Private equity defense deals in 2024

Bluestone Investment Partners buys Valiant Solutions

a provider of enterprise-wide cybersecurity services for Federal agencies

Carlyle sells Forgital to Stonepeak

Buyer: Stonepeak

A provider of advanced aerospace and industrial forged products, including seamless rolled rings and assembled fan modules.

SIXGEN buys Kyrus Tech

Backed by Washington Harbour Partners

Specialized software development firm for mission-critical cyber solutions to the Intelligence and Defense Communities

Aechelon Technology buys Compro Computer Services Radar Simulation Division

Seller: Compro Computer Services · Backed by Sagewind Capital

Compro's Radar Simulation Division in Dallas, Texas, including its Radar Toolkit (RTK).

Sagewind Capital buys Aechelon Technology

A provider of image generation software and complex databases enabling live-virtual-constructive training, mission rehearsal, sensor exploitation and command and control for full-flight aircraft simulators.

AeroVironment merges with BlueHalo

Seller: BlueHalo Holdings Parent · Backed by Arlington Capital Partners

Provider of capabilities in Space, C-UAS and Autonomous Systems, Electronic Warfare and Cyber, and AI/ML.

Spirit AeroSystems sells Fiber Materials to Tex-Tech Industries

Buyer: Tex-Tech Industries · Backed by Arlington Capital Partners

Related platform: FMI Industries

Multidirectional reinforced composites for high-temperature uses such as thermal protection systems, re-entry vehicle nose tips, and rocket motor throats and nozzles

Artemis Capital Partners buys Diamond Antenna and Microwave

Developer of advanced RF and electro-mechanical solutions, including RF rotary joints and rotating subsystems

Tyto Athene buys Key Solutions

Backed by Arlington Capital Partners

Buyer now known as: Quantum Sky

A Washington, D.C. area firm providing expert bid and proposal development consulting and support

Tinicum, L.P. and its affiliated funds buy Aeronix Technologies Group

Seller: ShoreView Industries

a supplier of high-reliability defense electronics supporting the secure, high-speed transmission, storage, and processing of data for aircraft, shipboard, ground and space applications

Trident Maritime Systems sells Hoffman Engineering to Branford Castle Partners

Buyer: Branford Castle Partners · Backed by J.F. Lehman & Company

Situational awareness solutions, including LED lighting products and night vision imaging systems

Parsons buys BCC Engineering

Seller: Trivest Partners

Florida transportation engineering firm providing planning, design, and management services for transportation, civil, and structural engineering projects.

VSE buys Kellstrom Aerospace

Seller: AE Industrial Partners, LP

Diversified global distributor and service provider supporting the commercial aerospace engine aftermarket.

Centerbridge Partners buys Precinmac

Seller: Pine Island Capital Partners, Bain Capital's Private Credit Group and Compass Partners Capital

Supplier of complex precision components for mission-critical applications in aerospace, defense, space, semiconductor and other high-requirements end markets

Greenbriar Equity Group sells STS Aviation Group to an affiliate of H.I.G. Capital

Buyer: an affiliate of H.I.G. Capital

A global aviation services company providing aftermarket, MRO (Maintenance, Repair and Overhaul), and distribution solutions to the aviation and defense industries.

Apollo Funds takes Barnes Group private

a global provider of highly engineered products, differentiated industrial technologies and innovative solutions

Sagewind Capital buys Sabel Systems

A digital engineering enterprise headquartered in Dayton, Ohio, serving the Air Force, Army, Space Force, Marine Corps and other defense and commercial customers.

Precision Aviation Group buys TAG Aero

Seller: Mill Hill Capital · Backed by GenNx360 Capital Partners

FAA/CAA/EASA-approved repair station focused on auxiliary power units (APUs), based in Rock Hill, South Carolina

Precision Aviation Group buys ICON Aerospace

Seller: Mill Hill Capital · Backed by GenNx360 Capital Partners

FAA/CAA/EASA-approved repair station for the repair and overhaul of avionics, instruments, radios and accessories, based in Indian Trail, North Carolina

Rolls-Royce sells Rolls-Royce Naval Propulsors and Handling business to Fairbanks Morse Defense

Buyer: Fairbanks Morse Defense · Backed by Arcline Investment Management

Propellers and waterjets for naval applications, and marine handling systems for the deployment and recovery of manned and unmanned craft from naval vessels.

DC Capital Partners buys C5MI

Digital transformation and modernization, solving complex supply chain and logistics challenges for Federal and State Governments as well as Fortune 200 companies

AEVEX Aerospace buys Veth Research Associates

Backed by Madison Dearborn Partners

A firm operating in the U.S defense industry, known for its advancements in navigation and autonomous systems

Precise Systems buys Tucson Embedded Systems

Backed by Bluestone Investment Partners

a Tucson, Arizona-based provider of high-performance computing systems and software solutions

Comply365 buys Qualtero

Backed by Liberty Hall Capital Partners

a provider of solutions to optimize civil and military aviation training operations

ADDMAN buys Keselowski Advanced Manufacturing

Backed by American Industrial Partners

Vertically integrated simulation and engineering through serial production manufacturer with additive manufacturing and CNC capabilities, based in Statesville, NC.

One Equity Partners buys EthosEnergy

Provider of services and solutions for rotating equipment to the power, oil & gas, industrial and aerospace markets

Capitol Meridian Partners takes a stake in Parry Labs

A defense technology company that develops next generation open architecture mission solutions.

PrecisionX Group buys MSK Precision Products

Backed by CORE Industrial Partners

a provider of precision machining and assembly services with an expertise in Swiss machining

StandardAero buys Aero Turbine

Backed by Carlyle

A provider of engine component repair and other value-added engine aftermarket services for U.S. and international customers.

PrecisionX Group buys Ditron

Backed by CORE Industrial Partners

a provider of micro precision stamping

Bluestone Investment Partners buys Qualis

a missile defense and space systems technology business based in Huntsville, Alabama

Exiger buys XSB

Backed by Carlyle, Insight Partners and JMI Equity

A logistics intelligence platform whose catalog spans 100 million parts and 400 million parts attributes used by the U.S. Federal Government.

Bain Capital buys Somacis

Seller: Chequers Capital

an Italian-headquartered manufacturer of high-mix / low-volume, high-specification and mission-critical printed circuit boards (PCBs)

SIXGEN buys Boldend

Backed by Washington Harbour Partners

Cyber automation company building software products that scale cyber capabilities

Cerberus Capital Management takes a stake in Vivace

Manufacturer of specialty propulsion tanks for space and defense applications.

ITT buys kSARIA

Seller: Behrman Capital

Producer and supplier of mission-critical connectivity solutions for the defense and aerospace end markets

Sagewind Capital sells Axient

Buyer: Undisclosed buyer

A provider of high-end engineering and management support services for mission critical programs within key federal defense agencies.

Exiger buys aDolus

Backed by Carlyle, Insight Partners and JMI Equity

A software supply chain risk visibility platform that analyzes binaries, firmware, operational technology and IoT software.

Parsons buys BlackSignal Technologies

Seller: Razor’s Edge

Next-generation digital signal processing, electronic warfare, and cybersecurity provider built to counter near-peer threats.

an affiliate of Platinum Equity Advisors takes Héroux-Devtek private

An international manufacturer of aerospace products and the world’s third-largest landing gear manufacturer

Collins Aerospace sells Goodrich Hoist & Winch business to Signia Aerospace

Buyer: Signia Aerospace

Exiger buys Versed AI

Backed by Carlyle, Insight Partners and JMI Equity

An AI technology company, born out of the University of Cambridge, that extracts and aggregates multi-tier supplier networks and generates automated bills of material.

Ultra Maritime sells Signature Management & Power to ESCO Technologies

Buyer: ESCO Technologies · Backed by Advent International

provider of mission-critical signature and power management solutions for submarines and surface ships for the US and UK naval defense markets

SIXGEN buys Secure-EE

Backed by Washington Harbour Partners

Provider of bespoke cybersecurity products and services across various domains

Madison Dearborn Partners takes a stake in OMNI

Provider of innovative and intuitive mission and enterprise software solutions to the DoD and Intelligence Community.

Advent International sells CAES to Honeywell

Buyer: Honeywell

high-reliability radio frequency technologies for defense and space

Synergy ECP buys SPYROS

Backed by Falfurrias Capital Partners

A cyber operations firm which specializes in solving the Nation’s most difficult problems across the cyber domain.

Clarity Innovations merges with Chameleon Consulting Group

Backed by Capitol Meridian Partners

provider of full spectrum cyber operations solutions and services

Cognizant buys Belcan

Seller: AE Industrial Partners

Global supplier of Engineering Research & Development services for the commercial aerospace, defense, space, marine and industrial verticals

Tyto Athene buys MindPoint Group

Backed by Arlington Capital Partners

Buyer now known as: Quantum Sky

A provider of end-to-end managed cybersecurity services to U.S. federal agencies and organizations

TransDigm Group sells Calspan hypersonics and test systems business units to Cerberus Capital Management

Buyer: Cerberus Capital Management

Hypersonic and defense test systems, now operating as North Wind, a supplier of hypersonic and RDT&E systems and services.

PrecisionX Group buys National Manufacturing

Backed by CORE Industrial Partners

a provider of specialty deep and shallow drawn stamping

Cerberus Capital Management buys M1 Support Services

Provider of aircraft maintenance, repair and overhaul, modification, flight training, logistics support and supply chain management services to the U.S. Government.

Bernhard Capital Partners' government services platform buys Apogee

a government technology solutions provider

BV Investment Partners buys CyberSheath

A managed compliance, security, and IT provider for companies serving the Defense Industrial Base.

Arxis buys M-Wave Design

Backed by Arcline Investment Management

Designs and manufactures RF and microwave components, including isolators, circulators, adaptors, and terminations.

CASE merges with CyberKinetics

Backed by AE Industrial Partners

Provider of cloud-based services and cyber solutions to the national security community, based in Herndon, Virginia

Sigma Defense buys EWA

Backed by Sagewind Capital

An electronic warfare company headquartered in Herndon, Virginia, with over 47 years of experience developing and delivering EW capabilities.

Bernhard Capital Partners' Department of Energy services platform buys SMSI

a provider of expert management and technical consulting services for federal and large industrial clients focused on nuclear programs and projects

Washington Harbour Partners LP takes a stake in Raft

Modern technology and data-focused, advanced software engineering firm

Blue Delta Capital Partners takes a stake in Herrick Technology Labs

Provider of SIGINT (signals intelligence) and EW (electronic warfare) products

Luxium Solutions takes Inrad Optics private

A provider of advanced optical components, assemblies and systems.

H.I.G. Capital buys Segers

Maintenance, repair and overhaul services on mission-critical military platforms, including engine, accessory and propeller services for C-130 and similar aircraft.

Tyto Athene buys Microtel

Backed by Arlington Capital Partners

Buyer now known as: Quantum Sky

A software development and systems engineering firm deeply embedded in long-term, space missions for NASA and international space programs

Epiq Solutions buys Cyber Radio Solutions

Business that strengthened Epiq's high-performance RF capabilities

L3Harris sells Antenna and related businesses to Affiliate of Kanders & Company

Buyer: Affiliate of Kanders & Company

Infinite Electronics sells KP Performance Antennas and RadioWaves to Alive Telecommunications

Buyer: Alive Telecommunications · Backed by Warburg Pincus

Two antenna brands of Infinite Electronics

Chesapeake Technology International buys Asymmetric Technologies

Backed by Bluestone Investment Partners

a developer of open-source technology, including the IronClad and Whisper products for flight autonomy and edge communications

Fairbanks Morse Defense buys AMMCON

A Jacksonville-based fittings and assembled components manufacturer

Synergy ECP buys SoftTech Solutions

Backed by Falfurrias Capital Partners

A custom software development firm that specializes in serving the U.S. Intelligence Community.

New Mountain Capital sells ILC Dover to Ingersoll Rand

Buyer: Ingersoll Rand

A designer and producer of solutions for biopharmaceutical, pharmaceutical and medical device markets and a supplier for the space industry.

Precise Systems buys JHT

Backed by Bluestone Investment Partners

a provider of advanced training and simulation solutions, based in Orlando, Florida

J.F. Lehman & Company buys Mission Microwave

Seller: GaAs Labs

Solid-State Power Amplifiers and Block Upconverters for the satellite communications market

Kittyhawk, backed by Trive Capital buys Stack HIP

Seller: Stack Metallurgical Group

Hot Isostatic Pressing services operator in Albany, Oregon with the largest high-pressure HIP vessels in North America.

Systems Planning & Analysis buys ManTech technical advisory services programs

Seller: ManTech · Backed by Arlington Capital Partners

ManTech's DARPA, Office of the Secretary of Defense Strategic Capabilities Office and select National Reconnaissance Office technical advisory services programs

McDanel Advanced Material Technologies buys Rayotek Scientific

Backed by Artemis Capital Partners

Specialty advanced materials manufacturer of optical window and mirror systems in sapphire, glass and fused silica

AE Industrial Partners buys Calca Solutions

Manufacturer of hydrazine, based in Lake Charles, Louisiana

kSARIA buys Charles E. Gillman

Backed by Behrman Capital

ISO9100-registered manufacturer of high-reliability electrical cables and harnesses for military ground vehicles and other ruggedized applications

High Point Aerotechnologies buys Flex Force Enterprises

Backed by Highlander Partners

Maker of drone defeat and countermeasure technologies, including the Dronebuster counter-unmanned aircraft system (c-UAS) jammer.

Fathom Digital Manufacturing Intermediate takes Fathom private

Backed by CORE Industrial Partners

an on-demand digital manufacturing services company, then listed on the NYSE

TCFIII Spaceco Holdings buys Rapid Machining Solutions

Backed by Trive Capital

Aviation and aerospace machining and design business; the buyer says it expands its design and manufacturing capabilities

BlueHalo merges with Eqlipse Technologies

Seller: Arlington Capital Partners

A provider of differentiated products and solutions to the Department of Defense and Intelligence Community

Arlington Capital Partners sells J&J Worldwide Services to CBRE Group

Buyer: CBRE Group

A provider of preventative maintenance, base support operations and facilities maintenance for the U.S. federal government

Arlington Capital Partners buys Metal Trades

Related platform: Keel

Acquired alongside Merrill Technologies Group and merged with Pegasus Steel to form Keel, a manufacturer of complex structures for Navy, Army and Air Force programs

Arlington Capital Partners buys Merrill Technologies Group

Related platform: Keel

Acquired alongside Metal Trades and merged with Pegasus Steel to form Keel, a manufacturer of complex structures for Navy, Army and Air Force programs

Arcline Investment Management takes Kaman private

Makes proprietary aircraft bearings and components, wheels and brakes, aerostructures, and safe and arming solutions for missile and bomb systems for the U.S. and allied militaries

CORE Industrial Partners buys Aviation Concepts

a provider of mission-critical, rotable components to the aftermarket commercial aviation industry

Survitec buys Vinyl Technology

Backed by Searchlight Capital Partners

US contract manufacturer of custom-made plastic and industrial fabric products for military and high-end markets, in Monrovia, California

Barnes Group sells Associated Spring and Hänggi to One Equity Partners

Buyer: One Equity Partners

Leaders in engineered spring and precision metal component manufacturing, progressive stamping, micro-stamping, and fine blanking, part of Barnes' Motion Control Solutions unit.

Comply365 merges with Vistair

Backed by Liberty Hall Capital Partners

merged with Comply365 to create a provider of compliance, safety and data intelligence technologies

Crimson Phoenix buys Cyberspace Solutions

Seller: Illuminate Operations · Backed by Godspeed Capital Management LP

A provider of all-source intelligence gathering, analysis, and systems development solutions for national security missions.

Arlington Capital Partners buys Walbar

Related platform: Kinetic Engine Systems

Acquired to form Kinetic Engine Systems, a platform for precision aerospace and defense engine components

Arlington Capital Partners buys AeroCision

Related platform: Kinetic Engine Systems

Acquired to form Kinetic Engine Systems, a platform for precision aerospace and defense engine components

Arlington Capital Partners buys Numet

Related platform: Kinetic Engine Systems

Acquired to form Kinetic Engine Systems, a platform for precision aerospace and defense engine components