aerospace & defense sector fy 2019...turnover in 2018 of 303 million euros. alestis is...

Iberian M&A Overview

Aerospace & Defense Sector

FY 2019

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Aerospace:

Crescent Hill Capital acquires Tecnoquark Trust (49.99%) [cross-border]

Crescent Hill capital Corporation, a US Venture Capital firm acquired on June 18, 2019 the 49,99% of Tecnoquark Trust SA, a Spanish company that manufactures and designscomponents for automotive and aeronautics. The tota value of the transaction, including the dent of Tecnoquark Trust and Tecnoquark France, amounts to a total of 6.2 million euros,although the Exchange of shares has been carried out for the total Price of 1 euro.

Crescent Hill Corporation specializes in companies with special situations and in July 2019 they submitted a letter of intention for the acquisition of a significant percentage of InkemiaLuct Group. S.A., acquisition that has not taken place to date.

GED Capital acquires Aircraft Interior Refurbishment España

GED Capital, a Spanish Venture capital firm, acquired in April 2019 a majority stake in Aircraft Interior Refurbishment Spain (AIRE), a Spanish provider of interior maintenance servicesfor Aircraft cabins, for an undisclosed amount. With Sales of 14 million euros in 2018 and operational bases in Madrid and Mallorca, AIRE currently has a workforce of 120 workers.

Aciturri acquires 61.91% of Alestis Aerospace

Aciturri Aeronáutica SL, a Spanish company dedicated to the manufacture and design of Aerospace components, has acquired a 61.91% stake of Alestis Aerospace SL. After thisoperation, Aciturri becomes the owner of 75.94%. Alestis is a Spanish company dedicated to the manufacture, design and development of aeronautical Structural components with aturnover in 2018 of 303 million euros. Alestis is Aciturri´s fourth Corporate operation in recent years, after the incorporation of Grupo Aries (2008), Aeronáutica del Sur (2010) and AcatecAeroassembling (2019).

Zeno Partners acquires Vangest Group [cross-border]

Zeno Partners, a private equity firm form Switzerland, has acquired Vangest Group, a Portugal-based company engaged in making mould for industries like automotive, aerospace,medical, electronic goods and consumer goods, localized in Portugal, Spain and Brazil, for an undisclosed consideration.

Iberian M&A Overview – Aerospace & Defense- Selected Deals

This document contains information obtained from public sources and does not constitute a professional advice or opinion.

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Aerospace:

Aernnova Aerospace acquires Structural Integrity Engineering and General Electric Company (Hamble aerostructures business unit)

Aernnova Aerospace SA, a Spanish company dedicated to the design and manufacture of aero structures and components, has acquired the US-based aeronautical engineering firm,Structural Integrity Engineering, Inc. (SIE), for an undisclosed amount.

Aernnova Aerospace SA, has also acquired the business unit dedicated to the aerospace sector of General Electric Company based in the United Kingdom. The deal value was notdisclosed.

ProA Capital de Inversiones SGEIC acquires Mecanizaciones Aeronauticas SA

ProA Capital de Inversiones SGEIC SA, a Spanish Venture Capital firm, has acquired the Spanish manufacturer of finished and assembled metal parts for the aerospace industry,Mecanizaciones Aeronáuticas SA (MASA), for 100 million Euros. Masa, founded in 1982, has an EBITDA of 16 million euros and a workforce of about 300 employees.

Applus Services SA acquires Talon Test Laboratories [cross-border]

Appkus Services SA, a Spanish company dedicated to the inspection, testing and certification, has acquired Talón Test Laboratories, a Californian aeronautical component testingcompany for an undisclosed amount. Talon Test Laboratories is a referent provider of testing services in the Aerospace sector in the United States, who has more than 50 employees anda turnover close to USD 4.5 million.

Leonardo Finmeccanica acquires Skydweller Aereo Inc. [cross-border]

Leonardo Finmeccanica Italian defence group, has acquired the US/Spanish Start-up Skydweller Aereo Inc. specialising in large-scale solar-powered unmanned air systems. The dealvalue has not been disclosed.



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Defense:

MSM Group acquires Santa Bárbara Sistemas (planta de Granada) [cross-border]

MSM Group, a Slovakian holding company dedicated to invest in companies in the area of defense and civic industry, has acquired the Santa Barbara Systems plant, a companydedicated to the production of defense equipment, for an undisclosed consideration. With this transaction, Santa Bárbara Sistemas leaves the munition business.



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Aerospace & Defense Sector

Financial data and valuation multiples of listed companies

COMPANYSALES EBITDA EBITDA MARGIN EV / SALES EV / EBITDA

LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1 LTM FY+1

BOEING CO/THE 77.126 71.410 6.000 3.003 7,8% 4,2% 2,6x 2,5x 29,6x 59,1x

AIRBUS SE 69.454 70.243 8.262 9.194 11,9% 13,1% 1,4x 1,5x 13,1x 11,8x

GENERAL DYNAMICS 34.534 35.333 5.003 4.909 14,5% 13,9% 1,7x 1,7x 12,2x 12,5x

NORTHROP GRUMMAN 29.503 30.641 4.431 4.466 15,0% 14,6% 2,3x 2,3x 15,9x 15,8x

RAYTHEON CO 25.437 26.457 4.855 4.774 19,1% 18,0% 2,0x 2,3x 12,6x 12,8x

BAE SYSTEMS PLC 19.665 23.278 2.382 2.735 12,1% 11,7% 1,1x 1,2x 11,8x 10,3x

THALES SA 16.592 18.404 2.139 2.510 12,9% 13,6% 1,7x 1,4x 12,1x 10,3x

BOMBARDIER INC-B 14.057 14.435 1.700 998 12,1% 6,9% 0,8x 0,8x 6,7x 11,4x

LEONARDO SPA 13.134 13.024 1.521 1.683 11,6% 12,9% 0,8x 0,8x 7,2x 6,5x

DASSAULT AVIATIO 6.465 6.984 953 733 14,7% 10,5% 1,3x 1,1x 7,8x 10,1x

MEGGITT PLC 2.495 2.612 470 594 18,8% 22,7% 2,4x 2,9x 16,1x 12,8x

Median 12,9% 13,1% 1,7x 1,5x 12,2x 11,8x

Source: Bloomberg


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aerospace & defense sector fy 2019...turnover in 2018 of 303 million euros. alestis is...

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