Aerospace & Defense - Janes Capital Partners · PDF fileQuarterly Update Q1 2017 Aerospace &...

Aerospace & Defense

Quarterly UpdateQ1 2017


Aerospace & Defense

1 Executive Summary

2 About Janes Capital Partners

3 About Oaklins

4 Top 5 M&A Deals

5 M&A Deal Volume

6 A&D Transaction Multiples

7 Public Valuation Summary

9 Deal Spotlight

10 Buyer Spotlight

11 Platform Overview

12 All M&A Transactions

❖ There were 81 A&D deals announced in Q1 2017, which was adecrease from the number of deals announced during Q4 2016.Year-over-year quarterly transaction volume increased by 26.6%compared to the 64 deals announced during Q1 2016.

❖ Average disclosed deal size during the quarter increased to $684million compared to $452 million during Q4 2016.

❖ The most active segments in terms of number of M&A deals were:

– Government Services, IT Services and Software (17 deals)

– MRO & Logistics (9 deals)

– Components & Subsystems (8 deals)

– Machined & Cast Parts (8 deals)

– Cybersecurity, Intelligence Services and Homeland Defense (6deals)

❖ The top 3 segments in terms of disclosed transaction values were:

– Controls & Systems ($9,854 million)

– Satellite, Satellite Services & Space Systems ($3,417 million)

– Government Services, IT Services and Software ($1,113 million)

Number of Deals by Quarter

IN THIS ISSUE EXECUTIVE SUMMARY

1

29 2514

25 22 23 25 25 27 2233 37

25

2849

37

50 52 46 4835 37 52

83 73

56

57

74

51

75 7469

73

6064

74

116110

81

0

20

40

60

80

100

120

140

14-1Q 14-3Q 15-1Q 15-3Q 16-1Q 16-3Q 17-1Q

Nu

mb

er

of

De

als

Disclosed Not Disclosed


Aerospace & Defense

Contact Information

Stephen Perry Managing Director & CEOOffice: (949) 769-3323 Ext. 302Direct: (949) [email protected]

David JanesChairmanOffice: (949) 769-3323 Ext. [email protected]

Ilana GermaineVice PresidentOffice: (949) 769-3323 Ext. 308Direct: (910) [email protected]

19200 Von Karman Avenue, Suite 340, Irvine, California 92612T: (949) 769-3323 F: (949) 769-3327 www.janescapital.com

Janes Capital Partners gathers its data from sources it considers reliable; however, it does not guarantee the accuracy orcompleteness of the information provided within this publication. The material presented reflects information known tothe authors at the time this presentation was prepared, and this information is subject to change. Janes Capital Partnersmakes no representations or warranties, expressed or implied, regarding the accuracy of this material.

Securities offered through JCP Securities, Inc., a Registered Broker/Dealer and Registered Investment Advisor; MemberFINRA and SIPC. Janes Capital Partners, Inc. and JCP securities, Inc. are affiliated companies.

No portion of this report may be reproduced in any form without the express written permission of Janes CapitalPartners. Janes Capital Partners is a federally registered U.S. trademark.

Copyright 2017, Janes Capital Partners, Inc. All rights reserved.

Janes Capital Partners specializes in Mergers & Acquisitions (M&A) for middle marketAerospace & Defense companies. Our clients are Aerospace & Defense companies withenterprise values between $25 million and $500 million. The team at Janes Capital Partnershas completed over 75 transactions within the Aerospace & Defense industry. Through thisM&A experience, we provide our clients with unparalleled access to potential acquirers in theaerospace and defense industry along with in-depth knowledge of the industry and itsdynamics. Our clients receive high touch service from accomplished professionals withextensive A&D transaction and industry experience.

Janes Capital Partners is a member firm of Oaklins, a global alliance of mid-market investmentbanks. Established in 1985, the alliance includes over 700 M&A professionals, with 60 memberfirms in 40 countries around the globe. The alliance has closed over 1,500 transactions totalingmore than $75 billion in transaction value in the past five years. Janes Capital Partners servesas Oaklins’ Global Aerospace & Defense Industry Group Practice Leader.

Select Transactions

About Janes Capital Partners

Jason KimballAssociateOffice: (949) 769-3323 Ext. 315Direct: (949) [email protected]

Ken FukumotoAssociateOffice: (949) 769-3323 Ext. 314Direct: (831) [email protected]

Acted as Financial Advisor to

Leading manufacturer of composite and metallic parts and tooling for

the A&D, space and niche and specialty automotive markets;

on its sale to

Alyssa MorrisroeManaging DirectorOffice: (949) 769-3323 Ext. 306Direct: (310) [email protected]


Leading designer and manufacturer of oxygen systems and related components for business jet,

commercial and military aircraft;

on its sale to


The Silicon Valley technology and business innovation center

of Airbus Group; on the valuation of Project Vahana

2


NASDAQ: HTCH

On its acquisition of

$245,000,000

John DoughertyAnalystOffice: (949) 769-3323 Ext. 305Direct: (949) [email protected]


Innovative designer and manufacturer of fixed-base flight simulators based on Airbus A320 and Boeing 737 for airline pilot

training; on its sale of a majority stake to


on the sale of its Santa Ana operations, a leading manufacturer

of flight critical parts for military and commercial aircraft,

to an affiliate of


Aerospace & Defense

Oaklins Deal Spotlight

Janes Capital Partners is a member firm of Oaklins, a global alliance of mid-market investment banks.Established in 1985, the alliance includes over 700 M&A professionals, with 60+ member firms in 40countries around the globe. The alliance has closed over 1,500 transactions totaling more than $75 billionin transaction value in the past five years. Janes Capital Partners serves as Oaklins’ Global Aerospace &Defense Industry Group Practice Leader.

In each Quarterly Publication, a fellow member firm of Oaklins and an aerospace & defense M&Atransaction completed by an Oaklins member firm will be profiled.

Oaklins

Oaklins Overview

▪ World’s leading M&A alliance, founded in 1985

▪ 700+ investment banking professionals

▪ 60+ offices located around the globe

▪ Specializes in middle-market companies

▪ Operating in 40 countries

▪ Highest standards of professionalism, integrity and customer service

▪ Extensive intranet for information-sharing between member firms

Countries with Oaklins Firms

▪ Argentina ▪ Australia▪ Austria▪ Belgium▪ Brazil▪ Bulgaria▪ Canada▪ Chile▪ China▪ Colombia▪ Costa Rica▪ Croatia▪ Czech

Republic▪ Denmark

▪ Estonia▪ Finland▪ France ▪ Germany▪ Hungary▪ India▪ Ireland▪ Israel▪ Italy▪ Japan▪ Lithuania▪ Mexico▪ Netherlands▪ Norway▪ Poland

▪ Romania▪ Russia▪ Saudi Arabia▪ Serbia▪ Singapore▪ Slovakia▪ Slovenia▪ South Africa▪ Spain▪ Sweden ▪ Switzerland▪ Thailand▪ Turkey▪ UK▪ USA

Represented Countries

Five-Year Transaction Snapshot

▪ 1,500+ closed transactions

▪ Closed transactions valued at over $75 billion

▪ 312+ cross-border deals

3

Management buy-out of Advanced Structural Alloys

Advanced Structural Alloys (ASA) is a fully integrated, high-end contractmanufacturer of rotary forged and spun aluminum products foraerospace, military vehicle, the automotive aftermarket and natural gascontainer markets. Oaklins' team in Ohio served as the exclusive financialadvisor, a portfolio company of Crosse Partners and HCAP Partners, in itssale to a group of private investors.

Target Description

AST uses the most sophisticated and innovative process technologiesavailable to build state of the art products for the leading companies inits industry. All manufacturing operations are completed on site in its100,000 sq. ft. facility to ensure quality standards and schedulecommitments are always met. The process technologies employed byAST include Rotary Forging, Flowforming, Heat Treatment andMachining. All tooling required to support those processes aremanufactured in-house to ensure the quickest possible turn-times.

Buyer Description

A group of private investors in a management buy-out led by ChiefExecutive Officer Rob Melsness purchased ASA.

BuyerTarget

United States

Oaklins Member Firm Spotlight

Overview

Oaklins Western Reserve Partners is Oaklins’ Cleveland, Ohio-based office. Western Reserve Partners provides M&A, capitalraising and other financial advisory services to middle marketcompanies across a focused set of industry verticals, includingindustrial, business services, consumer, healthcare, technologyand real estate. Each engagement is tailored to its client’sspecific objectives and relevant market dynamics. Thoughtfuladvice, keen market insight and well-crafted transactionprocesses have resulted in over 80% of its sell-side engagementsclosing at valuation ranges that meet or exceed expectations.

Recent Transactions

▪ Advised Tectum Inc., a manufacturer of high-impact wood fiber acoustical panels and roof deck for the commercial and institutional construction industries, on its sale to Armstrong World Industries

▪ Advised Advanced Structural Alloys, a fully integrated, high-end contract manufacturer of rotary forged and spun aluminum products, on its sale to a group of private investors

Founded: 2004

Location: Cleveland, Ohio

Professionals: 30+

Completed: 135+Transactions

Mark Filippell, Managing Director

United States

Ralph Della Ratta, Managing Director


Aerospace & Defense

Valuation Metrics

Target Target Description AcquirorAnnounced

Date

Implied TEV

($M)

TEV/

Revenue

TEV/

EBITDADeal Type(s)

PU I

PU I

PS I

PU PB I

PU PB$690.0

Harris Corporation, Government IT Services Business provides IT and

engineering managed services to U.S. government agencies, including

supporting NASA's Space Communications Network and Deep Space Network

programs, and operates within the company's Critical Networks segment.

01/27/17

$755.0 0.4x

CB&I Capital Services Group provides comprehensive and integrated

maintenance services, environmental engineering and remediation,

infrastructure EPC services, program management, and disaster response and

recovery for private sector and government customers. Government customers

include U.S. federal departments and agencies such as the DoD, DoE, FEMA

and EPA, as well as state and local governments.

02/28/17

0.7x na

na

MSC Software is a provider of computer-aided engineering (CAE) solutions,

including simulation software for virtual product and manufacturing process

development. MSC develops simulation software technology that enables

engineers to validate and optimize their designs using virtual prototypes. Key

markets are automotive, aerospace and electronics. Key customers include

Boeing, Airbus, Lockheed Martin, United Technologies, and NASA.

02/02/17 $834.0 3.6x na

1.8x 26.0x

DigitalGlobe is a global provider of geospatial information products and

services sourced from its own advanced satellite constellation. Its products

and services support users in a wide variety of fields including defense,

intell igence and homeland security, mapping and analysis, environmental

monitoring, oil and gas exploration and infrastructure management.

02/24/17 $3,401.6 4.7x

Zodiac Aerospace is a world leader in aerospace equipment and systems for

commercial, regional and business aircraft, as well as helicopters and space

applications. The company is a key player in seats, cabin interiors, power

distribution, lighting, fuel, oxygen and fluid systems and safety equipment. It

develops and manufactures state-of-the-art solutions to improve on-board

comfort and living conditions, as well as high-technology systems that boost

aircraft performance and enhance fl ight safety.

01/19/17 $9,811.8

8.7x

Private Equity SellerPS Private Equity BuyerPBPublic SellerPU Private SellerPR International DealI

Top 5 M&A Deals this Quarter

Source(s): CapIQ, Dacis, company reports, press releases

4

Capital Services Business

Gov’t IT Services Business


Aerospace & Defense

M&A Deal Volume

Average Size of Disclosed Deals and Total Disclosed Volume(last 13 quarters)

Number of Deals by Quarter (last 13 quarters)

Number of Deals by Segment(Q1 2017)

▪ Average deal size increased over last quarter from $452M to $684M

– Total disclosed deal volume totaled $17.1B, a decrease of more than

$400M from Q4 2016

▪ There were 81 A&D deals announced in Q1 2017, which was a decrease from

the 110 deals announced during Q4 2016 and a year-over-year increase of

26.6% from Q1 2016

▪ The most active segments ranked by total number of deals were:

– Government Services, IT Services and Software

– MRO & Logistics

– Components & Subsystems

– Machined & Cast Parts

Volume of Deals by Segment(Q1 2017)


5

29 2514

25 22 23 25 25 27 2233 37

25

2849

37

50 52 46 4835 37 52

83 73

56

57

74

51

75 7469

73

6064

74

116110

81

0

20

40

60

80

100

120

140

14-1Q 14-3Q 15-1Q 15-3Q 16-1Q 16-3Q 17-1Q

Nu

mb

er

of

De

als

Disclosed Not Disclosed

$5

11

$683

$2

52

$2

65

$515

$228

$2,3

18

$1

34

$3

09

$5

26

$2

63

$4

52

$684

$0

$10

$20

$30

$40

$50

$60

$70

$0

$500

$1,000

$1,500

$2,000

$2,500

14-1Q 14-3Q 15-1Q 15-3Q 16-1Q 16-3Q 17-1Q

Tota

l Dis

clo

sed

Vo

lum

e ($

BN

)

Ave

rage

Dea

l Siz

e ($

M)

Average Deal Size Total Disclosed Value

––––––

1 1 1

2 2 2

3 3 3 3 3

4 5

6 8 8

9 17

0 6 12 18

Unmanned VehiclesPrime Defense Contractors

Navy/MaritimeLand Systems

Electronics Manufacturing…Distribution

Engines & Engine SystemsAircraft Interiors

AerostructuresEngineering and Project…

ConnectorsComposites

Test & MeasurementSpecialty Defense Systems and…Simulation & Training Systems

Sensors & C4ISRControls & SystemsDefense Electronics

Satellite, Satellite Services &…Cybersecurity, Intelligence…

Machined & Cast PartsComponents & Subsystems

MRO & LogisticsGovernment Services, IT…

Number of Deals

----------$22 $28 $40 $57 $84 $90 $150 $215 $428 $755 $834 $1,113

$3,417 $9,854

$0 $4,000 $8,000 $12,000

Unmanned VehiclesTest & Measurement

Prime Defense ContractorsNavy/Maritime

Land SystemsEngines & Engine SystemsElectronics Manufacturing…

DistributionConnectorsComposites

Defense ElectronicsSensors & C4ISR

Cybersecurity, Intelligence…Machined & Cast Parts

Aircraft InteriorsComponents & SubsystemsSpecialty Defense Systems…

MRO & LogisticsAerostructures

Engineering and Project…Simulation & Training Systems

Government Services, IT…Satellite, Satellite Services &…

Controls & Systems

Total Disclosed Volume ($M)


Aerospace & Defense

TEV / EBITDA All A&D Transaction Multiples by Quarter (last 13 quarters)

Quarterly TEV / EBITDA Transaction Multiples

▪ The average TEV / EBITDA transaction multiple over the last 13 quarters across all A&D transactions was 11.3x

▪ Of the over 900 deals tracked by Janes Capital Partners over this period, only 87 reported TEV / EBITDA multiples

▪ As expected, multiples vary widely by segment with Controls & Systems (16.1x), Engines & Engine Systems (11.7x) and Distribution (6.4x)

TEV / EBITDA Transaction Multiples by Segment(last 13 quarters)

6

Note: Excludes TEV / EBITDA transaction multiples over 30.0xSource(s): CapIQ, Dacis, company reports, press releases

12.0x

13.8x

10.9x

9.3x

11.2x

10.3x

11.2x

10.3x

14.4x

9.8x

8.3x

13.6x

15.7x

8

4

5

6

7

6

10

9

5

7

8

9

3

0x 4x 8x 12x 16x

14-1Q

14-2Q

14-3Q

14-4Q

15-1Q

15-2Q

15-3Q

15-4Q

16-1Q

16-2Q

16-3Q

16-4Q

17-1Q

TEV / EBITDANumber of Deals with Reported TEV / EBITDA Multiples

N

-

-

-

-

-

6.4x

8.6x

8.7x

9.6x

9.9x

9.9x

10.2x

10.6x

10.6x

11.7x

11.7x

11.7x

11.9x

12.0x

12.2x

12.4x

12.4x

15.4x

16.1x

0

0

0

0

0

2

11

2

5

5

11

5

3

2

1

8

1

1

3

4

8

4

7

4

0x 5x 10x 15x 20x

Simulation & Training Systems

Prime Defense Contractors

Navy/Maritime

Land Systems

Connectors

Distribution

MRO & Logistics

Electronics Manufacturing (EMS) &…

Sensors & C4ISR

Government Services, IT Services and…

Defense Electronics

Satellite, Satellite Services & Space…

Aircraft Interiors

Engineering and Project Management

Engines & Engine Systems

Components & Subsystems

Unmanned Vehicles

Test & Measurement

Composites

Cybersecurity, Intelligence Services and…

Machined & Cast Parts

Aerostructures

Specialty Defense Systems and Services

Controls & Systems

TEV / EBITDANumber of Deals with Reported TEV / EBITDA Multiples

N


Aerospace & Defense

LTM LTM EBITDA Market % of TEV / LTM LTM LTM EBITDA Market % of TEV / LTM

($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA ($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA

Aerostructures Machined and Cast Parts

CPI Aerostructures $81 NM $59 66.5% $91 NM Arconic $12,394 18.5% $11,607 85.8% $17,912 7.8x

Ducommun 551 9.5% 322 85.6% 482 9.2x ATI 3,135 3.1% 1,954 75.8% 3,691 NM

FACC 736 5.1% 334 71.1% 588 15.8x Barnes Group 1,231 22.3% 2,758 98.8% 3,193 11.6x

GKN 10,892 11.7% 7,791 95.8% 8,703 6.8x Lisi 1,659 15.2% 1,914 92.9% 2,149 8.5x

Hexcel 2,004 22.8% 4,952 97.6% 5,605 12.3x LMI Aerospace 346 9.9% 181 98.9% 418 12.2x

Kaman 1,808 9.3% 1,304 90.1% 1,683 10.0x Senior 1,132 12.9% 1,078 84.1% 1,323 9.1x

Latécoère 692 6.7% 407 84.2% 407 8.8x SIFCO 123 4.2% 45 68.9% 84 16.5x

Magellan 747 16.0% 854 97.9% 962 8.1x Median 12.3% 11.0x

Spirit AeroSystems 6,793 13.9% 6,900 92.1% 7,290 7.7x

Triumph 3,671 NM 1,276 64.2% 2,900 NM MRO

Median 11.9% 9.8x AAR $1,708 7.7% $1,126 86.8% $1,259 9.6x

BBA Aviation 2,149 13.4% 3,929 96.7% 5,297 18.4x

Commercial Airframes HEICO 1,413 24.6% 5,380 98.0% 5,938 17.1x

Airbus $70,285 2.8% $58,917 98.9% $56,568 NM HAECO 1,775 15.5% 1,151 82.2% 1,668 6.1x

Boeing 94,571 9.2% 107,545 95.2% 107,528 12.4x KLX Inc. 1,531 13.5% 2,347 85.3% 3,290 16.0x

Bombardier 16,339 3.6% 3,395 73.9% 10,545 18.0x MTU Aero Engines 4,996 12.6% 6,697 99.7% 7,875 12.5x

Embraer 6,587 7.8% 4,043 83.9% 5,254 10.2x ST Engineering 4,625 11.5% 8,321 98.7% 8,494 16.0x

Textron 13,710 11.6% 12,853 93.4% 15,396 9.7x Wesco Aircraft 1,457 12.1% 1,135 72.3% 1,933 11.0x

Median 7.0% 12.6x Median 13.9% 13.3x

Components & Subsystems Defense Electronics, Sensors & C4ISR

Ametek $3,840 26.2% $12,439 97.5% $14,063 14.0x AeroVironment $224 NM $644 86.4% $450 NM

CIRCOR 590 9.8% 973 81.5% 1,166 20.1x Cubic 1,483 5.5% 1,431 94.9% 1,695 20.6x

Cobham 2,400 NM 2,823 61.1% 4,097 NM Elbit 3,260 12.8% 4,881 93.4% 5,046 12.1x

Crane 2,748 16.7% 4,449 94.8% 4,696 10.2x Esterline 2,009 14.4% 2,555 89.2% 3,125 10.8x

Meggitt 2,460 20.8% 4,318 91.8% 5,771 11.3x FLIR 1,662 21.3% 4,946 96.9% 5,102 14.4x

RBC Bearings 617 23.8% 2,249 97.2% 2,504 17.1x Harris 7,387 21.3% 13,849 98.5% 17,889 11.4x

Teledyne 2,150 16.8% 4,454 93.1% 4,974 13.8x Kongsberg Gruppen 1,841 7.3% 1,859 92.7% 2,117 15.9x

Timken 2,670 14.5% 3,529 97.3% 4,059 10.5x Kratos 669 2.4% 660 84.7% 1,023 NM

TransDigm 3,284 46.0% 11,634 74.8% 21,521 14.2x KVH Industries 176 6.1% 142 65.9% 148 13.9x

Woodward 2,021 16.5% 4,173 94.0% 4,812 14.4x L3 Technologies 10,511 11.7% 12,861 96.5% 15,907 12.9x

Median 21.2% 14.0x Mercury Systems 337 17.9% 1,872 95.6% 2,017 NM

OSI Systems 896 12.5% 1,397 89.5% 1,616 14.5x

Controls & Systems QinetiQ 972 18.4% 1,963 96.5% 1,608 9.0x

Astronics $633 15.6% $925 77.3% $1,055 10.7x Smiths 4,014 18.5% 8,018 99.2% 8,833 11.9x

B/E Aerospace 2,933 20.1% 6,505 98.8% 8,340 14.1x Thales 15,713 11.3% 20,498 96.5% 18,286 10.3x

Curtiss-Wright 2,109 19.2% 4,044 84.8% 4,456 11.0x Ultra 970 17.5% 1,822 92.3% 2,139 12.6x

Eaton 19,747 16.1% 33,260 99.4% 40,843 12.8x Median 13.3% 13.1x

Heroux-Devtek 300 14.6% 315 72.4% 404 9.2x

Honeywell 39,302 19.7% 94,991 97.9% 101,096 13.1x Prime Defense Contractors

ISSC 25 6.6% 51 69.3% 33 19.8x BAE $21,965 10.8% $25,554 97.8% $27,379 11.5x

Moog 2,433 13.5% 2,416 92.2% 3,091 9.4x General Dynamics 31,353 15.2% 56,791 96.5% 58,345 12.2x

Parker-Hannifin 11,200 14.6% 21,370 99.4% 22,403 13.7x Huntington Ingalls 7,068 14.7% 9,265 90.7% 9,823 9.5x

Rockwell Collins 5,283 23.1% 12,683 97.3% 14,657 12.0x Leonardo 12,670 15.0% 8,163 93.7% 11,349 6.0x

Zodiac Aerospace 5,806 6.8% 7,001 81.3% 8,180 20.7x Lockheed Martin 47,248 13.9% 77,556 97.5% 90,096 13.7x

Median 15.5% 13.3x Northrop Grumman 24,508 14.9% 41,527 93.7% 46,056 12.6x

Raytheon 24,069 15.3% 44,664 96.8% 47,045 12.8x

Engines & Engine Systems Median 14.3% 11.2x

General Electric $110,390 15.5% $259,520 90.3% $389,900 22.7x

Rolls Royce 18,465 5.3% 17,363 86.1% 18,127 18.7x

Safran 17,399 22.6% 31,131 99.6% 33,507 8.5x

UTC 57,244 17.9% 89,957 98.1% 108,587 10.6x

Median 15.3% 15.1x

Aerospace & Defense Public ValuationsPublic Valuations by A&D Segment

7

Note: Trading metrics as of 3/31/17. Valuation multiples based on LTM financial data converted at the historical exchange rate as of each fiscal period end date, and excludes multiples above 25.0x and under 0.0x.Source(s): CapIQ


Aerospace & Defense

Top 10 Bottom 10

NYSE:GE 22.7xNasdaqGS:

AOBC4.7x

NasdaqGS:

KEYW21.1x NYSE:VEC 5.9x

ENXTPA:ZC 20.7x BIT:LDO 6.0x

NYSE:CUB 20.6x SEHK:44 6.1x

NYSE:CIR 20.1x LSE:GKN 6.8x

NasdaqGS:

ISSC19.8x

NasdaqGS:

NCIT7.1x

NYSE:KBR 19.8x NYSE:SPR 7.7x

LSE:RR. 18.7x NYSE:FLR 8.0x

LSE:BBA 18.4x TSX:MAL 8.1x

TSX:BBD.B 18.0x NYSE: DGI 8.2x

LTM LTM EBITDA Market % of TEV / LTM LTM LTM EBITDA Market % of TEV / LTM

($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA ($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA

Satellites, Satellite Services and Space Systems Engineering and Construction

Aerojet Rocketdyne $1,761 9.2% $1,620 94.4% $1,874 11.6x AECOM $17,472 5.8% 5,528 87.4% 9,122 9.1x

Ball Corporation 9,061 14.9% 13,000 90.3% 20,041 14.8x Babcock 5,589 13.8% 5,581 79.3% 7,512 9.8x

Comtech 551 9.2% 347 59.1% 533 10.6x Fluor 19,037 4.7% 7,353 90.1% 7,109 8.0x

DigitalGlobe 725 53.8% 2,022 91.1% 3,202 8.2x Jacobs Engineering 10,668 6.0% 6,693 87.2% 6,412 10.0x

Gilat Satellite 280 6.5% 277 81.7% 258 14.1x Median 7.6% 9.2x

Intelsat 2,188 73.8% 490 70.7% 14,280 8.8x

MDA 1,536 15.2% 1,918 75.6% 2,638 11.3x Government, IT Services & Software

Orbital ATK 4,455 15.0% 5,640 95.4% 5,640 8.4x Booz Allen $5,647 9.2% 5,307 91.8% 6,521 12.5x

ViaSat 1,515 16.6% 3,675 77.6% 4,244 16.9x CACI 4,222 8.8% 2,861 86.7% 4,155 11.2x

Median 23.8% 11.6x CGI Group 7,948 17.0% 14,111 94.9% 15,247 11.3x

CSC 7,525 12.4% 9,745 92.1% 11,846 12.7x

Specialty Systems and Services Engility 2,076 9.2% 1,064 73.9% 2,096 11.0x

CAE $2,004 21.2% $4,092 98.1% $4,771 11.2x ICF 1,185 9.4% 785 69.4% 1,039 9.3x

Chemring 583 13.9% 671 92.3% 778 9.6x KBR 4,268 2.7% 2,147 83.7% 2,292 19.8x

MSA Safety 1,150 18.1% 2,669 94.7% 2,953 14.2x Leidos 7,043 9.2% 7,696 93.0% 10,619 16.4x

SAAB 3,154 8.1% 4,507 99.9% 4,532 17.8x ManTech 1,602 7.7% 1,342 76.1% 1,277 10.4x

American Outdoor 895 29.4% 1,116 63.5% 1,230 4.7x MAXIMUS 2,454 15.5% 4,031 99.1% 4,115 10.8x

TASER 268 14.0% 1,193 75.6% 1,104 NM NCI 322 8.9% 204 98.3% 203 7.1x

Median 17.5% 11.5x SAIC 4,450 7.5% 3,242 82.8% 4,079 12.2x

Serco Group 3,718 4.3% 1,575 76.4% 1,762 11.1x

KEYW 288 9.1% 461 69.6% 552 21.1x

Vectrus 1,191 4.0% 244 63.9% 280 5.9x

VSE 692 11.0% 441 95.6% 677 8.9x

Median 9.1% 12.0x

Aerospace & Defense Public Valuations (continued)

TEV / EBITDA Valuation Trend by Sector (last 5 years)

Performance Dashboard(by TEV / EBITDA Valuation)

Market Performance Summary

Public Valuations by A&D Segment (continued)

8

Note: Trading metrics as of 3/31/17. Valuation multiples based on LTM financial data converted at the historical exchange rate as of each fiscal period end date, and excludes multiples above 25.0x and under 0.0x.Source(s): CapIQ

12.7x

12.1x

11.4x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17

TEV

/ E

BIT

DA

Commercial Aerospace Defense

Government & IT


Aerospace & Defense

On January 19, 2017, Safran announced a plan to buy ZodiacAerospace in an attempt to become the world’s No. 3 aerospacesupplier to Boeing and Airbus. The two companies agreed on apublic offer of €29.47 per share and a subsequent merger on thebasis of 0.485 Safran shares for one Zodiac Aerospace share.Prior to and conditional upon the merger, Safran will distribute aspecial dividend of €5.50 per share to its existing shareholders.Zodiac Aerospace's founding families, FFP, Fonds Stratégique deParticipations and the French State, intend to remain coreshareholders of Safran with around 22% of its capital, and, uponcompletion of the transaction, to sign a shareholders agreementcomprising a two-year lock-up provision.

Deal Spotlight

Founded 1896

Ticker ENXTPA:ZC

Headquarters Plasir, France

Employees 33,667

LTM Revenue Є5,208M

LTM EBITDA Є408M

Chairman and CEO Olivier Zarrouati

EVP, Admin. & Finance Didier Fontaine

Safran Acquires Zodiac Aerospace

Philippe Petitcolin, CEO of Safran, said: "The acquisition of Zodiac Aerospace represents a uniqueopportunity at this point in Safran's development, just a few months after initiating the refocus of thegroup on our core activities of Aerospace and Defense. The technological complementarities will ensurethat we accelerate domains as strategic as critical systems and the more electrical aircraft, which make up40% of Zodiac Aerospace's activities. Our industrial expertise will also accelerate the return to theirhistorical levels of profitability in the seats and cabin activities. Finally, and above all, the strength ofSafran's managerial talent and the timing of this transaction will ensure the success of integrating ZodiacAerospace into our Equipment businesses while Propulsion is focused on the LEAP program. I am eager todrive this strategic move.“ On March 15, 2017, Safran announced the successful syndication of a €4 billionacquisition bridge facility, proceeds from which are to be applied to the company's planned acquisition.The company will need to come up with €4.5 billion more to pay for the acquisition, which it says willcome from cash on hand—supplemented by €2.4 billion from the divestiture of Safran Identity &Security—and also from existing committed undrawn facilities.

Deal Rationale

Transaction Summary

Commentary

Zodiac Aerospace OverviewZodiac Aerospace is a world leader in aerospace equipment and systems for commercial, regional andbusiness aircraft, as well as helicopters and space applications. The company is a key player in seats, cabininteriors, power distribution, lighting, fuel, oxygen and fluid systems and safety equipment. It developsand manufactures state-of-the-art solutions to improve on-board comfort and living conditions, as well ashigh-technology systems that boost aircraft performance and enhance flight safety. Zodiac Aerospace iscurrently enhancing its products and services in various areas, which include: reducing the weight andbulk of on-board equipment; developing ergonomic, modular concepts to improve maintenance andproductivity; expanding its range of after-sales services; introducing new functions and designs, as well ascomprehensive and integrated cabin solutions; and developing new safety systems that contribute toimproving the safety of air travel.

Sources: DACIS, CapIQ, company websites, market research

Strategic Rationale

Benefits from Acquiring Zodiac Aerospace

Zodiac Aerospace Key Figures

Zodiac Aerospace Selected Offerings

Total Enterprise Value Є5,556M

LTM Revenue Multiple 1.8x

LTM EBITDA Multiple 26.0x

Announced Date January 19, 2017

Deal Summary

9

Combining two market leaders

The new entity would combine Safran's capabilities in landing gear, wheels and brakes, nacelles, power systems, actuation and avionics, with Zodiac Aerospace's leading positions in seats, cabin interiors, power distribution, lighting, fuel, oxygen and fluid systems and safety equipment.

Reinforcing and enlarging footprint

The new entity would offer a comprehensive product range reinforcing Safran's presence across all key aircraft programs, fueling organic growth and limiting exposure to aircraft-OEM delivery cycles. The combination would improve Safran's exposure to a dollar-denominated cost-base, especially in North America where Zodiac Aerospace has a large footprint.

Creating value

Safran has already identified €200m of cost synergies, of which 50% should be achieved in year 1 and 90% in year 2, enabling the transaction to meet Safran's RoCE goal in 3 years. Synergies should come from savings in procurement and SG&A and the optimization of the combined group's footprint.

Cab

in In

teri

ors

In

tegr

atio

nC

on

nec

ted

C

abin

Safe

ty S

yste

ms

VIP

& B

usi

nes

s A

ircr

aft

Inte

rio

r

Cab

in M

on

um

ents

and

Pro

du

ctsElectrical &

C

ockp

it Systems

Fluid

and

Water &

W

aste Systems

Co

ntro

l Systems


Aerospace & Defense

Headquarters New York, New York

Founded 2016

Employees ~41,500

Market Cap $11,704

Net Debt $6,221

Enterprise Value $18,009

Revenue $12,394

EBITDA $2,289

Klaus-Christian Kleinfeld Chairman & CEO

Kenneth Giacobbe CFO & EVP

Raymond Kilmer CTO & EVP

Christoph Kollatz EVP, Corp. Development

Arconic Inc. engineers and manufactureslightweight metals of aluminum, titanium,and nickel worldwide. The companyoperates through three segments: GlobalRolled Products, Engineered Products andSolutions and Transportation andConstruction Solutions. Arconic Inc.,formerly known as Alcoa Inc., wasseparated from Alcoa Corporation onNovember 1, 2016. Alcoa Corporationretains the Alumina and Primary Metalssegments as well as the rolling mill at theWarrick, Indiana, operations.Arconic operates in 19 countries and serves diversified industrial markets, including aerospace,automotive, transportation, packaging, building and construction, oil and gas, defense and consumerelectronics. The company’s strongest position is in the aerospace market, which accounted for 43%, or$5.3 billion, of total revenue in 2016, comprised of solutions for the commercial airframe, commercialaero engine and defense aero segments. Arconic’s core capabilities within aerospace include multi-materials expertise, a comprehensive range of manufacturing processes and application engineering.Approximately 80-85% of the company’s aerospace revenue is derived from either first or second marketleadership positions. Arconic continues to focus on both organic and inorganic growth of technology,including growing its aero engine components portfolio, increasing content on carbon fiber reinforcedpolymer-intensive airframes and developing additive manufacturing-related technology.

Business Segments (% of Total Revenue)

Buyer Spotlight Arconic, Inc. (NYSE:ARNC)Description

Prior to its separation from Alcoa Corporation,Arconic Inc. employed an active M&A strategy andcompleted several substantial acquisitions thatsignificantly strengthened its leadership in its coreaerospace markets. While, as expected, thecompany has not acquired any targets sinceseparating, an SEC filing on March 2, 2017, revealedthe creation of a Finance Committee of the Boardthat will enhance oversight of finance mattersincluding M&A. The creation of the board is possiblya reaction to the recent pressure from activistinvestment firm Elliot Management.

Key Financials

(1) Market data as of 3/31/17; LTM financial data as of 12/31/16

Fiscal year end December 31; market data as of 3/31/17; LTM financial data as of 12/31/16

Global Rolled Products (40%)

This segment produces a range of aluminum sheet and plate products for theaerospace, automotive and commercial transportation markets.

Engineered Products and Solutions (46%)

This segment develops and manufactures high performance products for theaerospace and defense, commercial transportation and power generationend markets. Products include fastening systems, seamless rolled rings,investment castings (airfoils and engine components) and various forging andextrusion metal products.

Sources: CapIQ, Dacis, company presentations and website

Share Price Performance

10

Arconic Highlights ($M) (1)

M&A Strategy

Key Management

Transportation and Construction Solutions (14%)

This segment produces integrated aluminum structural systems, architectural extrusions, forged aluminumcommercial vehicle wheels and aluminum products for the construction and transportation markets.

Market Mix

M&A Highlight: Acquisition of RTI International Metals, Inc.

Notable Recent Acquisitions

Date Target TEV Description

Mar ‘15RTI International Metals

$1.5BTitanium mill products & specialty metal components

Dec ‘14 TITAL GmbH $188MTitanium & aluminum investment castings

Jun ‘14 Firth Rixson $3.0BRolled jet engine rings, forgings & metal products

Mar ‘11TransDigm, Aerospace Fasteners Business

$240MAerospace fasteners,bolts & components

On July 23, 2015, Alcoa Inc. (now known as Arconic) completed the $1.5 billion acquisition (12.9x LTMEBITDA) of RTI International Metals, Inc., a leading producer of titanium and specialty metal products andservices for the aerospace and defense, energy and medical device markets. The acquisition bolsteredAlcoa’s presence in the aerospace market and expanded its multi-material aerospace portfolio. One of thesignificant contracts Alcoa acquired through its takeover of RTI International Metals is the agreement tosupply finished titanium structure parts, such as the fuselage, for the new A350-1000 aircraft program.

0

5

10

15

20

$0

$5

$10

$15

$20

$25

$30

$35

Nov-16 Dec-16 Jan-17 Feb-17 Mar-17

Vo

lum

e (

in m

illio

ns)

Shar

e P

rice

Trad. Vol. ARNC S&P 500 (rebased)

($ in millions) FY 2014 FY 2015 FY 2016

Revenue $12,542 $12,413 $12,394

EBITDA $2,268 $2,189 $2,289

EBITDA Margin 18.1% 17.6% 18.5%

TEV/ LTM Revenue n/a n/a 1.4x

TEV/ LTM EBITDA n/a n/a 7.8x

Cash & ST Investments n/a $1,362 $1,863

Aerospace43%

Automotive11%

Regional Specialty

11%

Commercial Transportation

10%

Building & Construction

10%

Other15%


Aerospace & Defense

Platform Overview A321neo Program Overview

A321neo Program Overview

Aircraft Type: Narrow-body, twin-engine jet airliner

Manufacturer: Airbus

First Flight Test: February 2016

Entry Into Service: January 2017

Engine Types: PW1100G-JM

CFMI Leap-1A

A321neo Order History (Top Airlines)

Sources: Airbus

11

Description

The Airbus A321neo narrow-body, twin-engine

aircraft is the latest variant in the highly successfulA320neo family. As the longest-fuselage member ofAirbus’ A320 family, the A321neo’s cabin offers

passengers even more space in which to relax andenjoy the flight, comfortably seating 185 passengersin a standard two-class cabin and up to 220

passengers in a more high-density layout. As withevery member of the A320 family, the A321neopossesses a wider cabin than its competitors,

allowing it to offer 18-inch wide seats. As a result, theA321neo continues to set the standard for comfort.The aircraft also offers a wider aisle and increased overhead storage, as well as providing cabin crewmore space to work. Benefitting from a cockpit commonality that reduces training and maintenancecosts, the A321neo also features Airbus’ revolutionary digital fly-by-wire control system. Pilots certified to

fly the A321neo can fly any member of the A320 family through the Cross-Crew-Qualification program,allowing pilots the opportunity to transition to other Airbus aircraft. The numerous advantages for pilots,crew, airlines and passengers has been key to the success of the A321neo and the overall impact on the

best-selling aircraft family.

Market Performance and Competing ProgramsFrom the intense competition for the narrow-body, single-aisle market and more than six years since there-engined single-aisle race began, Airbus maintains a comfortable position as the clear market leader,with the A321neo leading the B737 Max 9 by a five-to-one order margin. In response to the continuedcompetition between the largest aircraft manufacturers, Boeing revealed the first image of the Max 10 atthe ISTAT Americas convention in San Diego on March 6, 2017. The 737-10, a longer version of the current737-9, would offer the same capacity as the slightly longer Airbus A321neo, but with lower fuelconsumption and slightly greater range. Boeing could formally launch the new version later this year,further extending the battle for the single-aisle market.

Recent News and OutlookIn February 2016, the first A321neo equipped with CFM International LEAP-1A engines completed itsmaiden flight from Hamburg, Germany. The A321neo will join the NEO flight test fleet and perform apartial flight test program to validate the impact on handling qualities, performance and systems. The firstA321neo will be delivered sometime in 2017, after recently announcing a delay in shipments to HawaiianAirlines for 16 A321neo aircraft. Airbus has also announced an extended range variant, the A321LR,deliveries of which will begin in 2019, which will have the longest range of any single-aisle jetliner, capableof flying routes of up to 4,000 nm. The A321LR, ideally suited to transatlantic routes, will help Airbuspenetrate new long-haul markets that were not previously accessible with current single-aisle aircraft.

Asia Pacific58%

North America

25%

Middle East10%

Latin America7%

Platform Wingspan Length Range Seat Count Unit Cost ($M)

A319neo 117’ 5” 111’ 0” 3,750nm 124-160 $99

A320neo 117’ 5” 123’ 3” 3,700nm 150-189 $108

A321neo 117’ 5” 146’ 0” 3,700nm 185-240 $127

Airbus A320neo Family Specifications

Sources: Airbus, Boeing, Bombardier, Embraer

Select Narrow-Body Aircraft Competitor Specifications

Platform Wingspan Length Range Seat Count Unit Cost ($M)

Boeing 737 MAX 9/10 117’ 10” 138’ 4” – 143’ 7” 3,630nm 192-232 $117

Bombardier CS300 115’ 1” 127’ 0” 3,300nm 130-160 $76

Embraer E-195-E2 115’ 2” 136’ 2” 2,450nm 120-132 $60

1,384 Orders as of February 28, 2017

Wizz Air AirAsia American Turkish

Lion Air JetBlue Qantas Lufthansa

110 100 100 92

65 60 45 40

A321neo Orders By Country

Type Certificate Achieved – Dec 2016


Aerospace & Defense


All Transactions – Value Disclosed

12


Valuation Metrics

Announced

DateTarget Acquiror

Implied TEV

($M)

TEV/

Revenue

TEV/

EBITDASegment Deal Type(s)

PR I

PR I

PU

PU I

PU PB

PU

PR

PU I

PS I

PR

PR I

PU I

PS PB I

PU I

PU I

PR I

PS

PU I

na Defense Electronics

01/09/17 FluxData, Inc. Halma plc $27.5 5.3x na Sensors & C4ISR

01/04/17 Edco Technologies (1993) LTD. E & M Computing Ltd. $2.4 0.1x

naGovernment Services, IT

Services and Software

01/19/17 Zodiac Aerospace Safran SA $9,811.8 1.8x 26.0x Controls & Systems

01/09/17International Development Services

GroupResearch Triangle Institute $24.0 na



01/30/17 AMK Welding, Inc. Meyer Tool, Inc. $6.0 na na Machined & Cast Parts

01/27/17Harris Corporation, Government IT

Services BusinessVeritas Capital $690.0 0.7x



01/31/17 Prometheus Security Group Global, Inc. Management Buyout $1.2 na naGovernment Services, IT


01/30/17 Advanced Technology International, Inc. Analytic Services Inc. $40.0 na

02/07/17ALS Technologies Ltd and Flexible

Software Solutions LtdTP Group plc $3.4 na na

Government Services, IT


naSimulation & Training

Systems

02/02/17 Puris LLC Carpenter Powder Products Inc. $35.0 na na Machined & Cast Parts

02/02/17 MSC Software Corporation Hexagon AB $834.0 3.6x

na

Cybersecurity, Intelligence

Services and Homeland

Defense

02/16/17 OAG Aviation Holdings Limited Vitruvian Partners LLP $215.0 na na MRO & Logistics

02/08/17 Skyfence Networks Ltd. Forcepoint LLC $40.0 na

12.5x Aerostructures

02/17/17Morgan Advanced Materials plc, Global

Rotary Transfer Systems BusinessMOOG Holding GmbH & Co. KG $42.5 2.1x na Controls & Systems

02/17/17 LMI Aerospace, Inc. Sonaca SA $428.4 1.2x

na Aircraft Interiors

02/21/17 Preferred Systems Solutions, Inc. STG Group, Inc. $119.5 na naGovernment Services, IT


02/17/17 C2i s.r.o. LG Hausys Ltd. $84.3 na

na Components & Subsystems02/22/17SCHROTH Safety Products GmbH and

TAKATA Protection Systems Inc.TransDigm Group Incorporated $90.0 na


Aerospace & Defense


All Transactions – Value Disclosed (continued)

13


Valuation Metrics

Announced

DateTarget Acquiror

Implied TEV

($M)

TEV/

Revenue

TEV/

EBITDASegment Deal Type(s)

PU

PR I

PU I

PU PB I

PS I

PS

PS

02/22/17 L3 Technologies, Coleman Aerospace Aerojet Rocketdyne, Inc. $15.0 na naSatellite, Satellite Services

& Space Systems

na Defense Electronics

02/24/17 DigitalGlobe, Inc. SSL MDA Holdings, Inc. $3,401.6 4.7x 8.7xSatellite, Satellite Services

& Space Systems

02/22/17 Stingray Optics, LLC Gooch & Housego plc $20.0 2.6x

naEngineering and Project

Management

03/07/17 Daylight Solutions, Inc. DRS Technologies, Inc. $150.0 na naSpecialty Defense Systems

and Services

02/28/17Chicago Bridge & Iron Company N.V.,

Capital Services BusinessVeritas Capital $755.0 0.4x



03/28/17 Aerospace Holdings, Inc. Harlow Aerostructures LLC $16.1 na na Machined & Cast Parts

03/08/17 Sotera Defense Solutions, Inc. The KEYW Corporation $235.0 na


Aerospace & Defense


All Transactions – Value Not Disclosed

14


Announced Date Target Acquiror Segment Deal Type(s)

PU PB

PU I

PU

PR

PS

PR I

PR PB

PU PB

PR PB I

PR

PS PB

PR PB

PR PB I

PR PB

PR PB I

PR I

PR

PR

Government Services, IT Services and

Software

01/27/17 Alcyon, Inc. Alutiiq, LLCGovernment Services, IT Services and

Software

01/25/17 eGov Holdings, Inc., SeaPort Business Unit Octo Consulting Group, Inc.


01/24/17 Certon Software, Inc. Cyient, Inc. Test & Measurement

01/23/17MacLean-Fogg Component Solutions Krefeld

(Presswerk Krefeld)Hannover Finanz GmbH

01/19/17 Intelesys Corporation Polaris AlphaCybersecurity, Intelligence Services

and Homeland Defense

01/18/17 Euro Symbiose SAS TRIGO, S.A.

Specialty Defense Systems and

Services

01/10/17 Vital Link, Inc. Atec, Inc. Engines & Engine Systems

01/09/17

Test & Measurement

Test & Measurement

01/18/17 MRO Facility in Goodyear, Arizona AerSale Inc. MRO & Logistics

01/11/17 Avtron Aerospace, Inc. Odyssey Investment Partners, LLC

Aegis Engineering Limited and LBA International

LimitedSafariland, LLC


01/02/17 BAE Systems San Francisco Ship Repair Inc. Puglia Engineering Inc. MRO & Logistics

01/02/17 GE Aviation, Santa Ana Operations Admiralty Partners, Inc.

pulse.aero Ltd

MRO & Logistics

01/03/17 Enlighten IT Consulting Inc. Macaulay-Brown, Inc.Government Services, IT Services and

Software

01/03/17 Sterling Aviation, LLC Gama Aviation, LLC

Rockwell Collins, Inc. MRO & Logistics

01/03/17 PEMCO World Air Services, Inc.Airborne Maintenance & Engineering Services,

Inc.


Software

01/09/17 BluVector, Inc. LLR Partners Inc.Cybersecurity, Intelligence Services


01/05/17 The Kemtah Group Incorporated Belcan Corporation

MRO & Logistics

01/04/17


Aerospace & Defense


All Transactions – Value Not Disclosed (continued)

15



PR PB

PR I

PR PB

PU

PS PB

PR I

PR PB I

PR I

PR PB

PU I

PR PB

PR PB

PR I

PR I

PR I

PR PB

PR

PR


03/02/17 Lewis Engineering, Inc. Jabil Circuit, Inc. Machined & Cast Parts

03/02/17 Ti Nanotech, LLC Syndetix Incorporated

Satellite, Satellite Services & Space

Systems

03/02/17 IOTA Engineering, L.L.C. Industrial Growth Partners Components & Subsystems

02/28/17 OneWeb LLC Intelsat S.A.

Engineering and Project Management

02/28/17 Santier, LLC Egide S.A. Connectors

02/21/17 IAP Research, Inc. BAE Systems, Inc.


02/17/17 Precision Technology USA, Inc. Hunt Valve Company Controls & Systems

02/12/17 Microwave Circuits Inc. Gowanda Components Group


02/09/17VeriSign, Inc., iDefense Security Intelligence

Services BusinessAccenture plc

Cybersecurity, Intelligence Services


02/08/17 ETI Tech, Inc. Soaring Pine Capital Management

Simulation & Training Systems

02/08/17Endgame, Inc., U.S. Federal Government Services

BusinessAccenture plc

Cybersecurity, Intelligence Services


02/07/17 Simtech Aviation Ltd Renatus Capital Partners


Software

02/06/17 Elimco Sistemas, S.L. GHENOVA Ingeniería, S.L.U. Simulation & Training Systems

02/06/17 Information Innovators Inc. Salient CRGT, Inc.

Composites

02/02/17 Terra Bella Technologies Planet Labs Inc.Satellite, Satellite Services & Space

Systems

02/01/17 Quatro Composites, LLC AIM Aerospace, Inc.

Defense Electronics

02/01/17 BMB Solutions Composites Inc. Composites One LLC Composites

02/01/17 Owl Computing Technologies, Inc. Acuity Technologies Holding Company


Aerospace & Defense



16



PR PB

PR I

PR

PS PB I

PR

PS PB

PR I

PR

PR I

PR PB I

PR PB

PR PB

PR I

PU I

PR

PR

PU

PS PB


02/27/17 RubiKon Group Pty Ltd QinetiQ Australia Pty Ltd MRO & Logistics

03/29/17 PAS Technologies Inc. StandardAero, Inc. Components & Subsystems

03/27/17 Day1 Solutions LLC Deloitte DigitalGovernment Services, IT Services and

Software

03/27/17 Critical Technologies, Inc. GE AviationGovernment Services, IT Services and

Software

03/20/17 TP Aerospace Solutions Aps CataCap Management Aps MRO & Logistics

03/28/17 BVR Technologies Co. Kaney Aerospace, Inc. Components & Subsystems

03/24/17 Thales S.A., Identity Management Business Imprimerie Nationale GroupCybersecurity, Intelligence Services


03/21/17 Magnetic & Penetrant Services Co, Inc. Valence Surface Technologies, Inc. Machined & Cast Parts

03/20/17 Marox Corporation Sussex Wire, Inc.

03/20/17 Zephyr Photonics, Inc. Inneos LLC Defense Electronics

03/20/17 IFasO GmbH Egon Döberl Holding GmbH Sensors & C4ISR

Alarm.Com Holdings, Inc.Government Services, IT Services and

Software

03/13/17 Centerra Group, LLC Constellis Holdings, LLCGovernment Services, IT Services and

Software

03/13/17 Interexport S.A. Motorola Solutions, Inc.Government Services, IT Services and

Software

03/13/17 ObjectVideo, Inc.

03/06/17 Ibis Tek, LLC RockWood Equity Partners LLCSpecialty Defense Systems and

Services

02/07/17 Kymeta Corporation Intelsat S.A.Satellite, Satellite Services & Space

Systems

03/08/17 Air Cost Control USA, LLC Flight Support Group, Inc. Connectors

03/09/17 REVIMA SAS Argos Soditic; Euroknights VII MRO & Logistics


Aerospace & Defense



17



PS PB

PR

03/29/17 Whitcraft LLC Greenbriar Equity Group LLC Machined & Cast Parts

03/30/17 OneTree Microdevices, Inc. Analog Devices, Inc. Sensors & C4ISR

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