aerospace & defense - janes capital · 14-2q 14-4q 15-2q 15-4q 16-2q 16-4q 17-2q s disclosed...

Aerospace & Defense

Quarterly UpdateQ2 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 108 A&D deals announced in Q2 2017, which was anincrease from the number of deals announced during Q1 2017.Year-over-year quarterly transaction volume increased by 45.9%compared to the 74 deals announced during Q2 2016.

Average disclosed deal size during the quarter decreased to $119million compared to $618 million during Q1 2017.

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

– Government Services, IT Services and Software (19 deals)

– Components & Subsystems (14 deals)

– Machined & Cast Parts (12 deals)

– Specialty Defense Systems and Services (9 deals)

– Composites (8 deals)

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

– Test & Measurement ($988 million)

– Engineering and Project Management ($598 million)

– Components & Subsystems ($422 million)

Number of Deals by Quarter

IN THIS ISSUE EXECUTIVE SUMMARY

1

2514

25 22 23 25 25 3022

33 3727 24

49

37

50 52 46 4835

35 52

83 74

6484

74

51

75 7469

73

6065

74

116111

91

108

0

20

40

60

80

100

120

140

14-2Q 14-4Q 15-2Q 15-4Q 16-2Q 16-4Q 17-2Q

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+member firms in 41 countries around the globe. The alliance has closed over 1,500transactions totaling more than $75 billion in transaction value in the past five years. JanesCapital Partners serves as Oaklins’ Global Aerospace & Defense Industry Group PracticeLeader.

Select Transactions

About Janes Capital Partners

Jason KimballVice PresidentOffice: (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

2

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


NASDAQ: HTCH

On its acquisition of

$245,000,000


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

of flight critical parts for military and commercial aircraft,

to an affiliate of


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


Leading designer and manufacturer of tactical, cyber-secure, cross domain products; on its sale to


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 41countries around the globe. The alliance has closed over 1,500 transactions totaling more than US$75billion in transaction value in the past five years. Janes Capital Partners serves as Oaklins’ GlobalAerospace & 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 41 countries

Highest standards of professionalism, integrity and customer service

Extensive intranet for information-sharing between member firms

Countries with Oaklins Firms

Australia Austria Belgium Brazil Canada Chile China Croatia Czech

Republic Denmark Estonia Finland France

Germany Ireland Israel Italy Japan Latvia Lithuania Mexico Morocco Netherlands Norway Peru 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 US$75 billion

312+ cross-border deals

3

Debt Capital Raise for Spacecom

Spacecom (TASE: SCC) is a leading global fixed-satellite operator, offeringtailored end-to-end communication solutions to the Media andBroadband industries. Operating the advanced AMOS satellite fleet,Spacecom provides innovative broadcast and broadband services withPan-European, Pan-African, Middle Eastern, Russian and Asian coverageand cross region connectivity. Oaklins’ team in Israel served as financialadvisor on its issuance of US$223 million in bonds for businessdevelopment and refinancing purposes.

Target Description

With experience in designing, operating and marketing satellite services,Spacecom’s in-house team of experts, together with its wide network ofpartners (which include teleports, consultants and hardware contentproviders) allows the company to provide specific or turnkey solutions,as well as tailored packages.

Spacecom creates precise communication packages to suit specificcustomer needs and build mutually beneficial long-term relationships.These services include uplink services, playout centers, contentmanagement, STBs, decoding, CAS and encryption services.

Target Country

Israel

Oaklins Member Firm Spotlight

Overview

Rosario Capital is Oaklins’ Israel-based office. Rosario Capital isone of Israel's primary specialists in public and privatefundraising and M&A activity. Other specialties includeunderwriting, the issue of commercial papers, debt and bondraising and company and project evaluations. During the lastdecade, Rosario has gained significant experience serving avariety of industries including banking, insurance, real estate,infrastructure, communication, technology and life science. Thefirm is currently Israel's leading underwriter for the life scienceindustry, with a dedicated, unique department which focuses oncapital raising to local bio-med companies. Since founded in2003, Rosario has successfully raised more than US$28.3 billionand is repeatedly ranked as one of the leading underwriters inIsrael.

Recent Transaction

Advised Ashtrom Group, one of Israel’s foremost construction companies engaged in all aspects of construction and real estate, on its issuance of US$67.5 million in bonds for refinancing and business development

Founded: 2003

Location: Tel Aviv, Israel

Professionals: 15+

Completed 350+Transactions:

Boaz LeviPartner

Lior Pais Principal


Aerospace & Defense

Valuation Metrics

Target Target Description AcquirorAnnounced

Date

Implied TEV

($M)

TEV/

Revenue

TEV/

EBITDADeal Type(s)

PS PB I

PU PB I

PR I

PS

PS PB I$135.0

Dunlop Aircraft Tyres is a global designer, manufacturer and

retreader of aircraft tires. It is the only pure-play specialist

aircraft tire manufacturer in the world. Its proprietary products

are found on more than 150 commercial, regional and military

aircraft platforms and serve over 300 global customers, including

major international airlines, aircraft constructors, wheel and

brake manufacturers and maintenance facilities across more

than 85 countries. Over 90 percent of its revenues are generated

in the aftermarket.

06/15/17

$160.0 3.1x

Thinklogical is a designer and manufacturer of secure, high

performance signal extension and switching systems, allowing

video-rich big data to be accessed, transported, distributed,

displayed and analyzed at the highest quality with no latency.

05/04/17

na na

9.3x

Guavus is a pioneer in developing Machine Intelligent, big data

analytics platforms. Its platform and use case driven modules

collect, enrich, and correlate massive volumes of structured and

unstructured data analyzed by machine intelligence techniques

to trigger contextualized actions for real-time decisioning.

Leveraging its expertise in Machine Intelligence, streaming

analytics and big data technologies, Guavus' deployments ingest

and analyze five petabytes of information per day.

04/28/17 $215.0 7.2x na

2.3x 12.3x

The global solutions division specializes in product engineering

and post-development services for clients in the aerospace,

automotive, transportation and manufacturing industries. Its

activity is highly technical and the company has proven expertise

in critical and complex systems.

05/11/17 $597.9 1.0x

Exova Group is one of the world's leading testing, calibration and

advisory services groups, trusted by organizations to test and

advise on the safety, quality and performance of their products

and operations. Exova delivers mission critical support to

customers across a number of sectors, including aerospace, oil

and gas, fire, food and pharmaceuticals and construction.

04/19/17 $987.6

na

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

Global Product Solutions


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(Q2 2017)

Average deal size decreased over last quarter from $618M to $119M

– Total disclosed deal volume totaled $2.9B, a decrease of more than

$13.8B from Q1 2017

There were 108 A&D deals announced in Q2 2017, which was an

increase from the 91 deals announced during Q1 2017 and a year-over-

year increase of 45.9% from Q2 2016

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

– Government Services, IT Services and Software

– Components & Subsystems

– Machined & Cast Parts

– Specialty Defense Systems and Services

Volume of Deals by Segment(Q2 2017)


5

2514

25 22 23 25 25 3022

33 3727 24

49

37

50 52 46 4835

35 52

83 74

6484

74

51

75 7469

73

6065

74

116111

91

108

0

20

40

60

80

100

120

140

14-2Q 14-4Q 15-2Q 15-4Q 16-2Q 16-4Q 17-2Q

Nu

mb

er

of

De

als

Disclosed Not Disclosed

$683

$2

52

$2

65

$515

$2

28

$2,3

18

$1

34

$2

85

$527

$262

$4

52

$618

$1

19

$0

$10

$20

$30

$40

$50

$60

$70

$0

$500

$1,000

$1,500

$2,000

$2,500

14-2Q 14-4Q 15-2Q 15-4Q 16-2Q 16-4Q 17-2Q

Tota

l Dis

clo

sed

Vo

lum

e ($

BN

)

Ave

rage

Dea

l Siz

e ($

M)

Average Deal Size Total Disclosed Value -----------$1 $11 $15 $35 $37 $41 $76 $100

$169 $361

$422 $598

$988

$0 $250 $500 $750 $1,000$1,250

Sensors & C4ISRSatellite, Satellite Services &…

Prime Defense ContractorsNavy/Maritime

MRO & LogisticsLand Systems

Engines & Engine SystemsDistribution

Cybersecurity, Intelligence…Connectors

AerostructuresUnmanned Vehicles

Aircraft InteriorsComposites

Simulation & Training SystemsElectronics Manufacturing…

Defense ElectronicsSpecialty Defense Systems…

Controls & SystemsMachined & Cast Parts

Government Services, IT…Components & Subsystems

Engineering and Project…Test & Measurement

Total Disclosed Volume ($M)

––––

1 1 1 1

2 2 2

3 3

4 4 4

5 5

8 8

9 12

14 19

0 6 12 18 24

Prime Defense ContractorsLand Systems

Engines & Engine SystemsConnectorsDistribution

Cybersecurity, Intelligence…Aircraft Interiors

AerostructuresSensors & C4ISR

Satellite, Satellite Services &…Defense Electronics

Test & MeasurementNavy/Maritime

Unmanned VehiclesEngineering and Project…

Controls & SystemsSimulation & Training Systems

Electronics Manufacturing…MRO & Logistics

CompositesSpecialty Defense Systems and…

Machined & Cast PartsComponents & Subsystems

Government Services, IT…

Number of Deals


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 11.1x

Of the over 1,000 deals tracked by Janes Capital Partners over this period, only 81 reported TEV / EBITDA multiples

As expected, multiples vary widely by segment with Specialty Defense Systems and Services (16.6x), Defense Electronics (11.6x) 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

13.8x

10.9x

9.3x

11.2x

10.3x

11.2x

10.3x

14.4x

9.8x

8.3x

13.5x

12.3x

10.8x

4

5

6

7

6

10

9

5

7

8

9

3

2

0x 4x 8x 12x 16x

14-2Q

14-3Q

14-4Q

15-1Q

15-2Q

15-3Q

15-4Q

16-1Q

16-2Q

16-3Q

16-4Q

17-1Q

17-2Q

TEV / EBITDANumber of Deals with Reported TEV / EBITDA Multiples

N

-

-

-

-

-

6.4x

8.1x

8.7x

9.2x

9.6x

9.6x

10.2x

10.6x

10.9x

11.6x

11.6x

11.7x

11.7x

12.0x

12.1x

12.2x

12.4x

12.6x

16.6x

0

0

0

0

0

2

10

2

2

2

5

5

2

6

9

8

1

1

3

2

4

4

7

6

0x 5x 10x 15x 20x

Simulation & Training Systems

Prime Defense Contractors

Navy/Maritime

Land Systems

Connectors

Distribution

MRO & Logistics

Electronics Manufacturing (EMS) &…

Aircraft Interiors

Controls & Systems

Sensors & C4ISR

Satellite, Satellite Services & Space…

Engineering and Project Management

Government Services, IT Services and…

Defense Electronics

Components & Subsystems

Engines & Engine Systems

Unmanned Vehicles

Composites

Test & Measurement

Cybersecurity, Intelligence Services and…

Aerostructures

Machined & Cast Parts

Specialty Defense Systems and Services

TEV / EBITDANumber of Deals with Reported TEV / EBITDA Multiples

N


Aerospace & Defense

Aerospace & Defense Public Valuations

7

Note: Trading metrics as of 6/30/17. 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

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 $89 14.7% $83 92.6% $118 9.0x Arconic $12,531 12.5% $9,985 73.8% $15,596 10.0x

Ducommun 545 9.6% 356 88.8% 511 9.8x ATI 3,243 7.5% 1,851 71.8% 3,732 15.4x

FACC 761 5.4% 430 92.5% 639 15.7x Barnes Group 1,284 22.7% 3,144 96.4% 3,555 12.2x

GKN 10,892 11.7% 7,271 85.9% 8,184 6.4x Lisi 1,659 15.2% 2,518 98.8% 2,753 10.9x

Hexcel 1,985 22.8% 4,797 94.4% 5,556 12.3x Senior 1,132 12.9% 1,273 95.8% 1,517 10.4x

Kaman 1,793 9.2% 1,356 93.4% 1,762 10.7x SIFCO 126 3.3% 37 56.6% 72 17.3x

Latécoère 692 4.8% 448 86.9% 494 15.0x Median 12.3% 12.7x

Magellan 739 15.7% 907 94.6% 1,011 8.7x

Spirit AeroSystems 6,805 13.5% 6,989 92.1% 7,408 8.1x MRO

Triumph 3,533 12.5% 1,568 79.2% 2,694 6.1x AAR $1,708 7.7% $1,164 89.7% $1,297 9.9x

Median 12.0% 10.2x BBA Aviation 2,149 18.0% 4,113 94.7% 5,482 14.1x

HAECO 1,775 15.7% 1,140 81.7% 1,656 6.0x

Commercial Airframes HEICO 1,431 24.6% 5,562 95.6% 6,201 17.6x

Airbus $72,055 2.7% $63,601 93.2% $62,695 NM KLX Inc. 1,553 14.3% 2,586 94.1% 3,500 15.8x

Boeing 92,915 9.6% 119,358 96.8% 121,012 13.6x MTU Aero Engines 5,235 12.8% 7,236 92.2% 6,842 10.2x

Bombardier 16,001 3.7% 3,994 85.5% 11,814 19.9x ST Engineering 4,722 11.7% 8,334 95.3% 8,354 15.1x

Embraer 6,204 6.3% 3,362 73.1% 5,030 12.8x Wesco Aircraft 1,445 11.5% 1,082 68.8% 1,890 11.4x

Textron 13,604 11.2% 12,608 92.5% 15,865 10.4x Median 14.5% 12.5x

Median 6.7% 14.2x

Defense Electronics, Sensors & C4ISR

Components & Subsystems AeroVironment $265 8.2% $889 104.5% $690 NM

Ametek $3,903 26.2% $13,938 96.3% $15,782 15.5x Cubic 1,460 5.0% 1,255 83.2% 1,519 20.7x

CIRCOR 585 9.6% 979 81.4% 1,157 20.5x Elbit 3,288 12.5% 5,275 95.8% 5,549 13.5x

Cobham 2,400 NM 4,003 72.9% 5,277 NM Esterline 2,028 15.5% 2,823 92.3% 3,358 10.7x

Crane 2,761 17.1% 4,724 96.4% 4,977 10.5x FLIR 1,690 21.3% 4,730 89.0% 4,842 13.5x

Meggitt 2,460 20.8% 4,796 93.4% 6,250 12.2x Harris 7,366 21.4% 13,298 95.4% 17,209 10.9x

RBC Bearings 615 24.2% 2,419 93.9% 2,650 17.8x Kongsberg Gruppen 1,774 7.1% 1,905 92.4% 2,130 16.9x

Teledyne 2,186 17.0% 4,504 93.2% 5,748 15.4x Kratos 684 3.3% 1,026 96.2% 1,322 NM

Timken 2,690 14.2% 3,607 89.4% 4,149 10.9x KVH Industries 176 5.2% 162 74.5% 165 18.0x

TransDigm 3,360 46.5% 13,988 91.3% 24,137 15.5x L3 Technologies 10,827 11.5% 13,012 92.8% 16,193 13.0x

Woodward 2,042 16.3% 4,141 93.5% 4,758 14.3x Mercury Systems 378 18.3% 2,020 97.5% 1,936 NM

Median 21.3% 14.7x OSI Systems 930 12.6% 1,404 91.4% 1,581 13.5x

QinetiQ 981 20.7% 1,959 83.7% 1,681 8.3x

Controls & Systems Smiths 4,014 18.5% 8,202 94.8% 9,018 12.2x

Astronics $626 15.6% $884 74.3% $1,015 10.4x Thales 15,713 11.4% 22,756 93.8% 20,543 11.4x

Curtiss-Wright 2,129 18.7% 4,061 85.3% 4,754 11.9x Ultra 970 17.5% 1,872 91.2% 2,189 12.9x

Eaton 19,782 16.2% 34,813 98.1% 42,556 13.3x Median 13.1% 13.5x

Heroux-Devtek 305 13.8% 407 91.2% 476 11.3x

Honeywell 39,272 20.0% 101,612 98.1% 108,039 13.8x Prime Defense Contractors

ISSC 21 NM 74 96.9% 50 NM BAE $21,965 10.7% $26,182 92.8% $28,228 12.0x

Moog 2,454 13.5% 2,574 96.3% 3,224 9.7x General Dynamics 31,318 15.5% 59,764 96.6% 61,485 12.6x

Parker-Hannifin 11,490 14.8% 21,285 95.9% 26,466 15.5x Huntington Ingalls 7,029 14.3% 8,567 84.4% 9,239 9.2x

Rockwell Collins 5,314 23.3% 17,063 96.1% 18,997 15.4x Leonardo 12,769 15.1% 9,535 90.3% 13,308 6.9x

Zodiac Aerospace 5,484 4.7% 7,565 82.3% 8,973 NM Lockheed Martin 47,937 13.6% 80,351 97.4% 92,513 14.2x

Median 15.6% 12.7x Northrop Grumman 24,819 15.1% 44,815 97.8% 50,472 13.5x

Raytheon 24,267 15.7% 47,002 97.7% 50,103 13.1x

Engines & Engine Systems Median 14.3% 11.6x

General Electric $110,304 16.0% $234,554 81.8% $360,044 20.4x

Rolls Royce 18,465 5.3% 21,278 94.4% 22,043 22.7x

Safran 17,399 22.6% 38,058 96.9% 40,434 10.3x

UTC 57,702 17.9% 97,838 99.2% 117,249 11.3x

Median 15.5% 16.2x

Public Valuations by A&D Segment


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

Satellites, Satellite Services and Space Systems Engineering and Construction

Aerojet Rocketdyne $1,810 8.8% $1,550 89.4% $1,792 11.3x AECOM $17,517 5.2% $5,035 79.4% $8,696 9.6x

Ball Corporation 9,778 15.2% 14,822 98.8% 22,441 15.1x Babcock 5,694 13.3% 5,776 79.2% 7,511 9.9x

Comtech 555 10.1% 447 95.8% 619 11.0x Fluor 19,449 4.0% 6,399 78.4% 6,049 7.7x

DigitalGlobe 760 50.2% 2,072 92.6% 3,248 8.5x Jacobs Engineering 10,189 6.2% 6,550 85.8% 6,273 9.9x

Gilat Satellite 291 7.3% 282 83.4% 234 11.1x Median 7.2% 9.3x

Intelsat 2,174 73.8% 364 52.1% 14,230 8.9x

MDA 1,498 15.2% 1,892 74.8% 2,618 11.5x Government, IT Services & Software

Orbital ATK 4,484 13.9% 5,677 93.6% 7,026 11.3x Booz Allen $5,804 9.4% $4,828 82.0% $6,273 11.5x

ViaSat 1,559 16.0% 3,815 80.5% 4,537 18.2x CACI 4,331 8.7% 3,058 92.4% 4,289 11.4x

Median 23.4% 11.9x CGI Group 7,991 17.0% 14,890 95.7% 16,038 11.8x

Engility 2,039 9.4% 1,045 72.5% 2,069 10.8x

Specialty Systems and Services ICF 1,198 9.4% 885 79.1% 1,153 10.2x

American Outdoor $903 28.5% $1,194 71.0% $1,351 5.2x KBR 4,378 2.0% 2,179 84.8% 2,451 NM

Axon Enterprise 292 13.2% 1,326 83.4% 1,254 NM KEYW 283 6.7% 458 68.9% 472 NM

CAE 2,029 20.7% 4,629 98.7% 5,238 12.5x Leidos 8,311 9.6% 7,807 91.2% 10,884 13.7x

Chemring 707 15.0% 671 88.9% 815 7.7x ManTech 1,629 7.7% 1,606 90.9% 1,514 12.1x

MSA Safety 1,136 18.5% 3,080 95.7% 3,276 15.6x MAXIMUS 2,470 15.6% 4,060 96.4% 4,084 10.6x

SAAB 3,277 8.6% 5,247 91.3% 5,175 18.3x NCI 318 8.9% 286 98.6% 286 10.1x

Median 17.4% 11.9x SAIC 4,338 7.3% 3,032 77.2% 3,865 12.2x

Serco Group 3,718 4.4% 1,625 76.0% 1,812 11.0x

Vectrus 1,170 4.0% 354 92.4% 380 8.1x

VSE 745 10.5% 488 97.9% 725 9.3x

Median 8.7% 11.0x

Top 10 Bottom 10

LSE:RR. 22.7xNasdaqGS:

AOBC5.5x

NYSE:CUB 20.7x SEHK:44 6.0x

NYSE:CIR 20.5x NYSE:TGI 6.1x

NYSE:GE 20.4x LSE:GKN 6.4x

TSX:BBD.B 19.9x BIT:LDO 6.9x

OM:SAAB B 18.3x LSE:CHG 7.7x

NasdaqGS:

VSAT18.2x NYSE:FLR 7.7x

NasdaqGS:

KVHI18.0x NYSE:VEC 8.1x

NasdaqGS:

ROLL17.8x NYSE:SPR 8.1x

NYSE:HEI 17.6x LSE:QQ. 8.3x

Aerospace & Defense Public Valuations (continued)

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

Performance Dashboard(by TEV / EBITDA Valuation)

Market Performance Summary

8

Note: Trading metrics as of 6/30/17. 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

12.9x

12.4x

10.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Jun

-12

Dec

-12

Jun

-13

Dec

-13

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

TEV

/ E

BIT

DA

Commercial Aerospace Defense Government & IT

Public Valuations by A&D Segment (continued)


Aerospace & Defense

On April 28, 2017, Thales (ENXTPA:HO), a global technologyleader for the aerospace, transport, defense and securitymarkets, announced the signing of a definitive agreement toacquire the US company Guavus, a pioneer in real-time big dataanalytics. The acquisition strengthens Thales' positioning in theprocessing and predictive analysis of “big data,” an increasinglycritical factor in real-time decision-making. The transactioncontemplates a maximum enterprise value of US$215 million incash, subject to the achievement of significant sales growthtargets. It is also subject to regulatory approvals and othercustomary closing conditions and is expected to be completedduring the third quarter of 2017.

Deal Spotlight

Founded 2006

Headquarters San Mateo, California

2017 Forecasted Revenue $30M

Employees 250

R&D Employees 160

Founder and CEO Anukool Lakhina

CFO Michael Staiger

Thales Acquires Guavus

Patrice Caine, Thales’ Chairman and CEO said, “Combined with our established expertise in other keydigital technologies, the acquisition of Guavus represents a tremendous accelerator of our digital strategyfor the benefit of our customers. The application to Thales’ core businesses of Guavus’ technologies andexpertise in big data analytics will strengthen our ability to support the digital transformation of ourcustomers, whether in aeronautics, space, rail signaling, defense or security. As networks of connectedsensors expand, the volume of data they generate is growing exponentially. Big data is of fundamentalimportance in many areas of artificial intelligence, which relies on the ability to process massive amountsof data.” Anukool Lakhina, founder and CEO of Guavus, commented, “The opportunity to join Thales, aglobal high-tech giant, comes at a time when big data and their industrialized processing, especially in realtime, play a key role in the digital transformation of governments, businesses and cities. All of Guavus’teams are enthusiastic about bringing more intelligent decision-making capabilities, at key moments, toThales customers, while continuing to enrich our offering for our worldwide customers and partners.”

Deal Rationale

Transaction Summary

Commentary

Guavus OverviewGuavus, Inc. develops and provides big data analytics applications for planning, operations, customerexperience management and Internet of Things (IoT). Guavus strives to unlock the value of machine-generated big data for operational excellence. Guavus’ platform and application modules collect, enrichand correlate massive volumes of structured and unstructured data, and apply machine intelligencetechniques to drive contextualized actions for real-time decision-making. Applications include predictivemaintenance, service assurance, resource optimization, asset tracking and security and breach detectionIoT analytics applications. Guavus analyzes more than five petabytes (5,000 terabytes) of data for itscustomers every day. The Company supports more than 20 major operators around the world, includingthe five largest North-American mobile operators (AT&T, Rogers, Sprint, T-Mobile and Verizon), four outof the top five internet carriers and seven out of the top eight cable operators.

Source(s): DACIS, CapIQ, company websites, RTInsights, market research

Strategic Rationale

Benefits from Acquiring Guavus

Guavus Key Figures

Guavus Selected Platform Use Cases

Total Enterprise Value $215M

2017 Revenue Multiple 7.2x

Deal Structure All Cash

Announced Date April 28, 2017

Expected Close Date Q3 2017

Deal Summary

9

Increased “Big Data” Expertise

Industrial “big data” platform particularly suited to real-time analyticsDesigned to be easily implemented across any number of new marketsThe Company’s 160 R&D engineers will significantly enrich Thales' big data

expertise

Immediately Actionable Revenue

Synergies

Able to analyze unstructured and structured dataDesigned to handle diversity of use-cases coming from any of Thales’ vertical

marketsHighly scalable from small stand-alone configurations to large clouds

Strengthens Thales’ Digital Leadership

Vision

Proven industrialized platform used by the world’s largest telecom networksCapable of processing massive real-time data flows (five petabytes per day)Useable for applications in new vertical markets

Civil Aeronautics

Flight trajectory and air traffic

optimization

Security

Increases efficiency of cyber-security

supervision

Space

Optimization of telecom satellite networks and

operations

Defense

Resource optimization for military telecom

networks


Aerospace & Defense

Headquarters West Falls Church, Virginia

Founded 1899

Employees 98,800

Market Cap $59,854

Net Debt $1,721

Enterprise Value $62,224

Revenue $31,318

EBITDA $4,869

Phebe N. Novakovic Chairman & CEO

John P. Casey EVP—Marine Systems

S. Daniel Johnson EVP—Information Systems

Mark C. Roualet EVP—Combat Systems

Business Segments (% of Total Revenue)

Buyer Spotlight General Dynamics Corporation (NYSE:GD)Description

Over the past 10 years, General Dynamics employedan active, yet selective, M&A strategy leading to 26acquisitions. Through its acquisitions, GeneralDynamics seeks to strengthen its core offerings.GD’s recent acquisition of Advatech Pacific’sElectronics and Communications Division, whichsupplements GD’s Cyber Security product line,illustrates GD’s strategy of growing niche businesssegments through small acquisitions. GD willmaintain its selective M&A strategy, givingconsideration to technological capabilities andmarket conditions.

Key Financials

(1) Market data as of 6/30/17; LTM financial data as of 4/2/17

Fiscal year end December 31; market data as of 6/30/17; LTM financial data as of 4/2/17

Information Systems and Technology (29%)

The Information Systems and Technology group provides technologies,products and services that support a range of military, federal/civilian, state,local and commercial customers

Aerospace (27%)

The Aerospace group designs, develops, manufactures and outfits business-jet aircraft and provides aircraft services

Source(s): CapIQ, Dacis, AIN online, General Dynamics

Share Price Performance

10

General Dynamics Highlights ($M) (1)

M&A Strategy

Key Management

Marine Systems (26%)

The Marine Systems group designs, constructs and repairs surface ships and submarines for the UnitedStates Navy and commercial customers who fall under the Jones Act

Combat Systems (18%)

The Combat Systems group is involved in the design, development, production, modernization andsustainment of combat vehicles, weapons systems and munitions

Customer Mix

M&A Highlight: Acquisition of Advatech Pacific’s Electronics and Communications DivisionOn April 21, 2017, General Dynamics Mission Systems acquired the Electronics and Communications (EC)Division of Advatech Pacific for an undisclosed amount. The EC Division of Advatech Pacific designs andproduces tactical cyber-secure cross-domain solutions (CDS) systems for the Department of Defense andinternational militaries. Through acquiring the TACDS and CenturionCDS product lines, General DynamicsMission Systems strengthens its position as a leader in the niche tactical cross domain CDS market. JanesCapital Partners was the exclusive sell-side advisor on this transaction.

1990s during the downturn of the defense industry. GD has since focused, through both organic growthand M&A activity, on combat vehicle-related and technology-centric businesses, in addition to shipyardexpansion and the acquisition of Gulfstream Aerospace. Today, General Dynamics has grown into amassive conglomerate and one of the world’s largest defense contractors, generating over $30 billion inannual revenue and employing nearly 100,000 people in 46 countries. In recent years, General Dynamicshas refined its focus to core operating business segments and developed a selective M&A strategy underthe leadership of CEO Phebe Novakovic.

General Dynamics Corporation (GD) is a

global Aerospace & Defense company. It

operates through four business groups:

Aerospace, Combat Systems, Information

Systems and Technology and Marine

Systems. GD was officially established in

1952 when it changed the Company’s

name from Electric Boat Corporation. GD

originated as a complete systems provider

to the military, manufacturing tanks,

missiles, submarines, warships and

fighters. However, the Company divested

nearly all of its businesses in the early

0

1

2

3

4

5

6

$0

$50

$100

$150

$200

$250

Jun-16 Sep-16 Dec-16 Mar-17 Jun-17

Vo

lum

e (

in m

illio

ns)

Sha

re P

rice

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

U.S. Government60%

U.S. Commercial

15%

Non-U.S. Commercial

13%

Non-U.S. Government

12%

($ in millions) FY 2013 FY 2014 FY 2015 FY 2016 LTM 2017

Revenue $30,930 $30,852 $31,469 $31,353 $31,318

EBITDA $4,214 $4,414 $4,660 $4,763 $4,869

EBITDA Margin 13.6% 14.3% 14.8% 15.2% 15.5%

TEV/ LTM Revenue 1.1x 1.4x 1.3x 1.8x 2.0x

TEV/ LTM EBITDA 8.1x 10.1x 9.0x 11.9x 12.6x

Cash & ST Investments $5,301 $4,888 $2,785 $2,334 $2,168

Date Target Description

Apr '17 Advatech Pacific, EC

Division

Cross Domain Tactical

Solutions Systems

Mar '16 Avjet Private aircraft

management

Feb '16 Blue Fin Robotics Autonomous

underwater vehicles

Feb '15 ARMA Global C4ISR, mission

support and logistics

Notable Recent Acquisitions


Aerospace & Defense

Supplier Component

• AN/ALE-47 Countermeasure Dispenser

• AN/ALQ-214 Integrated Defensive Countermeasures (IDECM)

• IRST21 Passive Long-Range Sensor System

• AN/APG-79 Active Electronically Scanned Array (AESA) Radar

• AN/ARC-210 VHF/UHF Airborne Communications System

Platform Overview F/A-18E/F Super Hornet Program Overview

Source(s): Boeing, Popular Mechanics, UPI, National Interest

11

Description

The Boeing F/A-18E/F Super Hornet is a multi-roletactical fighter and attack aircraft variant based onthe McDonnell Douglas F/A-18 Hornet. FollowingBoeing’s acquisition of McDonnell Douglas in 1996,Boeing began producing the single seat, E model, andtwo-seat, F model. Boeing designed the multi-rolefighter jet for aircraft carrier duty. The F/A-18E/F canperform multiple missions, including air superiority,day-and-night strike with precision-guided weapons,fighter escort and close air support. The roles of theF/A-18E/F easily switch and often involvephotoreconnaissance and electronic countermeasuremissions. The Super Hornet replaced the Grumman F-14 Tomcat fighter aircraft and became the U.S.Navy’s choice tactical fighter jet. The F/A-18E/F features eleven weapons stations, with a wide variety ofpayload combinations. A standard configuration includes the AN/ASQ-228 ATLIR targeting pod, one AIM-

120 AMRAAM missile, two AIM-9 Sidewinder missiles and an external fuel tank. To maintain the SuperHornet’s high performance capabilities, Boeing continues to update the F/A-18E/F Super Hornet platform.In 2005, Boeing delivered the first Block II Super Hornet, an upgraded Super Hornet featuring various

avionics and weapons systems improvements. Boeing plans to finish production on the first line of SuperHornet Block III fighter jets in 2020. The Block III aircraft contains an upgraded Raytheon AESA radar, ElbitSystems large area display cockpit, infrared search and track, conformal fuel tanks, IDECM and enhanced

General Electric engines.

Market Performance and Competing ProgramsIn early 2017, Boeing won a $679M contract with the U.S. Navy to build seven EA-18G Growler jets and fiveF/A-18E aircraft. Both Boeing and Lockheed Martin are active players in the Navy combat jet market.Historically, Boeing has dominated this market, particularly since the introduction of the F/A-18 combat jetaround 40 years ago. Lockheed Martin has developed a new advanced stealth 5th generation fighter (navalvariant), the F-35C, that directly competes with Boeing’s F/A-18 platform and has led to increasedcompetition between the two planes. Due to the U.S. Government limiting F-35 Foreign Military sales,many foreign nations in the market for combat jets have turned to Boeing and its F/A-18E/F platform.Recently, Boeing has secured sales of 40 new Super Hornets with Kuwait and 18 Super Hornets withCanada. As the U.S. demand for updated F/A-18s remains uncertain, Boeing will continue to market theirF/A-18 platform to foreign governments.

Recent News and OutlookAt the end of 2016, then President-elect Donald Trump announced plans to ask Boeing to bid out a F/A-18E/F Super Hornet platform comparable to the Lockheed Martin F-35 series. President Trump’sstatements, combined with his requested $2.32 billion for 24 new F/A-18 E/F Super Hornet aircraft, haveprovided Boeing an opportunity to keep their F/A-18 line running. In June, the U.S. Navy allocated $264.9billion to upgrade the F/A-18E/F Super Hornets to the new Boeing “Block III” configuration. The upgrade isdesigned to keep the Navy's primary carrier-based fighter relevant deep into the 21st century.

Multi-Role Fighter Aircraft Competitive Landscape

Source(s): Boeing, FI-Aeroweb, Aviation Week, SaaB, Lockheed Martin, RAF, U.S. Navy

Boeing Advanced Super Hornet Jet

Platform Wingspan LengthRange (nm)

Speed (mph)

Fleet SizeUnit Cost

($M)

F-35 A JSF / F-35 Lightening II 35’ 50’6” 1,620 1,200 231 85-121

Eurofighter Typhoon 35’11” 52’4” 2,350 1,550 508 103

Dassault Rafale 35’5” 50’1” 2,000 1,381 157 85-90

Saab JAS 39 Gripen 27’7” 46’3” 1,723 1,370 247 30-60

F/A-18E/F Super Hornet 44’8” 60’1” 1,800 1,190 540 98

F/A-18 E/F Super Hornet Program Overview

Aircraft Type: Multi-Role Tactical Fighter

Manufacture Boeing

First Flight Test 1995

Entry Into Service 1999

Engine Types General Electric F414-GE-400

F/A-18 E/F Tier 1 Supplier Highlights


Aerospace & Defense


All Transactions – Value Disclosed

12


Valuation Metrics

Announced

DateTarget Acquiror

Implied TEV

($M)

TEV/

Revenue

TEV/

EBITDASegment Deal Type(s)

PR

PS

PR

PR I

PS I

PS PB I

PR I

PR I

PU PB

PR

PS

PR I

PU PB I

PU PB

PR I

PR

PR I

PRna Controls & Systems06/01/17 Three Add On Aerospace Product Lines TransDigm Group Incorporated $100.0 3.1x

naGovernment Services, IT

Services and Software

05/25/17 NOVAerial Robotics Inc. Global UAV Technologies Ltd. $0.5 na na Unmanned Vehicles

05/24/17 NES Associates, LLC CSRA Inc. $105.0 na

naSimulation & Training

Systems

05/15/17 Cletronics, Inc. TT Electronics plc $1.2 na naElectronics Manufacturing

(EMS) & Harnessing

05/15/17 Concurrent Real-Time, Inc. Real Time, Inc. $35.0 na



05/11/17 Assystem SA, Global Product Solutions Ardian $597.9 1.0x naEngineering and Project

Management

05/10/17 International Safety Research Inc. Calian Group Ltd. $6.0 na

05/04/17 Thinklogical LLC Belden Inc. $160.0 3.1x 9.3x Components & Subsystems

na Components & Subsystems

05/03/17 Microphase Corporation Digital Power Corporation $6.6 1.2x na Components & Subsystems

05/02/17Smiths Interconnect, Inc., Microwave

Telecoms BusinessInfinite RF Holdings, Inc. $109.8 1.1x



05/01/17Aero-Missile Components Inc.

(nka:PolyAero Inc.)

Apollo Aerospace Components

Limited$10.5 na na Components & Subsystems

04/28/17 Guavus, Inc. Thales S.A. $215.0 7.2x

na Machined & Cast Parts

04/19/17 Exova Group plcElement Materials Technology

Group Limited$987.6 2.3x 12.3x Test & Measurement

04/13/17 Quintus Technologies AB Kobe Steel, Ltd. $115.0 1.9x

na Machined & Cast Parts

04/07/17 STI Enterprises LimitedIntegrated Micro-Electronics UK

Limited$35.7 0.5x na

Electronics Manufacturing

(EMS) & Harnessing

04/06/17 Jiffy Air Tool, Inc.Florida Pneumatic Manufacturing

Corporation$8.0 na

na Defense Electronics

04/03/17 Custom Control Concepts, Inc.Astronics Custom Control Concepts

Inc.$10.7 na na Aircraft Interiors

04/03/17 Delta Microwave, Inc. Mercury Systems, Inc. $40.5 3.2x


Aerospace & Defense


All Transactions – Value Disclosed (continued)

13


Valuation Metrics

Announced

DateTarget Acquiror

Implied TEV

($M)

TEV/

Revenue

TEV/

EBITDASegment Deal Type(s)

PU I

PU

PR I

PS PB I

PR

PR Ina Composites06/20/17 Applied Poleramic Inc. Kaneka Americas Holding, Inc. $15.0 na

na Components & Subsystems

06/19/17 Innovative Laser Technologies Inc. IPG Photonics Corporation $40.0 na na Machined & Cast Parts

06/15/17 Dunlop Aircraft Tyres Limited Liberty Hall Capital Partners, L.P. $135.0 na



06/13/17 Sistemas Mecanicos Avanzados S.L. Gestamp Automoción, S.A. $5.6 na na Machined & Cast Parts

06/07/17 ABM Government Services, LLC Valiant Integrated Services LLC $35.5 na

06/01/17 Smiths DetectionOSI Systems, Inc.; OSI (Holdings)

Company Limited$75.5 na na

Specialty Defense Systems

and Services


Aerospace & Defense


All Transactions – Value Not Disclosed

14


Announced Date Target Acquiror Segment Deal Type(s)

PR PB

PR I

PU

PR

PR PB

PS PB

PR PB

PR PB

PR

PR

PR

PR PB

PR PB

PR

PS I

PR PB

PS PB

PR PB

Belcan CorporationGovernment Services, IT Services and

Software

04/05/17 Dyco Electronics, Inc. Gowanda Components Group

MRO & Logistics

04/10/17 Human Solutions, Inc. Oasis Systems, LLC Engineering and Project Management

04/10/17 Accessory Technologies Corporation Wencor Group, LLC


04/06/17 Schafer Corporation

Specialty Defense Systems and

Services

04/04/17 OceanServer Technology, Inc. L3 Technologies, Inc. Unmanned Vehicles

04/04/17 Bulova Technologies Ordnance Systems LLC Arc Technologies, Inc.

Government Services, IT Services and

Software

04/03/17 NetWave Systems BV McMurdo Limited Navy/Maritime

04/03/17 FCi Federal, Inc. Pacific Architects and Engineers Incorporated

Government Services, IT Services and

Software

04/18/17 InfoReliance Corporation ECS Federal, Inc.Government Services, IT Services and

Software

04/11/17

Specialty Defense Systems and

Services

Engineering and Project Management

04/18/17 Aerosionix, LLC Skandia, Inc. Composites

04/18/17 Manufacturing Support Industries, Inc. Craig Technologies Inc.

The Reports and Requirements Company, LLC

(R2C)Buchanan & Edwards, Inc.

04/20/17 Pho-Tronics, Inc. H&T Global CircuitsElectronics Manufacturing (EMS) &

Harnessing

04/19/17 First Tactical LLC Point Blank Enterprises, Inc.


04/28/17 Gould & Goodrich, Inc. Point Blank Enterprises, Inc.Specialty Defense Systems and

Services

04/27/17 ISOLITE GmbH Hitachi Chemical Company, Ltd.


05/02/17 GAT Airline Ground Support, Inc. Atlantic Street Capital Management, LLC MRO & Logistics

05/01/17 Tecomet, Inc. Charlesbank Capital Partners, LLC


Aerospace & Defense


All Transactions – Value Not Disclosed (continued)

15



PR

PR PB I

PR

PR PB

PS PB

PR

PR PB

PR

PR PB

PR PB

PR I

PS PB I

PR I

PR I

PU I

PR I

PS PB

PS PB I

Unmanned Vehicles

05/02/17 AcuCal, Inc. Trescal SA Test & Measurement

05/02/17 Neya Systems, LLC Applied Research Associates, Inc.

Sensors & C4ISR

05/03/17 Aviators Anonymous, Inc. Hawthorne Global Aviation Services, LLC MRO & Logistics

05/03/17Advatech Pacific, Tactical Cross Domain

Technology And ProductsGeneral Dynamics Mission Systems, Inc.

Sensors & C4ISR

05/04/17StackFrame, LLC's Defense Products and Services

DivisionCole Engineering Services, Inc. Simulation & Training Systems

05/04/17 BEI Precision Systems & Space Company, Inc. J.F. Lehman & Company, Inc.

MRO & Logistics

05/08/17 AIRCO Group AIRCO, LLC Components & Subsystems

05/04/17 Dallas Aeronautical Services, LLC West Star Aviation, Inc.

Test & Measurement

05/11/17 Apollo Video Technology, LLC Luminator Holding, L.P.Government Services, IT Services and

Software

05/10/17Maryland Aerospace, Inc. (nka:Adcole Maryland

Aerospace, LLC)Adcole Corporation


05/12/17 EuroAvionics GmbH HENSOLDT GmbH Controls & Systems

05/11/17 SAS Tolerie Mecanique Essonne Management Buyout

Simulation & Training Systems

05/16/17 D+C-Airparts Battery In Europe GmbH KAPCO Global Distribution

05/15/17 VIRES Simulationstechnologie GmbH MSC Software Corporation


05/16/17 C4i Training and Technology, Inc. Bartragh Services, LLC Simulation & Training Systems

05/16/17 Noliac A/S CTS Corporation


05/18/17 The Keystone Peer Review Organization, Inc. Apax Partners LLPGovernment Services, IT Services and

Software

05/18/17 Aavid Thermalloy, LLC Boyd Corporation


Aerospace & Defense



16



PR

PR I

PS I

PR I

PR I

PR I

PR

PU I

PR

PR

PR PB

PU PB

PS PB

PR I

PS PB

PR PB

PR

PR

05/22/17 Gnostech Inc. Management BuyoutGovernment Services, IT Services and

Software

05/23/17 SMTC SAS Aircraft Interior Products Composites

05/22/17 Open Water Power, Inc. L3 Technologies, Inc. Unmanned Vehicles

05/22/17Biolink Gesellschaft für Verbindungstechnologien

mbH

Saint-Gobain Performance Plastics Isofluor

GmbHComposites

PGZ Stocznia Wojenna Navy/Maritime

05/31/17Marshall Aerospace and Defence Group, FBO / VIP

TERMINALXLR Executive Jet Centres Limited MRO & Logistics

06/01/17 Qualiseal Technology Technetics Group LLC Components & Subsystems

05/30/17 Stocznia Marynarki Wojennej S.A.

06/01/17 Structil S.A. Hexcel Corp. Composites

06/01/17 Next Digital Solutions, LLC The Fila Group, LLCGovernment Services, IT Services and

Software

06/05/17 Berriehill Research Corporation Applied Research Associates, Inc. Simulation & Training Systems

06/06/17 Halo Industries, Inc. Elite Aerospace Group, Inc. Machined & Cast Parts

06/05/17 Ets JC BOUY SAS Weare Aerospace Machined & Cast Parts

06/05/17 SWN Communications Inc. Emergency Communications Network, LLCGovernment Services, IT Services and

Software

06/05/17Lockheed Martin Corporation, Some of the

FacilitiesStandardAero, Inc. MRO & Logistics

06/05/17Graco Supply Company Inc., Ball Ground Aircraft

Sealant Repackaging BusinessRoyal Adhesives & Sealants, LLC Composites

06/06/17 Demmer Corporation, North Lansing Plant Loc Performance Products, Inc.Specialty Defense Systems and

Services

06/06/17 Fore Machine Company, Inc. P4G Capital Management, LLC Components & Subsystems

06/06/17 Aero Components Inc. P4G Capital Management, LLC Components & Subsystems


Aerospace & Defense



17



PS I

PU I

PR I

PS I

PR

PR I

PR I

PR

PU I

PS PB

PR

PR PB

PR

PS PB I

PR

PR PB

PR I

PR06/22/17 U. S. Optics, Inc. Down Range Solutions GroupSpecialty Defense Systems and

Services

06/20/17 Space-Lok, Inc. Novaria Fastening Systems LLC Components & Subsystems

06/22/17 ISEI Safran Electronics & Defense SAS Controls & Systems

06/16/17 Aernnova Aerospace S.A. TowerBrook Capital Partners L.P. Aerostructures

06/20/17 Carbon by Design Flight Support Group, Inc. Composites

06/15/17 Putnam RF Filters, Inc Epec, LLCElectronics Manufacturing (EMS) &

Harnessing

06/16/17 Natoma Technologies, Inc. Red River Computer Company, Inc.Government Services, IT Services and

Software

06/14/17 NorthStar J.F. Lehman & Company, Inc.Government Services, IT Services and

Software

06/15/17 Light-N-UP, LLC Global Public Safety, LLCSpecialty Defense Systems and

Services

06/13/17 Logistics Support, Inc Z Systems Corporation Engineering and Project Management

06/14/17 Moog Inc., In-Space Propulsion Business Nammo A/SSatellite, Satellite Services & Space

Systems

06/13/17 Dst Computer Services SA Hexagon PPMGovernment Services, IT Services and

Software

06/13/17 ISSELNORD srl Delfi s.r.l.Government Services, IT Services and

Software

06/12/17 NextNine Ltd. Honeywell International Inc.Cybersecurity, Intelligence Services

and Homeland Defense

06/13/17 Circuits, LLC Compunetics, Inc.Electronics Manufacturing (EMS) &

Harnessing

06/07/17 Phase One Consulting Group, Inc. Accenture Federal Services LLCGovernment Services, IT Services and

Software

06/09/17 Boston Dynamics Inc. and SCHAFT Inc. SoftBank Group Corp. Defense Electronics

06/12/17 Oliver Crispin Robotics Limited GE Aviation Controls & Systems


Aerospace & Defense



18



PR I

PR

PR

PR I

PR I

PR PB

PR I

PR I

PR PB

PS PB I

PU

PR I

06/29/17 Universal Stainless & Alloy Products, Inc. Synalloy Corporation Machined & Cast Parts

06/30/17 Air Support SA Management Buyout MRO & Logistics

06/28/17 Jet Edge, Inc. Spell Capital Partners, LLC Machined & Cast Parts

06/29/17 Kelvin Hughes Limited HENSOLDT GmbH Navy/Maritime

06/27/17 Elforlight Ltd. AMS Technologies AG Machined & Cast Parts

06/28/17 Laselec S.A. Komax Holding AG Machined & Cast Parts

06/26/17 Bitsec AB Nixu OyjGovernment Services, IT Services and

Software

06/27/17 Vortex Aviation Inc. Kellstrom Aerospace, LLC MRO & Logistics

06/23/17 Photon Corporation Microsemi CorporationSatellite, Satellite Services & Space

Systems

06/23/17 Automated Dynamics Trelleborg Sealing Solutions Sweden AB Composites

06/22/17 Oldbury Engineering Co. Ltd. The MEL GroupSpecialty Defense Systems and

Services

06/23/17 American K-9 Detection Services, LLC Constellis Holdings, LLCSpecialty Defense Systems and

Services

aerospace & defense - janes capital · 14-2q 14-4q 15-2q 15-4q 16-2q 16-4q 17-2q s disclosed...

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