KippsDeSanto & Co. Industry Week in Review – December 9, 2022

Industry Week in Review – December 9, 2022

M&A Transactions

C&L Aviation Group has acquired ACLAS Technics, a provider of structural component repair and overhaul for multiple aircraft types.  Terms of the transaction were not disclosed.

Cydecor, Inc. has acquired InnovaSystems International, LLC, a  provider of enterprise and advanced software solutions which streamline access to critical military decisioning data in support of key defense readiness programs in private sector and U.S. federal and state government markets. Terms of the transaction were not disclosed.

DLH Holdings (NASDAQ: DLH) has acquired Grove Resource Solutions, Inc. (“GRSi”), a provider of cloud-based enterprise modernization and cyber security solutions to numerous civilian and military federal agencies.  This transaction is valued at $185 million. KippsDeSanto & Co. acted as financial advisor to DLH Holdings.

IBM Corp. (NYSE: IBM) has agreed to acquire Octo Consulting Group, LLC, a portfolio company of Arlington Capital Partners, and provider of digital services for the federal government, specializing in scalable agile software development, user experience design, and cloud engineering solutions to improve, modernize, and optimize government IT systems. Terms of the transaction were not disclosed.

Tiger Infrastructure Partners L.P. has acquired International Aerospace Coating Holdings L.P. (“IAC”) and Eirtech Aviation Services, Ltd., two portfolio companies of Vance Street Capital, LLC, and providers of aviation aftermarket solutions including painting, refinishing, and graphics  for international private sector and government aerospace markets. Terms of the transaction were not disclosed.

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

Industry Week in Review – November 11, 2020

M&A Transactions

Altus Capital Partners has acquired Pinnacle X-Ray Solutions, LLC, a provider of non-destructive testing and inspection (“NDT”) systems for manufacturers and service providers in the aerospace and defense, industrial, electronics, education/research, automotive, and medical markets. Terms of the transaction were not disclosed.

 ATL Partners has acquired Aero Accessories & Repair, Inc., a provider of advanced repair solutions for next generation fuel, hydraulic, pneumatic & electro-mechanical components for private sector and U.S. federal government aerospace markets. Terms of the transaction were not disclosed.

 Bollinger Shipyards, LLC has agreed to acquire Halter Marine, Inc. and ST Engineering Halter Marine and Offshore, Inc., subsidiaries of Singapore Technologies Engineering Ltd. and providers of patrol vessels, oil recovery vessels, oil cargo vessels, ferries, logistic support vessels, auxiliaries, and research and survey vessels and services for ships, drilling rigs and other marine vessels, respectively. This transaction is valued at $15 million.

 Client Network Services, Inc. has agreed to merge with Keystone Peer Review Organization, Inc., a portfolio company of Apax Partners LLP and provider of care management, quality oversight, and assessments and clinical eligibility services. Terms of the transaction were not disclosed.

 Edgesource Corporation has acquired Auspex LLC, a provider of advanced data analytics, cybersecurity, and management consulting services to private sector and U.S. federal government intelligence markets. Terms of the transaction were not disclosed.

 Indra Sistemas S.A. (Madrid: IDR.MC) has agreed to acquire the Air Traffic Management business of Selex ES Inc., a subsidiary of Leonardo S.p.A (Milan: LDO.MI) and provider of ground-based navigation, precision landing (ILS, CVOR/DVOR and DME) and surveillance systems to military and civil aviation customers globally. Terms of the transaction were not disclosed.

 Maxar Technologies Ltd. has acquired Wovenware, Inc., a provider of custom and patented AI, computer vision and other digital transformation solutions and services for private sector and U.S. federal government markets. Terms of the transaction were not disclosed.

 Kymera International, LLC, a portfolio company of Palladium Equity Partners, LLC, has acquired CASL Surface Technologies Corp., a provider of niche metallic coating process, alloy and capital equipment intellectual property for private sector and international government aerospace, defense, and mining markets. Terms of the transaction were not disclosed.

 PCX Aerosystems, a portfolio company of Greenbriar Equity Group, L.P., has acquired Timken Aerospace Drive Systems, a subsidiary of The Timken Co. (NYSE: TKR) and provider of precision ball and roller bearings for aircraft and airframes. Terms of the transaction were not disclosed.

 Safran Electronics & Defense, a subsidiary of Safran S.A. (Paris: SAF.PA), and MBDA Holdings SAS, have acquired a 63% majority equity ownership stake in Cie. Industrielle des Lasers (CILAS), a subsidiary of ArianeGroup Holding SAS and provider of target rangefinders, designators, guidance systems, nuclear applications, particle size and shape analyzers, deformable mirrors, optical coatings and transparent ceramics as well as nanotechnologies. Terms of the transaction were not disclosed.

 Safran Electronics & Defense, a subsidiary of Safran S.A. (Paris: SAF.PA), has acquired Syrlinks, a provider of radiocommunication and radio frequency products for private sector, U.S. federal government and international government space, defense, security & time-frequency markets. Terms of the transaction were not disclosed.

 The Cadmus Group, LLC, a portfolio company of CI Capital Partners, LLC, has acquired Wheelhouse Group, Inc., a provider of change management services for private sector and U.S. federal government civilian, environmental, and financial markets. Terms of the transaction were not disclosed.

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KippsDeSanto & Co. Industry Week in Review – October 21, 2022

Industry Week in Review – October 21, 2022

M&A Transactions

Adani Defense Systems & Technologies Ltd. has agreed to acquire Indian MRO Air Works, a provider of aircraft maintenance, repair, and overhaul.  Terms of this transaction were not disclosed.

 Airobotics Ltd. (TASE: AIRO) has agreed to acquire Iron-Drone Ltd., a provider of autonomous counter-drone systems for private sector and international government aerospace systems.  Terms of this transaction were not disclosed.

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KippsDeSanto & Co. Industry Week in Review – October 7, 2022

Industry Week in Review – October 7, 2022

M&A Transactions

AEA Investors L.P. has acquired Worldwide Electric Corp., a portfolio company of Graycliff Partners L.P. and provider of electric motors, motor controls, rotary and solid-state power frequency converters, and gear reducers for applications in the industrial, aerospace, and government markets.  Terms of this transaction were not disclosed.

AE Industrial Partners L.P. and BlackRock, Inc. (NYSE: BLK), have acquired York Space Systems, Inc., a provider of small satellites, satellite components and turnkey mission operations to private sector and U.S. federal government aerospace and defense markets.  Terms of this transaction were not disclosed.

Aero 3, Inc., a portfolio company of GenNx360 Capital Partners, has acquired Aircrafters, Inc., a provider of wheel and brake parts for the aviation industry through its aftermarket distribution of Collins wheel and brake parts, its extensive parts inventory, and the provision of exchange asset pools for multiple global operators. Terms of this transaction were not disclosed.

ASGN, Inc. (NYSE: ASGN) has acquired Iron Vine Security, LLC, a provider of end-to-end, next-generation cybersecurity and zero-trust solutions for private sector and U.S. federal government civilian, healthcare, and education markets. Terms of this transaction were not disclosed.

HDT Global, Inc., a portfolio company of Nexus Capital Management L.P. has acquired Federal-Fabrics-Fibers, Inc., a provider of unique woven and non-woven air supported products to private and U.S. federal government military markets.  Terms of this transaction were not disclosed.

L3Harris Technologies, Inc. (NYSE:LHX) has agreed to acquire the Tactical Data Links business of ViaSat, Inc. (NasdaqGS: VSAT), a provider of advanced tactical radio and information distribution systems that enable real-time collection and dissemination of video and data using secure, jam-resistant transmission links from manned aircraft, ground mobile vehicles and other remote platforms to networked communication and command centers.  The transaction is valued at $1.96 billion.

QinetiQ Australia Pty. Ltd, a subsidiary of QinetiQ plc (LSE: QQ.L), has acquired Air Affairs Pty Ltd., a provider of targets and training services, and electronic warfare capabilities to the Australian Defence Force, as well as aerial surveillance and reconnaissance in support of government firefighting efforts.  The transaction is valued at $34.3 million.

Qnnct, a portfolio company of Arcline Investment Management, has acquired Connectronics, Inc., a provider of high performance RF and Microwave connectors and adapters for the Aerospace, Telecom, Military, Test and Measurement and Medical applications. Terms of this transaction were not disclosed.

Redwire Corp. (NYSE: RDW) has agreed to acquire the Space Products Division of QinetiQ Group plc (LSE:QQ.L), a provider of design and integration of critical space infrastructure and other instruments for end-to-end space missions.  The transaction is valued at $31.5 million.

3D Plus S.A., a subsidiary of HEICO Corp.’s Electronic Technologies Group (NYSE: HEI.A) has acquired Trad SAS, a provider of test and simulation services to measure radiation effects on electronic components and materials, software for radiation testing and effects modeling, and sourcing/screening services on radiation tolerant and radiation hardened components. Terms of this transaction were not disclosed.

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KippsDeSanto & Co. Industry Week in Review – Sept 23, 2022

Industry Week in Review – Sept 23, 2022

M&A Transactions

Cadrex Manufacturing, a portfolio company of Core Industrial Partners, has acquired IDL Precision Machining, a provider of CNC machining, including horizontal milling, vertical milling and turning, to serve customers from initial design and concept engineering through product development, prototyping and qualification to full-scale production for private sector and U.S. federal government aerospace and defense markets. Terms of the transaction were not disclosed.

Embraer S.A. (NYSE: ERJ) has agreed to acquire a minority stake interest in Xmobots Aeroespacial, a provider of high-performance VTOL drones, multispectral sensors, gyro-stabilized optronic sensors and data analysis software based on artificial intelligence. Terms of the transaction were not disclosed.

Intuitive Machines, LLC has agreed to go public via a combination with Inflection Point Acquisition Corp., a publicly traded special purpose acquisition company (“SPAC”). Intuitive Machines provides technology and services in space exploration and infrastructure. The implied enterprise value of the combined company is estimated to be around $815 million.

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