Private equity defense deals in 2021

StandardAero buys PTS Aviation

Backed by Carlyle

A business that primarily procures and sells engine parts, with expertise in used serviceable material for the CFM56 engine.

Arotech buys Advance Circuit Technology

Backed by Greenbriar Equity Group

A privately held corporation in Rochester, NY, with mission critical printed circuit board and microelectronic assemblies technologies.

Fairbanks Morse Defense buys Fluid Filtration Specialists

A company focused on flushing and filtration services for marine vessels and other facilities that operate large engines and systems

Omega Optical Holdings buys Evaporated Metal Films and Optometrics

Seller: Dynasil Corporation of America · Backed by Artemis Capital Partners

Precision optical coatings for large optics (EMF) and diffraction gratings and wavelength selection components (Optometrics)

Latécoère buys MADES

Seller: American Industrial Acquisition · Backed by Searchlight Capital Partners

Electronics manufacturing services provider focused on printed circuit boards for high reliability applications, in Malaga, Spain

Fairbanks Morse Defense buys Welin Lambie

A U.K.-based designer and manufacturer of davits for the launch and recovery of craft from ships or shore-based installations

ADDMAN Engineering buys Domaille Engineering

Seller: Thompson Street Capital Partners · Backed by American Industrial Partners

Manufacturer of mission-critical aerospace and defense components and proprietary fiber optic instruments, headquartered in Rochester, MN.

Stellex Capital Management buys Mecaer Aviation Group

Global aerospace & defense supplier specializing in flight-critical systems and services for rotorcraft, business jets and military aircraft

Precision Aviation Group buys Velocity Aerospace Group

Backed by GenNx360 Capital Partners

Aviation MRO services and manufacturing, with three FAA repair stations in Burbank and Van Nuys, California and Ft. Lauderdale, Florida

BlueHalo buys Asymmetrik

Backed by Arlington Capital Partners

A developer of software solutions and technology tools for Intelligence Community programs, including Open Source Intelligence

BAE Systems buys Bohemia Interactive Simulations

Seller: Riverside

a global software developer of simulation training solutions for military organizations

J.F. Lehman & Company sells IMIA to Investment affiliates of The Carlyle Group and Stellex Capital Management

Buyer: Investment affiliates of The Carlyle Group and Stellex Capital Management

Marine preservation, structural, scaffolding and environmental containment, and staffing services for the maintenance, repair, and overhaul and construction of the U.S. Navy fleet

BlueHalo buys Citadel Defense

Backed by Arlington Capital Partners

A San Diego developer of counter unmanned aerial systems technology

Viasat buys Inmarsat

Seller: Inmarsat's shareholders, including Apax, CPP Investment Board, Ontario Teachers' Pension Plan Board and WP Triton Co-Invest

A privately held provider of global mobile satellite communications services.

Vitesse Systems, backed by Trive Capital buys Sterling Precision

Manufacturer of dip-brazed assemblies and thermal management and communication devices such as cold plates, chassis assemblies and waveguides.

Survitec buys Blue Anchor Fire & Safety

Backed by Searchlight Capital Partners

Scottish provider of survival solutions to the fisheries, maritime and offshore energy industries

AE Industrial Partners Structured Solutions I, LP takes a stake in Fire Team Solutions

Provider of mission-critical technology services to the U.S. intelligence community, based in Reston, Virginia

ManTech International buys Gryphon Technologies

Seller: AE Industrial Partners

A systems engineering firm providing advanced digital and systems engineering capabilities for Department of Defense agencies.

L3Harris sells Narda-MITEQ business to Investment affiliate of J.F. Lehman & Company

Buyer: Investment affiliate of J.F. Lehman & Company

Custom radiofrequency and microwave subsystems and components for defense and commercial end markets

CORE Industrial Partners buys 3DXTECH, Triton and Gearbox

a provider of additive manufacturing equipment, including 3D printers, materials, and services focusing on high-performance material extrusion technologies

Amentum Holdings buys PAE

Seller: PAE Incorporated stockholders, including Platinum Equity affiliates · Backed by American Securities and Lindsay Goldberg

A company focused on delivering mission-critical solutions to the U.S. government and its allies on all seven continents

CGI Automated Manufacturing buys Advanced Laser Machining

Backed by CORE Industrial Partners

a full-service provider of metals-focused contract manufacturing solutions

Elbit Systems sells Ashot to FIMI Opportunity Funds

Buyer: FIMI Opportunity Funds

manufacturer of jet engine shafts, transmissions, gears and gearboxes, landing gear components and tungsten products for the aerospace and defense industries

Cerberus Capital Management buys NetCentrics

Provider of cybersecurity, enterprise information technology and telecommunications to the federal government and private industry.

Arcline Investment Management buys Onboard Systems International

Seller: Liberty Hall Capital Partners

Designs, manufactures, and services external cargo equipment for military and civil helicopter applications.

Arlington Capital Partners buys Systems Planning & Analysis

Provider of systems engineering, modeling and simulation, advanced analytics, strategic advisory, industrial policy and program management to government and defense customers; to be combined with Arlington portfolio company MCR, LLC

StandardAero buys Asian Surface Technologies

Backed by Carlyle

A component repair business in the Asia-Pacific region; StandardAero bought the remaining 59.2% it did not already own.

Maury Microwave buys dBmCorp

Backed by Artemis Capital Partners

Designer and manufacturer of wireless link emulation equipment for satellite and wireless communication testing

Peraton sells Peraton systems engineering, integration, and support services business to CTFV Acquisition

Buyer: CTFV Acquisition

Peraton's systems engineering, integration, and support services business; the company later took the name Arcfield

Bain Capital Private Equity buys ITP Aero

Seller: Rolls-Royce

an aerospace and engine component supplier: design, manufacturing, assembly, testing and maintenance, repair and overhaul of aeronautical modules and engines for commercial aviation and defence applications

Peraton buys ViON as-a-service business

Seller: ViON

As-a-service (aaS) IT infrastructure business of ViON Corporation, including staff, solutions and contracts with federal and state agencies

Artemis Capital Partners sells Ohio Tool Works to Hardinge

Buyer: Hardinge

Designs and builds standard and custom honing technology

Karman Missile & Space Systems buys TMX Engineering

Backed by Trive Capital

Complex precision machining of exotic and non-exotic metals for missile, space and hypersonic systems.

UAV Factory buys Jennings Aeronautics

Backed by AE Industrial Partners

Provider of small unmanned aerial systems, based in San Luis Obispo, California

TCFIII Spaceco Holdings buys Systima Technologies

Backed by Trive Capital

Specialist in design and integration of energetic and mechanical systems into the structural design of mission-critical space and hypersonic systems

Fairbanks Morse Defense buys Hunt Valve

Backed by Arcline Investment Management

Specialty manufacturer of naval valves and electromechanical actuators.

Raytheon Technologies sells Raytheon global training and services business to Vertex Aerospace

Buyer: Vertex Aerospace · Backed by American Industrial Partners

the global training and services business within Raytheon Technologies' RIS segment

Bluestone Investment Partners buys cBEYONData

a professional services and solutions company supporting mission-driven agencies with business process automation, cloud migrations, business intelligence, data management and data analytics

Quantic Electronics buys ECI Transcon Technologies

Backed by Arcline Investment Management

Designs, develops and manufactures custom electromagnetic components.

L3Harris sells ESSCO business to Communications & Power Industries

Buyer: Communications & Power Industries · Backed by Odyssey Investment Partners

manufactures metal space frame ground radomes, as well as specialty radomes and composite structures

Quantic Electronics buys Paktron Capacitors

Backed by Arcline Investment Management

Designs and manufactures multilayer polymer film capacitors.

Spartronics buys Inovar

Backed by One Equity Partners

Provides engineering, manufacturing, product assemblies and aftermarket services used by original equipment manufacturers in the aerospace, defense, medical and industrial markets; an independent Tier 3 electronics manufacturing service player in the Rocky Mountain region.

InVeris buys SURVIVR

Backed by Pine Island Capital Partners

Privately held, Dallas-based Public Benefit Corporation devoted to public safety, maker of a virtual reality police training system

Two Six Technologies buys Trusted Concepts

Backed by Carlyle Group

A provider of software engineering, cyber, and advanced analytics solutions to customers in the Intelligence Community.

Arlington Capital Partners buys MCR

A provider of cost analysis and engineering and software development expertise to customers in defense, intelligence and critical civilian governmental agencies

BlueHalo buys Intelligent Automation

Backed by Arlington Capital Partners

A Rockville, MD provider of advanced technology development and productized solutions in AI/ML, cybersecurity, hypersonics, space, 5G, data analytics, and RF/communications

Quantic Electronics buys BEI Precision

Seller: J.F. Lehman & Company · Backed by Arcline Investment Management

Designs, engineers and manufactures position feedback sensors and frequency reference technologies for mission-critical space, land, air and sea applications.

Cobham Ultra Acquisitions Limited takes Ultra Electronics private

Backed by Advent International

A UK defence company.

Spectra A&D Holdings buys Galleon Embedded Computing

Backed by Vance Street Capital

Oslo-based designer and seller of COTS-based embedded computing solutions for military and commercial applications.

Creation Technologies takes IEC Electronics private

Backed by Lindsay Goldberg

Provider of high-complexity, low-to-medium volume electronic manufacturing services

CORE Industrial Partners buys CGI Automated Manufacturing

a custom precision sheet metal fabrication solutions provider; CORE later relaunched the platform as Cadrex Manufacturing Solutions

Precision Aviation Group buys Trace Aviation Group

Backed by GenNx360 Capital Partners

MRO capabilities on King Air/1900 landing gear assemblies, based in Jackson, Mississippi

L3Harris sells Electron Devices and Narda Microwave-West divisions to Affiliate of Arlington Capital Partners

Buyer: Affiliate of Arlington Capital Partners

A provider of RF amplification products for the space, electronic warfare, radar, medical and industrial end markets

One Equity Partners takes a stake in Cicor

Swiss manufacturer of highly complex printed circuit boards, hybrid circuits and microelectronics, with electronics manufacturing services for electronic assembly and plastic injection molding.

Intrepid Solutions and Services buy Darkblade Systems

Backed by Bluestone Investment Partners

an intelligence solutions firm

Communications & Power Industries buys TMD Technologies

Backed by Odyssey Investment Partners

designer and manufacturer of microwave, radio frequency and high voltage equipment for radar, electronic warfare, communications, medical, EMC testing and scientific applications

Micross Components buys Ultra CEMS microelectronics business

Seller: Ultra CEMS · Backed by Behrman Capital

Provider of high reliability hybrid electronics, based in Portchester, England

BlueHalo agrees to buy DDES

Backed by Arlington Capital Partners

An Albuquerque, NM designer and manufacturer of space-qualified electronic systems for spacecraft

Arcline Investment Management buys Air Comm

Designs, manufactures, and services environmental control systems, thermal management systems and other accessories.

Huntington Ingalls Industries buys Alion Holding

Seller: Veritas Capital

Advanced engineering and R&D services in ISR, military training and simulation, cyber, data analytics and other technology solutions

StandardAero buys Signature Aviation Engine Repair and Overhaul business

Seller: Signature Aviation · Backed by Carlyle

An engine repair and overhaul business serving general aviation, regional and helicopter engines.

Blue Delta Capital Partners takes a stake in CSA

Digital transformation consulting firm focused on the U.S. Defense Department

CSA buys Capstone

Backed by Blue Delta Capital Partners

Government services and solutions provider supporting military and civil operations, enterprise technical requirements and mission support

Micross Components buys Semi Dice

Backed by Behrman Capital

Global provider of high-reliability die and wafer products and value-added services

Quantic Electronics buys Union Technology

Backed by Arcline Investment Management

Designs, develops and manufactures multilayer ceramic capacitors and assemblies.

Artemis Capital Partners buys Maury Microwave

RF calibration, measurement and modeling solutions

Black & Veatch sells Black & Veatch environmental services business unit to Versar

Buyer: Versar · Backed by Kingswood Capital Management

Environmental services business unit of Black & Veatch focused on Federal government customers, providing remediation, investigation, assessment, and design for the EPA, the U.S. Army Corps of Engineers, and other Federal agencies.

Arlington Capital Partners sells Molecular Products to Filtration Group

Buyer: Filtration Group

A global provider of pure air technologies and manufacturer of advanced chemistry-based products for the treatment of breathable gases

BigBear.ai goes public through GigCapital4

Seller: BBAI Ultimate Holdings · Backed by AE Industrial Partners

A company focused on the use of artificial intelligence and machine learning for decision support; at the time its businesses included NuWave, PCI, Open Solutions and ProModel.

Versar buys BayFirst Solutions

Backed by Kingswood Capital Management

Provides network engineering, cybersecurity, and intelligence support to the U.S. government, serving primarily the Department of Homeland Security.

Accenture Federal Services buys Novetta

Seller: Carlyle Group

An advanced analytics company serving U.S. federal organizations in machine learning, cyber, and cloud engineering.

Broadtree Partners buys Sayres Defense

a company focused on defense mission support services to the US Navy, Department of Defense, and broader National Security community

Belcan buys VICTOR42

Backed by AE Industrial Partners

Provider of special operations support, intelligence solutions and training, and IT services for the Federal Government, based in Washington, D.C.

Precision Aviation Group buys Keystone Turbine Services

Backed by GenNx360 Capital Partners

OEM-approved aftermarket MRO services for operators of the Rolls-Royce M250 series of gas turbine engines, based in Coatesville, Pennsylvania

Bluestone Investment Partners buys Chesapeake Technology International

a contractor that provides software and systems development services to defense customers

Triumph Group sells Qarbon Aerospace to Arlington Capital Partners

Buyer: Arlington Capital Partners

A provider of large, complex structural components and assemblies such as fuselages, wings, flight control surfaces, and engine nacelles

Incodema Holdings buys Micropulse West

Backed by CORE Industrial Partners

a manufacturer of complex precision parts for programs across the satellite communications, aerospace and medical end markets

Incodema Holdings buys Precision Process

Backed by CORE Industrial Partners

a producer of integrated engineering through production services for the medical, semiconductor and packaging end markets

Serco buys WBB

Seller: H.I.G. Capital

Provides program management, advanced engineering and analytical support to the U.S. Department of Defense and other federal agencies.

Greenbriar Equity Group buys PCX Aerosystems

A supplier of highly engineered, precision, flight critical assemblies for rotorcraft and fixed wing aerospace platforms; the deal closed concurrently with PCX's acquisition of Senior Aerospace Connecticut.

American Pacific takes a stake in Frontier Aerospace

Backed by AE Industrial Partners

Space propulsion company offering end-to-end services from concept ideation to product development to design verification testing, based in Simi Valley, California

International Marine and Industrial Applicators buy Main Industries

Backed by J.F. Lehman & Company

Preservation, scaffolding and environmental containment services to the marine vessel new construction and maintenance, repair and overhaul markets

TransDigm Group sells Technical Airborne Components to Searchlight Capital Partners

Buyer: Searchlight Capital Partners

Belgium-based business that designs and produces rods and struts for helicopters, commercial planes, military aircraft and space programs.

Riverside takes a stake in CIS Secure Computing

a provider of secure communications and computing solutions for government and commercial customers

J.F. Lehman & Company buys Trillium Engineering

Designer and manufacturer of highly engineered camera gimbals for unmanned aerial systems performing intelligence, surveillance and reconnaissance missions

Redwire goes public through Genesis Park Acquisition

Seller: AE Red Holdings · Backed by AE Industrial Partners

A space infrastructure company; the combined company was renamed Redwire Corporation and listed on the NYSE as RDW

Veritas Capital sells Abaco Systems to AMETEK

Buyer: AMETEK

Open-architecture computing and electronic systems for aerospace, defense, and specialized industrial markets

Survitec buys Hansen Protection

Backed by Searchlight Capital Partners

European provider of specialist survival suits and protective equipment

Quantic Electronics buys Planar Monolithics Industries

Backed by Arcline Investment Management

Designs, develops, manufactures and tests hybrid monolithic microwave integrated circuit (MIC/MMIC) components and subsystems.

Tyto Athene buys AT&T Government Solutions

Seller: AT&T · Backed by Arlington Capital Partners

Buyer now known as: Quantum Sky

AT&T's Department of Defense IT professional services business and select other contracts

Warburg Pincus buys Infinite Electronics

Seller: Genstar Capital

Global supplier of electronic components, assemblies, and wired/wireless connectivity solutions

Ambit Group merges with GreenZone Solutions

Backed by AE Industrial Partners

Data management and analytics, cybersecurity and agile software development for the Federal Government

TransDigm Group sells ScioTeq and TREALITY Simulation Visual Systems to OpenGate Capital

Buyer: OpenGate Capital

Develop and manufacture advanced visualization solutions primarily for the global defense, air traffic control, and security end markets.

Redwire buys Deployable Space Systems

Backed by AE Industrial Partners

A supplier of deployable solar arrays, structures and mechanisms for space applications

Vance Street Capital buys FDS Avionics

One of three businesses combined to form Spectra A&D Holdings, a designer and manufacturer of avionics and electronics solutions primarily for the aerospace and defense technology market.

Vance Street Capital buys Argon

One of three businesses combined to form Spectra A&D Holdings, a designer and manufacturer of avionics and electronics solutions primarily for the aerospace and defense technology market.

Vance Street Capital buys Calculex

One of three businesses combined to form Spectra A&D Holdings, a designer and manufacturer of avionics and electronics solutions primarily for the aerospace and defense technology market.

Karman Missile & Space Systems buys AAE Aerospace

Backed by Trive Capital

Manufacturer of high temperature composites for the missile, interceptor and space sectors.

Atlas CC Acquisition takes Cubic private

Backed by Veritas Capital and Evergreen Coast Capital

Cubic Corporation, whose subsidiaries include Cubic Transportation Systems, Inc. and Cubic Defense Applications, Inc.

Superior Technical Ceramics buys IJ Research

Backed by Artemis Capital Partners

Manufacturer specializing in ceramic-to-metal seals and bonds, electrical feedthroughs and opto-electronic windows

Huntington Ingalls Industries sells HII oil and gas business to PMC Capital Partners

Buyer: PMC Capital Partners

Huntington Ingalls' oil and gas business, sold as part of its plan to exit that part of the oil and gas industry

An affiliate of The Carlyle Group buys Two Six Labs

A provider of cybersecurity and advanced technology solutions for the U.S. Government, with customers including DARPA, U.S. Cyber Command and the Department of Homeland Security; combined with IST Research to form Two Six Technologies.

Continental Mapping Consultants buys GISinc

Backed by Bluestone Investment Partners

a provider of GIS-enabled services and solutions

Carlyle Group buys IST Research

Backed by Blue Delta Capital Partners

Provider of open source data collection, population engagement and content discovery solutions, combined with Two Six Labs to form Two Six Technologies

Cobham sells Cobham Mission Systems to Eaton

Buyer: Eaton · Backed by Advent International

a manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets

AE Industrial Partners buys UAV Factory

Maker of tactical unmanned aerial vehicles and ISR payloads, based in Riga, Latvia, with a second location in Bend, Oregon

Peraton takes Perspecta private

U.S. government services provider: mission services, digital transformation and enterprise operations

Odyssey Investment Partners buys Applied Technical Services

provider of testing, inspection, and calibration services

Redwire buys Oakman Aerospace

Backed by AE Industrial Partners

A provider of digital engineering, spacecraft and satellite design and development, and mission payload development

Arcline Investment Management buys TRM Microwave

Global leader in custom radio frequency (RF) and microwave components, integrated assemblies and subsystem solutions.

Spartronics buys Primus Technologies

Backed by One Equity Partners

Provides engineering, manufacturing and testing services of circuit card assemblies and box builds for original equipment manufacturers in the aerospace, defense, medical and complex industrial markets.

Arcline Investment Management buys Ohmega Technologies

Seller: Alan D. Leve Family

Manufacturer of advanced embedded thin-film resistive materials for printed circuit boards.

Sagewind Capital buys Sigma Defense

A provider of airborne intelligence, surveillance, and reconnaissance (AISR) sensor data transport engineering and services.

Owl Cyber Defense Solutions buys Trident Assured Collaboration Systems product line

Backed by DC Capital Partners

The only U.S. government approved Voice over IP and Video Teleconference Cross Domain Solution, plus Full Motion Video filtering capability

Fairbanks Morse buys Ward Leonard

Backed by Arcline Investment Management

A provider of motor and control solutions for military applications, based in Thomaston, Connecticut

Jordan Company L.P., through an affiliate buys Innoflight

a provider of compact, software-defined, cyber-secure and integrated satellite avionics for satellite-to-satellite and satellite-to-ground space networking and communications; TJC calls its deal a recapitalization and strategic investment in partnership with management and does not state the stake

H.I.G. Capital takes SMTC private

Global electronics manufacturing services provider that was listed on Nasdaq before the deal.