A&D Weekly News & Transactions - Week 2

Industry Headline News

Airbus delivered 766 aircraft in 2024, narrowly missing its target of 770 despite supply chain challenges, marking an increase from 735 deliveries in 2023
Jan. 10, 2025 - The A321neo accounted for 60% of its narrow-body deliveries, reinforcing its status as the best-selling aircraft, while Airbus likely retained its position as the top plane maker for the sixth consecutive year, ahead of Boeing. The company managed a strong year-end performance but faced setbacks, including revised production targets and a profit warning earlier in the year. (Financial Times)

Activist investor Barington Capital is urging TriMas to launch a strategic review, including a potential sale of the company, arguing this is a higher priority than finding a new CEO
Jan. 10, 2025 - As leadership exits, they have cited underperformance, missteps, and an ill-fitting portfolio, Barington wants the board to explore selling individual segments or the entire company. The hedge fund's push reflects a broader trend of activist investors demanding mergers and acquisitions to unlock shareholder value (Reuters)

Anduril has acquired Numerica Corporation’s radar and command-and-control businesses
Jan. 9, 2025 - This acquisition bolsters Anduril’s air and missile defense capabilities by combining Numerica’s short-range air defense radars and advanced sensor fusion with Anduril’s autonomous sensing solutions. By manufacturing these systems at scale, Anduril aims to provide warfighters with cutting-edge tools for enhanced situational awareness, decision-making, and mission success (Anduril)

The Air Force is restarting its $12B, 18yr ISC 2.0 to modernize its ballistic missile systems, following protests from BAE Systems and Guidehouse over prior awards
Jan. 9, 2025 - The new solicitation seeks solutions for Minuteman III sustainment and Sentinel deployment, addressing challenges like legacy system modernization, complex integration, and cost discipline. The contract encompasses a broad scope, including systems engineering, cybersecurity, and infrastructure support, with feedback due by February 8. (Washington Technology)

Lockheed Martin delivered 110 F-35 fighter jets in 2024, reaching the top end of its projected delivery range, after overcoming software upgrade delays under the TR-3 program
Jan. 8, 2025 - These upgrades enhance the jets' displays and processing power, with the F-35 program accounting for about 30% of the company's revenue. The company reiterated its commitment to providing advanced air dominance solutions for the U.S. and its allies. (Reuters)

Kratos secured a $1.45B Pentagon contract to develop hypersonic testing capabilities under the MACH-TB program, aimed at advancing weapons that exceed Mach 5
Jan. 6, 2025 - The five-year initiative emphasizes leveraging commercial infrastructure for frequent testing and highlights the U.S. strategic focus on hypersonic technologies to counter global competition. This marks a significant investment in the growing hypersonic testing market, estimated at $6-7 billion annually. (Space News)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Tech USA System One Holdings [Oaktree Capital]	-	-	-	Millersville, MD	Government Services, IT Services and Software
2	Intellibridge [Enlightenment Capital] Agile Defense [Enlightenment Capital]	-	-	-	McLean, VA	Government Services, IT Services and Software
3	Govdefender Xpect Solutions [NewSpring Capital]	-	-	-	Stafford, VA	Government Services, IT Services and Software
4	Septentrio Hexagon	-	-	-	Leuven, Belgium	Satellite, Satellite Services & Space Systems
5	Ferrovial Vertiports [Ferrovial] Atlantic Aviation	-	-	-	Dallas, Netherlands	MRO & Logistics
6	Noric Aviaition Capital Dubai Aerospace Enterprise	-	-	-	Limerick, Ireland	MRO & Logistics
7	RCMBT Veryon	-	-	-	Richmond Hill, Canada	MRO & Logistics
8	Oddball Falfurrias Capital	-	-	-	McLean, VA	Government Services, IT Services and Software
9	Radar and C2 Business of Numerica [Numerica] Anduril	-	-	-	Fort Collins, CO	Sensors & C4ISR
10	Global Engineering & Technology Yingling Aviation [AE Industrial]	-	-	-	Miami, FL	Aircraft Interiors

No.	Target Descriptions
1	Tech USA is a provider of technology recruitment and staffing solutions for private sector and U.S. federal government aerospace, defense, engineering, information technology, power and energy, and telecommunications markets.
2	Intellibridge is a client-centric, full service provider of information technology solutions for homeland security, federal civilian, law enforcement, and intelligence markets. The company's expertise includes application development & automation, data analytics & insights, cybersecurity, mission optimization, innovation & strategy, and platform engineering.
3	Govdefender is a provider of digital transformation, systems modernization, and enterprise IT web, mobile and application development solutions. The company develops secure digital media intake solutions that enable the rapid processing of public-submitted digital content, allowing federal agencies to solve crimes faster.
4	Septentrio designs, manufactures, markets, and supports high-precision multi frequency multi constellation GPS/GNSS equipment. The company's products are used in various applications in marine, construction, agriculture, survey and mapping, GIS, UAV, and other industries.
5	Ferrovial Vertiports designs, builds, and operates infrastructure for urban air mobility, focusing on networks to support eVTOL aircraft. The company aims to enhance urban transportation efficiency and connectivity. The company serves aerospace, logistics, and urban mobility markets.
6	Nordic Aviation Capital is a global leader in regional aircraft leasing, specializing in turboprops and regional jets. The company provides fleet solutions to airlines worldwide, supporting their operational needs and fleet modernization. The company serves commercial aviation markets across diverse regions.
7	RCMBT specializes in parts reliability analytics for the aerospace industry, offering advanced decision-support technologies to optimize fleet performance. The company's expertise enhances predictive maintenance capabilities, enabling operators to reduce unscheduled downtime and improve aircraft availability.
8	Oddball is a provider of digital modernization solutions for private sector and U.S. federal government defense and healthcare markets. The company's expertise includes enterprise DevOps, cloud migration, user experience, continuous integration, continuous delivery and continuous deployment.
9	Oddball is a provider of digital modernization solutions for private sector and U.S. federal government defense and healthcare markets. The company's expertise includes enterprise DevOps, cloud migration, user experience, continuous integration, continuous delivery and continuous deployment.
10	Oddball is a provider of digital modernization solutions for private sector and U.S. federal government defense and healthcare markets. The company's expertise includes enterprise DevOps, cloud migration, user experience, continuous integration, continuous delivery and continuous deployment.