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Tracker · Deals and capital

Private equity defense deals in 2023

Dec 202320

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.

intelligence communityIT and government servicesSource
UndisclosedAnnounced
Dec 202319

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.

IT and government servicesSource
$1.2 billionClosed
Dec 202314

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

components and materialsSource
$202 millionClosed Dec 14, 2023
Dec 202304

Capitol Meridian Partners buys Clarity Innovations

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

cyberIT and government servicesSource
UndisclosedClosed
Dec 202304

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

components and materialsmunitions and missilespropulsionSource
$700 millionClosed Jan 17, 2024
Dec 202301

Trive Capital sells Systems Innovation Engineering

Buyer: Undisclosed buyer

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

EW and sensorsMRO and sustainmentSource
UndisclosedClosed Dec 1, 2023
Nov 202329

Arcfield buys Orion Space Solutions

Backed by Veritas Capital

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

intelligence communityspaceSource
UndisclosedClosed Nov 29, 2023
Nov 202329

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

C4ISR and electronicsEW and sensorsspaceSource
UndisclosedClosed Nov 29, 2023
Nov 202329

BlueHalo buys Ipsolon Research

Backed by Arlington Capital Partners

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

C4ISR and electronicsEW and sensorsSource
UndisclosedClosed Nov 29, 2023
Nov 202327

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

C4ISR and electronicstraining and simulationSource
Up to $800 millionClosed Mar 28, 2025
Nov 202321

Precise Systems buys Excet

Backed by Bluestone Investment Partners

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

IT and government servicesSource
UndisclosedClosed Nov 10, 2023
Nov 202315

Washington Harbour Partners LP buys SIXGEN

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

cyberintelligence communitySource
UndisclosedClosed Nov 2023
Nov 202309

TransDigm Group buys CPI Electron Device Business

Seller: TJC

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

C4ISR and electronicsEW and sensorscomponents and materialsSource
$1.39 billionClosed Jun 6, 2024
Nov 202308

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

IT and government servicesSource
UndisclosedClosed
Nov 202307

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.

cyberIT and government servicesintelligence communitySource
UndisclosedClosed Oct 2023
Nov 202306

Bain Capital Private Equity buys Guidehouse

Seller: Veritas Capital

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

IT and government servicesSource
$5.3 billionClosed Dec 14, 2023
Nov 202304

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

IT and government servicesautonomy and dronesintelligence communitySource
$70 millionClosed Feb 29, 2024
Nov 202301

Eqlipse Technologies buys SR Technologies

Backed by Arlington Capital Partners

A provider of signals intelligence and electronic warfare technologies

EW and sensorsintelligence communitySource
UndisclosedClosed
Oct 202331

Redhorse buys Allied Associates International

Backed by Blue Delta Capital Partners

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

cyberintelligence communitySource
UndisclosedClosed Oct 31, 2023
Oct 202330

Fairbanks Morse Defense buys American Fan

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

shipbuilding and maritimecomponents and materialsSource
UndisclosedClosed
Oct 202318

RTX sells Raytheon Cybersecurity, Intelligence and Services business to Blackstone

Buyer: Blackstone

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

IT and government servicescyberintelligence communitySource
$1.3 billionClosed Mar 29, 2024
Oct 202312

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

C4ISR and electronicscomponents and materialsSource
Up to $40 millionClosed Nov 7, 2023
Oct 202303

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

C4ISR and electronicscomponents and materialsSource
UndisclosedClosed Dec 2023
Sep 202326

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

IT and government servicescyberSource
UndisclosedClosed Nov 20, 2023
Sep 202306

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

IT and government servicesintelligence communityspaceSource
UndisclosedClosed Sep 6, 2023
Sep 202306

Loar Group buys CAV Systems Group

Seller: Baird Capital

Provider of highly engineered ice protection and drag reduction systems.

components and materialsSource
$29 millionClosed Sep 1, 2023
Sep 202305

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.

EW and sensorsC4ISR and electronicsSource
UndisclosedClosed
Aug 202324

Forward Slope, backed by Trive Capital buys SoarTech

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

autonomy and dronesIT and government servicesSource
UndisclosedClosed
Aug 202322

Trive Capital buys Hypergiant Industries

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

C4ISR and electronicsspaceSource
UndisclosedClosed
Aug 202322

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

cyberSource
UndisclosedClosed
Aug 202308

Arcfield buys Strategic Technology Consulting

Backed by Veritas Capital

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

IT and government servicesSource
UndisclosedClosed Aug 8, 2023
Aug 202307

Frontgrade Technologies buys Aethercomm

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

EW and sensorsC4ISR and electronicsspaceSource
UndisclosedClosed Aug 7, 2023
Aug 202307

KKR takes a stake in OHB

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

spaceSource
UndisclosedClosed
Aug 202307

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.

MRO and sustainmentIT and government servicesSource
UndisclosedClosed Aug 7, 2023
Aug 202302

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)

IT and government servicesSource
UndisclosedClosed Aug 2, 2023
Jul 202325

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.

cyberSource
$3.6 billionClosed Dec 4, 2023
Jul 202313

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

components and materialsSource
UndisclosedClosed Sep 7, 2023
Jul 202310

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

cyberintelligence communitySource
UndisclosedClosed Oct 2, 2023
Jul 202306

Artemis Capital Partners buys SightLine Applications

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

C4ISR and electronicsautonomy and dronesSource
UndisclosedClosed
Jun 202322

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

IT and government servicestraining and simulationSource
UndisclosedClosed
Jun 202320

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

shipbuilding and maritimecomponents and materialsnuclearSource
UndisclosedClosed
Jun 202314

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

shipbuilding and maritimeSource
UndisclosedClosed
Jun 202308

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

spaceSource
UndisclosedClosed Jun 8, 2023
Jun 202307

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

C4ISR and electronicsspaceSource
UndisclosedClosed Jun 7, 2023
Jun 202305

KKR takes CIRCOR private

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

components and materialsshipbuilding and maritimeSource
$1.2 billionClosed Oct 18, 2023
May 202331

Carlyle buys Meopta

Seller: Rausnitz family

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

components and materialsSource
UndisclosedClosed
May 202325

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)

C4ISR and electronicsEW and sensorsSource
UndisclosedClosed Aug 4, 2023
May 202315

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.

MRO and sustainmentcomponents and materialsSource
$2.05 billionClosed Aug 4, 2023
May 202309

Bluestone Investment Partners buys Precise Systems

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

IT and government servicesMRO and sustainmentSource
UndisclosedClosed
May 202308

Bernhard Capital Partners buys Duotech Services

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

EW and sensorsMRO and sustainmentSource
UndisclosedClosed
May 202302

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

C4ISR and electronicscomponents and materialsSource
UndisclosedClosed
May 202301

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.

IT and government servicesMRO and sustainmentSource
Up to $100 millionCalled off
Apr 202320

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

C4ISR and electronicsSource
UndisclosedClosed
Apr 202303

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

EW and sensorsautonomy and dronesSource
UndisclosedClosed Apr 3, 2023
Mar 202316

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

components and materialsSource
UndisclosedClosed
Feb 202328

Cadrex Manufacturing Solutions buys D&R Machine

Backed by CORE Industrial Partners

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

components and materialsaerostructuresSource
UndisclosedClosed
Feb 202322

Stellex Capital Management buys David Brown Santasalo

Company whose UK facility supplies critical Ministry of Defence programmes

propulsionshipbuilding and maritimeland systemsSource
UndisclosedClosed
Feb 202322

cBEYONData buys Summit2Sea Consulting

Backed by Bluestone Investment Partners

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

IT and government servicesSource
UndisclosedClosed
Feb 202316

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

components and materialsSource
UndisclosedClosed Feb 16, 2023
Feb 202314

CORE Industrial Partners buys GEM Manufacturing

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

components and materialsSource
UndisclosedClosed
Feb 202303

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.

MRO and sustainmentshipbuilding and maritimeSource
$63 millionClosed Jun 15, 2023
Feb 2023 

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

IT and government servicesintelligence communitySource
UndisclosedClosed Feb 22, 2023
Jan 202331

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.

C4ISR and electronicsEW and sensorsautonomy and dronesSource
UndisclosedClosed Feb 2023
Jan 202326

Trive Capital buys Kittyhawk

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

components and materialsspaceSource
UndisclosedClosed
Jan 202326

AE Industrial Partners buys REDLattice

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

cyberintelligence communitySource
UndisclosedClosed Jan 26, 2023
Jan 202320

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.

cyberSource
UndisclosedClosed Apr 6, 2023
Jan 202319

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

components and materialsC4ISR and electronicsSource
UndisclosedClosed Jan 19, 2023
Jan 202317

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

components and materialsspaceSource
UndisclosedClosed
Jan 202312

Epiq Solutions buys Xiphos Systems

High-performance, space-focused computing solutions

spaceC4ISR and electronicsSource
UndisclosedClosed Jan 12, 2023
Jan 202311

RE3DTECH+GoProto buys Stanfordville Machine & Manufacturing

Backed by CORE Industrial Partners

a supplier of precision machined components and assemblies

components and materialsSource
UndisclosedClosed
Jan 202310

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

spaceC4ISR and electronicscomponents and materialsSource
UndisclosedClosed Feb 28, 2023
Jan 202305

Highlander Partners buys DZYNE Technologies

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

autonomy and dronesC4ISR and electronicsSource
UndisclosedClosed
Jan 202304

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

C4ISR and electronicscomponents and materialsSource
UndisclosedClosed Dec 2022
Jan 202304

Micross Components buys KCB Solutions

Seller: Artemis Capital Partners · Backed by Behrman Capital

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

C4ISR and electronicscomponents and materialsspaceSource
UndisclosedClosed Jan 25, 2023

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