KippsDeSanto & Co. Industry Week in Review – July 9, 2021

Industry Week in Review – July 9, 2021

M&A Transactions

Arcline Investment Management LP has acquired a controlling stake in Air Comm Corp. (“ACC”), a provider of environmental control systems (“ECS”), thermal management systems, and other accessories for the aerospace and defense industry. The transaction is valued at $250 million.

BlueHalo, LLC, a portfolio company of Arlington Capital Partners, has acquired Design and Development Engineering Services Corporation, a provider of radiation-hardened, space-qualified electronic systems. Terms of the transaction were not disclosed.

Chumash Capital Investments, LLC has acquired Capco, LLC, a provider of mission-critical energetic devices and mechanical systems for military applications worldwide. Terms of the transaction were not disclosed.

GovernmentCIO, a portfolio company of Welsh, Carson, Anderson & Stowe (“WCAS”) has agreed to acquire Salient CRGT, Inc. (“SCRGT”), a portfolio company of Bridge Growth Partners and Frontenac, a provider of data analytics, cloud, agile software development, cybersecurity, and infrastructure solutions to U.S. national security, federal civilian, and federal health agencies.

HEICO Corporation (NYSE: HEI) has agreed to acquire 89% of Ridge Engineering, Inc. and The Bechdon Company, Inc. from Breidon, Inc. Ridge Engineering, Inc. is a provider of high-tolerance machining and brazing of large-sized parts in mission-critical defense and aerospace applications, whereas The Bechdon Company Inc. is a provider of machining, fabrication, and welding services for aerospace, defense, and other industrial applications. Terms of the transaction were not disclosed.

Huntington Ingalls Industries, Inc. (NYSE: HII) has agreed to acquire Alion Science and Technology, a portfolio company of Veritas Capital Fund Management, LLC, a provider of advanced engineering, research, and development services in the areas of intelligence, surveillance, and reconnaissance as well as military training and simulation, cyber solutions, and data analytics. The transaction is valued at $1.65 billion.

MetOcean Telematics Limited has acquired the OmniCom Vessel Management Systems (“VMS”) and Fleet Management Solutions (“FMS”) businesses of Orolia Holding SAS, a portfolio company of Eurazeo SE. These businesses provide fleet management technology designed to bring constant connectivity to customers, businesses, vessels, and crew while at sea. Terms of the transaction were not disclosed.

Micross Components, Inc., a portfolio company of Behrman Capital, L.P. has acquired the microelectronics business from Ultra CEMS, a subsidiary of Ultra Electronics Holdings plc. (LSE: ULE), a provider of safety critical, high reliability, low-to-medium volume Contract Electronics Manufacturing Solutions (“CEMS”). Terms of the transaction were not disclosed.

Nettar Group, Inc., doing business as Satellogic, backed by CF Acquisition Corp. V (CFAC V) will form a publicly traded special purpose acquisition company (“SPAC”), as a provider of vertically integrated geospatial analytics. The transaction is valued at $850 million.

Omega Optical Holdings, a portfolio company of Artemis Capital Partners, LLC, has acquired Spectral Systems, Inc., a provider of mission-critical infrared optical coatings, components, and assemblies. Terms of the transaction were not disclosed.

Planet Labs Inc. backed by dMY Technology Group, Inc. will form a SPAC, as a provider of daily data and insights about Earth. The transaction is valued at $2.8 billion.

 Thales S.A. (ENXTPA: HO) has agreed to acquire the ground-based navigation aids business of Moog, Inc. (NYSE: MOG.A), a provider of ground and ship-based radio frequency navigation beacons and related antennas for military and civilian applications. Terms of the transaction were not disclosed.

Valiant Integrated Services, LLC, a portfolio company of The GC Companies, LLC has acquired Alliance Technical Services (“ATS”), Inc., a provider of mechanical system overhaul and repair, equipment installation, manufacturing and fabrication, and technical support for marine mechanical systems. Terms of the transaction were not disclosed.

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KippsDeSanto & Co. Industry Week in Review – June 25, 2021

Industry Week in Review – June 25, 2021

M&A Transactions

Enlightenment Capital has made a strategic investment in Fenix Group, Inc., a provider of innovative, band-agile closed loop carrier grade (4G / LTE and 5G) networks supporting battlefield communication and sensor ecosystems with advanced sensor endpoints for the defense, intelligence, and disaster response sectors. Terms of the transaction were not disclosed. KippsDeSanto & Co. acted as financial advisor to Fenix Group.

Agile Space Industries, Inc. has acquired Tronix, LLC (dba Tronix3D), a provider of precision aerospace and defense additive manufacturing. Terms of the transaction were not disclosed.

Banyan Software Inc. has acquired HealthRx Corporation, a provider of occupational health and safety solutions suited to the wide ranging and specific needs of public and private biomedical research facilities. Terms of the transaction were not disclosed.

Broadstone Acquisition Corp. (NYSE: BSN) has agreed to acquire Vertical Aerospace Group Ltd., a provider of electric Vertical Take-Off and Landing (“eVTOL”) aircraft. The transaction is valued at $1.8 billion.

CNH Industrial NV (NYSE: CNHI) has acquired Raven Industries, Inc. (NASDAQ: RAVN), a provider of high-performance specialty films and aerospace and defense solutions. The transaction is valued at $2.1 billion.

Forcepoint, a portfolio company of Francisco Partners Management, LLC, has agreed to acquire Deep Secure Ltd, a provider of cybersecurity products and services that help protect against covert data loss. Terms of the transaction were not disclosed.

General Atomics Corp. has acquired Synopta GmbH, a provider of complex opto-electronic instrumentation for space and terrestrial applications. Terms of the transaction were not disclosed.

Godspeed Capital Management LP has acquired Brockenbrough & Associates, LLC, a provider of architecture, engineering, and surveying services for federal, state, and municipal government clients. Terms of the transaction were not disclosed.

Granicus, Inc., a portfolio company of Vista Equity Partners, has acquired Bang the Table Pty Ltd, a subsidiary of Bang The Table USA LLC, and a provider of multichannel delivery platforms that enable intuitive, predictive, and personalized digital experiences for government clients. Terms of the transaction were not disclosed.

 Granicus, Inc., a portfolio company of Vista Equity Partners, has acquired OpenCities Pty Ltd, a subsidiary of Opencities Inc., and a provider of a fully integrated, drag-and-drop customer experience platform, helping agencies rapidly digitize, track, and improve every step of their journey. Terms of the transaction were not disclosed.

HEICO (NYSE: HEI) has acquired the Operating Assets of Camtronics, LLC, a provider of repair services for antennas, actuation, and electro-mechanical components for aircraft MRO services. Terms of the transaction were not disclosed.

Integrated Polymer Solutions, a portfolio company of Arcline Investment Management, has acquired Swift Textile Metalizing LLC, a provider of highly engineered metalized fabrics used in electromagnetic (“EMI”) and radio frequency interference (“RFI”) shielding applications. Terms of the transaction were not disclosed.

Koniag, Inc. has acquired TecPro, Ltd. (dba TecPro Solutions), a provider of industrial electrical and security video (CCTV) solutions and electrical contracting services. Terms of the transaction were not disclosed.

LookingGlass Cyber Solutions, Inc., a portfolio company of NewSpring Capital, has acquired AlphaWave, a provider of attack surface management for cybersecurity applications. Terms of the transaction were not disclosed.

Mirion Technologies, Inc., backed by Goldman Sachs Acquisition Holdings Corp II, will form a publicly traded special purpose acquisition company (“SPAC”), as a provider of design, manufacturing, and delivery of radiation detection products to nuclear power, medical, and military markets. The transaction is valued at $1.7 billion.

 Oneida Research Services, Inc. has acquired the Internal Gas Analysis division of Atlantic Analytical Laboratory, Inc., a provider of gas analysis testing for qualifying electronic components for military, space, telecom, and medical applications. Terms of the transaction were not disclosed.

 Parsons has agreed to acquire BlackHorse Solutions, Inc., a provider of electronic warfare and digital manipulation solutions to the defense market. The transaction is valued at $203 million.

Perimeter Solutions, Inc., backed by EverArc Holdings Ltd., will form a publicly traded SPAC, as a provider of high-quality firefighting products and lubricant additives. The transaction is valued at $2.0 billion.

Rafaut Group, a portfolio company of HLD Group, has acquired Alkan Group, a provider of carriage systems, including attachment devices, multi-store carriers, release units, ejectors, pylons/masts; chaff & flare systems; and ground support equipment, including winches, benches, and trolleys. Terms of the transaction were not disclosed.

ShoreView Industries has agreed to invest in Aeronix, Inc. a provider of data transfer, signal analysis, and communications products and related engineering services primarily to the defense industry, including ruggedized ethernet switches. Terms of the transaction were not disclosed.

Versar, Inc., a portfolio company Kingswood Capital Management, LLC, has acquired the environmental services business unit (“BVESB”) of Black & Veatch, a provider of remediation, investigation, assessment, and design services for federal government agencies. Terms of the transaction were not disclosed.

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KippsDeSanto & Co. Industry Week in Review – February 5, 2021

Industry Week in Review – February 5, 2021

M&A Transactions

Intellibridge, Inc. has acquired Alethix LLC, a provider of technology solutions around data-in-transit, enterprise systems interoperability, and data processing at scale for national security, defense, and civilian agencies. Terms of the transaction were not disclosed. KippsDeSanto & Co. acted as the exclusive financial advisor to Alethix.

Aspirational Consumer Lifestyle Corp. (NYSE: ASPL) has agreed to acquire Wheels Up, a provider of services that connect flyers to private aircrafts – and to one another – delivering personalized experiences. The transaction is valued at $2.10 billion.

Continental Mapping Consultants has acquired Geographic Information Services, Inc., a provider of geospatial data collection, curation, and management along with design and implementation of best-in-class enterprise systems. Terms of the transaction were not disclosed.

Eaton Corporation (NYSE: ETN) has acquired Cobham Mission Systems, a segment of Cobham Ltd., a portco of Advent International Corp., a provider of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets. The transaction is valued at $2.83 billion.

Frontline Road Safety has acquired Hi-Lite Airfield Services, LLC, a portco of Mangrove Equity Partners, a provider of specialized, mission critical airfield maintenance services throughout North America and the Caribbean. Terms of the transaction were not disclosed.

General Atomic has acquired Tiger Innovations, a provider of satellite systems and related hardware and software for satellites. Terms of the transaction were not disclosed.

Holicity (NASDAQ: HOL) has acquired Astra, a provider of manufacturing for space launch vehicles for both commercial and military customers. The transaction is valued at $2.10 billion.

IntelliGenesis has acquired Mjetak, a provider of cyber-physical data centers and training environments enabling Government Agencies, industrial asset developers, owners, and operators to better understand their systems in a hands-on manner. Terms of the transaction were not disclosed.

OneSky Flight, a subsidiary of Directional Aviation Group has acquired Associated Aircraft Group, a division of Sikorsky Aircraft, a subsidiary of Lockheed Martin, a provider of a fleet of 10 medium twin helictopters which are made available to customers through a fractional helicopter ownership program. Terms of the transaction were not disclosed.

Proximas Group has acquired ADG Creative, LLC, a provider of branding and public relations, advertising and design, interactive and e-learning application development, and video production services to government and commercial customers. Terms of the transaction were not disclosed.

The Carlyle Group has acquired IST Research, LLC, a provider of open source data collection, population engagement, and content discovery solutions primarily for U.S. Government customers. Terms of the transaction were not disclosed.

The Carlyle Group has acquired Two Six Labs, a provider of cybersecurity and advanced technology solutions for the U.S. Government. Terms of the transaction were not disclosed.

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KippsDeSanto & Co. Industry Week in Review – January 8, 2021

Industry Week in Review – January 8, 2021

M&A Transactions

Alpine 4 Technologies, Ltd. has acquired Vayu (U.S.), Inc., a provider of high-performance vertical take-off and landing hybrid propulsion-based, autonomous aircraft.  Terms of the transaction were not disclosed.

ARCH Global Precision, LLC, a portfolio company of The Jordan Company, L.P., has acquired H. & S. Swansons’ Tool Company, a provider of precision, complex machined parts from casting and plate stock for the aerospace and defense sectors.  Terms of the transaction were not disclosed.

Calian Group Ltd. has acquired InterTronic Solutions, Inc., a provider of high-performance antenna systems for military and commercial customers.  The transaction is valued at $17.3 million.

CTS Corp. has acquired Sensor Scientific, Inc., a provider of high-quality thermistors and temperature sensor assemblies serving OEMs for applications that require precision and reliability in the medical, industrial, and defense markets.  Terms of the transaction were not disclosed.

 Edgewater Capital Partners has acquired Naprotek, Inc., a provider of electronic manufacturing services and printed circuit board assembly services to support defense, space, and special industrial markets.  Terms of the transaction were not disclosed.

Fairbanks Morse, LLC, a portfolio company of Arcline Investment Management, has acquired Ward Leonard Electric Co., Inc., a provider of electric motor, generator, control, and service solutions for naval, commercial marine, and industrial applications.  Terms of the transaction were not disclosed.

Hermetic Solutions Group, a portfolio company of Windjammer Capital, has acquired Cristek Interconnects, Inc., a provider of specialty interconnect products and assemblies for defense and aerospace contractors.  Terms of the transaction were not disclosed.

H.I.G. Capital, LLC has agreed to acquire SMTC Corporation, a provider of end-to-end global electronic manufacturing services for the aerospace and defense markets.  The transaction is valued at $170.5 million.

The Jordan Company L.P. has closed its recapitalization of Innoflight Holdings, LLC, a provider of compact, software-defined, cyber-secure and integrated satellite avionics.  Terms of the transaction were not disclosed.

JLL Partners has acquired Jonathan Engineered Solutions Corp., a portfolio company of Levine Leichtman Capital Partners, a provider of highly engineered steel and aluminum mechanical components for defense and commercial markets.  Terms of the transaction were not disclosed.

LinQuest Corporation has acquired TMC Design Corporation, a provider of advanced engineering, development, and integration with expertise in electromagnetics, digital signal processing, and radio frequency communications.  Terms of the transaction were not disclosed.

Owl Cyber Defense Solutions, LLC has agreed to acquire Trident Assured Collaboration Systems of Trident Systems Incorporated, a provider of U.S. government-approved Voice over IP (“VoIP”) and Video Teleconference (“VTC”) Cross Domain Solution (“CDS”), as well as advanced Full Motion Video (“FMV”) filtering capabilities.  Terms of the transaction were not disclosed.

QuantiTech, LLC has acquired Systems Engineering Group, Inc., a provider of threat engineering and modeling and simulation services to the U.S. Government.  Terms of the transaction were not disclosed.

Sagewind Capital, LLC has acquired Sigma Defense Systems, LLC, a provider of airborne intelligence, surveillance, and reconnaissance (“AISR”) sensor data transport engineering and services.  Terms of the transaction were not disclosed.

Saudi Arabian Military Industries, wholly owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (“PIF”), has agreed to acquire Advanced Electronics Company, a provider of design, development, manufacture, maintenance, and repair of advanced commercial and military electronic systems, devices, and equipment.  Terms of the transaction were not disclosed.

Teledyne Technologies, Inc. has agreed to acquire FLIR Systems, Inc., a provider of thermal imaging sensors, imaging instrumentation, and aerospace and defense electronics for commercial and federal customers.  The transaction is valued at $8.0 billion.

Thompson Street Capital Partners has acquired GovSpend, a provider of government intelligence solutions to thousands of government vendors and agencies.  Terms of the transaction were not disclosed.

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KippsDeSanto & Co. Industry Week in Review – December 11, 2020

Industry Week in Review – December 11, 2020

M&A Transactions

Mercury Systems Inc. has agreed to acquire Physical Optics Corp., a provider of avionics and mission subsystems for defense applications. The transaction is valued at $310 million. KippsDeSanto & Co. served as the financial advisor to Physical Optics Corp.

AeroVironment, Inc. has agreed to acquire Telerob GmbH, a provider of ground based robotic solutions. Terms of the transaction were not disclosed.

American Industrial Partners has agreed to acquire SEACOR, a diversified holding company with interests in domestic and international maritime transportation and logistics, crisis and emergency management.  Terms of the transaction were not disclosed.

ByLight Professional IT Services, Inc., a portfolio company of Sagewind Capital, LLC, has acquired Raydon Corporation, a provider of full lifecycle solutions, including engineering, custom manufacturing, and supply chain management solutions in support of the DoD’s virtual training and simulation programs.Terms of the transaction were not disclosed.

J.F. Lehman & Company has acquired CodeMettle, LLC, a provider of custom software development and proprietary software solutions for the management of critical communication networks. Terms of the transaction were not disclosed.

Leidos has agreed to acquire 1901 Group, a provider for managed IT services and cloud solutions in the private and public markets. Terms of the transaction were not disclosed.

Veritas Capital has agreed to acquire the Federal IT and Mission Support Services business of Northrop Grumman, a provider of a wide range of advanced technology solutions including cybersecurity, data analytics, cloud, mission-critical application development, and advanced engineering to defense, intelligence, space, civil, and health customers. The transaction is valued at $3.4 billion.

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