aircraft components with a strong focus on regional platforms, and a recognized leader in the Canadian market.
provider of ICD 705–accredited classified workspace, delivered as a service
a company focused on space and defense propulsion (Advent's description); Avio plans to establish itself as a merchant supplier of solid rocket motors in the United States
Seller: Cobham Ultra
a company focused on next-generation undersea warfare solutions
Seller: Stellex Capital Management
UK-based specialist in high-precision gearboxes for the naval and land defense sectors
Seller: Highlander Partners Defense
U.S.-based defense technology company specializing in long-endurance autonomous aircraft, counter-UAS systems and autonomous effects
Backed by J.F. Lehman & Company
Husbanding and maritime logistics services supporting defense and naval operations across Australia and the Indo-Pacific
Seller: Inflexion
Provider of engineered shims and fasteners for the global aerospace and defense industries.
a provider of mission-critical support, with subject matter experts in software development, artificial intelligence, cyber, and aerospace technology
Manufacturer of highly complex, mission-critical forged components for aerospace, defense, and specialty industrial applications.
a company focused on advanced fiber optic-based technology
Seller: Volkswagen Group
developer and manufacturer of 2-stroke and 4-stroke marine and power engines and turbomachinery
Seller: Acorn Capital Management
A provider of specialized aviation services to U.S. government and commercial customers, headquartered in San Marcos, Texas.
Seller: Cobham Ultra Group
A defense technology business that develops mission-critical software, edge-compute, and encryption products.
Backed by J.F. Lehman & Company
Manufacturer of forged components; vertically integrated provider of specialized forgings, fittings and pipe to defense and industrial end users
Provider of mission-critical identification and marking solutions; its Aerospace segment makes flight-deck printers, network switches and data acquisition products.
Backed by Falfurrias Management Partners
A specialized provider of systems engineering and software development solutions in support of critical cyber operations.
Backed by Arlington Capital Partners
Buyer now known as: Quantum Sky
A provider of mission-tailored enterprise service management and cloud migration for U.S. intelligence agencies
Seller: Audax Private Equity
a global provider of supply chain solutions for the aerospace and defense industry, specializing in hardware, electrical products, and consumables and expendables
Seller: Aviation Industry Corporation of China
Designer and manufacturer of piston aircraft engines and provider of related aftermarket products and services for the general aviation market.
Backed by AE Industrial Partners
FAA-certified provider of specialized, precision-engineered component MRO services, based in Seattle
Backed by Stellex Capital Management
Backed by Madison Dearborn Partners
A Boston-based artificial intelligence company known for its advanced decision-intelligence platform and neuro-inspired AI technologies, serving U.S. federal government and DoW customers
Backed by Bluestone Investment Partners
a highly specialized cybersecurity company delivering AI-enabled cyber operations, adversarial threat emulation and red team operations, and modern DevSecOps capabilities
Seller: Its founders and employees · Backed by Arcline Investment Management
Designs and manufactures non-contact, high-precision torque sensors that operate under extreme conditions.
Seller: Former shareholders of Omnetics · Backed by Arcline Investment Management
Designer and manufacturer of proprietary high-reliability Micro-D-Sub and Nano-D-Sub connectors and interconnect assemblies.
Seller: Kingswood Capital Management, LP
A diversified marine services business headquartered in the San Francisco Bay Area.
Seller: Oaktree Capital Management
A specialized engineering firm with a focus on nuclear and other highly regulated power end markets; merged with Arlington's Pond & Company
Seller: Artemis Capital Partners · Backed by TJC
Specialist provider of edge-based AI processing capabilities and target recognition technology for autonomous aircraft, defense, and other mission-critical applications
Provider of engineering, manufacturing, and metrology expertise in optical systems
Provider of highly engineered thermal spray coatings and finishing services for military, commercial aerospace, and industrial gas turbine applications
Oxfordshire, UK manufacturer of complex, highly engineered composite and metallic components.
A provider of repair, overhaul and parts distribution services, with a primary focus on electro-mechanical, hydraulics, pneumatics, and power generation components.
Global provider of advanced lithium-ion batteries and power systems.
Backed by AE Industrial Partners
Specialized provider of bearing repair services
Buyer: Windjammer Capital
a provider of high precision metal components for critical-use applications in growth-oriented end markets
Seller: Sagewind Capital
A provider of simulation and geo-specific databases supporting both manned and unmanned systems across all major Department of War service branches.
Seller: Eptec Group
Related platform: Highwater
A remediation and new build preservation services provider for Australian naval defense vessels
Buyer: Airbus Defence and Space · Backed by Advent International
UK cyber business with more than 200 employees and a cyber centre of excellence in Maidenhead
Backed by AE Industrial Partners
Provider of vacuum and endothermic processing and brazing services, founded in 1952 in Hatfield, United Kingdom
Backed by AE Industrial Partners
High precision manufacturing assets, including robotics, laser, CNC, and advanced coating technologies
Backed by AE Industrial Partners
Provider of replacement bushings, sleeves and fasteners for landing gear applications in the aerospace and defense aftermarket
Backed by Tinicum
designs and manufactures high-technology components and systems for the principal original equipment manufacturers in the worldwide aerospace and defence, land vehicle and power and energy markets
Buyer: J.F. Lehman & Company
A global provider of complex, precision forgings to aerospace, defense and space customers
Backed by Falfurrias Management Partners
A strategy and capabilities firm that delivers solutions in mission planning, operational technology integration, and strategic communications.
Provider of ground support equipment, mobile test systems, and specialized pumps for aerospace, defense and industrial applications.
Mission-critical propulsion tanks and aerospace systems for U.S. spaceflight systems, hypersonics and launch vehicle markets.
Backed by Bluestone Investment Partners
a provider of secure network and cyber engineering services and technology
Backed by Sagewind Capital
A provider of Modeling, Simulation, & Training (MS&T) products and solutions, headquartered in Orlando, Florida.
Provider of mission-critical cybersecurity and vulnerability research solutions for the U.S. Federal Government
Backed by Falfurrias Management Partners
An emerging technology company specializing in computer vision, machine learning, and AI systems.
Provider of advanced predictive analytics and decision-support solutions serving the U.S. Department of War.
A provider of applied artificial intelligence capabilities supporting complex, mission-critical government programs
Seller: GenNx360 PAG Buyer
Global provider of aviation aftermarket MRO, distribution, and supply chain services supporting business and general aviation, rotorcraft, and defense end markets.
Seller: Kohlberg
An engineering firm that provides infrastructure design, grid modernization and program management services primarily to electric, gas and pipeline utilities
Provider of inspection, repair and maintenance services for ground facilities that protect satellite, radar and communications antennas at military and government sites; rebranded as Outpost Mission Services
A defense technology firm offering digital engineering, mission-critical technology, and fabrication solutions, formed by merging JHNA, EXPANSIA and CTSi (rebranded Aether Aerospace in April 2026)
Seller: TRM Equity
Large-scale, high complexity magnesium and aluminum sand castings for aerospace and defense applications
Seller: Vance Street Capital
Designers and manufacturers of aerospace aftermarket parts, primarily proprietary parts manufacturer approval (PMA) components; nearly all sales are derived from the commercial aftermarket.
Seller: DC Capital Partners
A full-service design and engineering firm providing regulatory-driven, high-precision services to the federal government and customers across the energy, infrastructure and life sciences industries
A cybersecurity services firm providing audit, advisory, and technical testing for certifications including FedRAMP and CMMC.
Backed by CORE Industrial Partners
an FAA, EASA, and CAA UK-certified repair station providing maintenance, repair and overhaul services
Buyer: Tenax Aerospace
an aerospace and defense supplier providing special mission aircraft and related aviation equipment and services to the U.S. and Canadian governments and other customers
Backed by Acorn Capital Management
A Part 142 flight training organization serving a diverse global customer base, with particularly strong relationships across Latin America.
Backed by Sagewind Capital
A company recognized for its expertise in DevSecOps, CI/CD product development, and space-domain systems engineering.
Backed by Capitol Meridian Partners
industrial security software provider that supports organizational compliance with complex regulatory and audit requirements
Seller: K1 Investment Management
provider of AI-enabled cloud solutions that empower companies to find, pursue, win, and retain more business with the government
Backed by American Industrial Partners
Polymer additive manufacturing company based in Carlsbad, California.
Buyer: AE Industrial Partners
L3Harris’ space propulsion and power systems and space avionics and communications businesses, contributed to a new space technology company in which L3Harris retains approximately 40 %
Buyer: Michelin
A developer and manufacturer of proprietary, highly-engineered solutions serving aerospace, space & defense, and specialty industrial end markets
Seller: Funds managed by Blackstone Tactical Opportunities
Space-based sensor portfolio and ground-based software processing for national security missions; electro-optical/infrared and hyperspectral imaging and agentic AI-based software
Backed by Liberty Hall Capital Partners
a company focused on innovative training management for the aviation industry
Backed by Veritas Capital
Rhode Island-based software development, systems engineering and information technology provider with undersea warfare and naval systems expertise
Buyer: Wencor Group · Backed by One Equity Partners
EthosEnergy's aerospace and defense business, providing repair services to aerospace and defense customers
Buyer: Kingswood Capital Management, LP
A global provider of in-flight entertainment and connectivity solutions for airlines and airplane manufacturers worldwide, renamed RAVE Aerospace at closing.
Backed by Gryphon Investors
An engineering firm specializing in process safety hazards analysis and energetic materials consulting and testing.
Modeling, simulation and analysis solutions and custom software for data science, machine learning and autonomy across the modern space architecture
Backed by GenNx360 Capital Partners
Rolls-Royce M250/RR300 engine MRO provider based in Chandler, Arizona
Backed by Falfurrias Management Partners
A provider of secure, innovative technology solutions supporting mission-critical federal environments.
Backed by Falfurrias Management Partners
Known for its delivery of cutting-edge cyber solutions to the intelligence community; blends managed attribution solutions with commercial partnerships to enable cyber forensics, vulnerability analysis, and attribution control.
Provider of highly engineered investment castings for aerospace, defense, medical, energy and specialty industrial applications.
Cite this tracker: TGOs, "TGOs Private Equity in Defense," https://tgos.io/trackers/private-equity/ (accessed 2026-11-08).
Our M&A desk builds this from the deal tracker and from each firm's own portfolio page and announcements. Each deal links to its primary source.
Arlington Capital Partners and AE Industrial Partners tie for the most defense buys since 2020, with their portfolio companies: 50 each
Platform buys by the firm and add-ons by companies it backs, since 2020.
Source: company, investor and government releases and SEC filings.
The Weekly: who bought what, the price, and what it means.