--- title: "Top 5: Aerospace & Defense M&A Activity By State (Last 3 Years)" description: Discover the top 5 states leading Aerospace & Defense M&A activity over the past three years. This analysis highlights each state's total number of deals, major buyers, and notable deals. image: https://blog.janescapital.com/hubfs/Top%205%20AD%20Deals/JCP%20Top%205%20-%20(A%26D%20M%26A%20Activity%20by%20State%20-%20Last%203%20Years).png --- [![Janes Capital Partners](https://blog.janescapital.com/hs-fs/hubfs/JCP-Logo-Color.png?width=700&height=86&name=JCP-Logo-Color.png "Janes Capital Partners")](https://www.janescapital.com/) [![Janes Capital Partners](https://blog.janescapital.com/hs-fs/hubfs/JCP-Logo-Color.png?width=720&height=89&name=JCP-Logo-Color.png "Janes Capital Partners")](https://www.janescapital.com/) - [Who We Are](https://www.janescapital.com/who-we-are) - [Advisory Services](https://www.janescapital.com/aerospace-defense-advisory-services) - Transactions - [Our Transactions](https://www.janescapital.com/successful-aerospace-defense-ma-transactions) - [Case Studies](https://blog.janescapital.com/case-studies) - Industry Insights - [Key Aerospace & Defense Insights](https://blog.janescapital.com/key-insights) - 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[Segment Reports](https://www.janescapital.com/segment-reports) - [A&D Weekly Reports](https://blog.janescapital.com/weekly-ad-news-transactions) - News & Events - [News & Past Events](https://blog.janescapital.com/news-events) - [Upcoming Events](https://www.janescapital.com/aerospace-defense-conferences-networking-events) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) Key Aerospace & Defense Insights #### Share this [Share on X](https://x.com/intent/post?url=https://blog.janescapital.com/key-insights/top-5-aerospace-defense-ma-activity-by-state-last-3-years&text=Top+5%3A+Aerospace+%26amp%3B+Defense+M%26amp%3BA+Activity+By+State+%28Last+3+Years%29) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.janescapital.com/key-insights/top-5-aerospace-defense-ma-activity-by-state-last-3-years&t=Top+5%3A+Aerospace+%26amp%3B+Defense+M%26amp%3BA+Activity+By+State+%28Last+3+Years%29) [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://blog.janescapital.com/key-insights/top-5-aerospace-defense-ma-activity-by-state-last-3-years&t=Top+5%3A+Aerospace+%26amp%3B+Defense+M%26amp%3BA+Activity+By+State+%28Last+3+Years%29) # Top 5: Aerospace & Defense M&A Activity By State (Last 3 Years) by [**Stephen Perry**](https://blog.janescapital.com/key-insights/author/stephen-perry) on 04/16/2025 ![JCP Top 5 - (A&D M&A Activity by State - Last 3 Years)](https://blog.janescapital.com/hs-fs/hubfs/Top%205%20AD%20Deals/JCP%20Top%205%20-%20(A%26D%20M%26A%20Activity%20by%20State%20-%20Last%203%20Years).png?width=1047&height=540&name=JCP%20Top%205%20-%20(A%26D%20M%26A%20Activity%20by%20State%20-%20Last%203%20Years).png)   | **Top 5** | **A&D M&A Activity by State (Last 3 Years)** | | | | | --- | --- | --- | --- | --- | | Rank | State | Total Deals (% of US Deals) (with Target in State) | Top Buyers - Number of Deals (of Target in State) | Notable Deals with Target in State **Target** (Target Parent) - Acquirer ($TEV) | | 1 | **California** | 130 Total Deals (14%) $44.8B Disclosed TEV | Arcline - 6 KKR - 4 Greenbriar Equity - 4 Sagewind Capital - 3 The Jordan Company - 3 | - **Aerojet Rocketdyne** - L3Harris ($4.8B) - **Tactical Data Links Business of Viasat** - L3Harris ($2.0B) - **Electron Device Business of CPI** (The Jordan Company)- TransDigm ($1.4B) - **Dedrone** - Axon Enterprise ($500M) - **Terran Orbital** - Lockheed Martin ($450M) | | 2 | **Virginia** | 122 Total Deals (13%) $18.0B Disclosed TEV | Godspeed Capital - 5 Arlington Capital - 4 Sagewind Capital - 4 Enlightenment Capital - 4 Madison Dearborn - 3 | - **OWN & DAS Businesses of CommScope** - Amphenol ($2.1B) - **CAES (Advent)** - Honeywell ($1.9B) - **Azure Summit Technology** - CACI ($1.3B) - **Inertial Labs** (Bluenet Solutions) - Viavi Solutions ($325M) - **Satelles** - Iridium Communications ($144M) | | 3 | **Florida** | 65 Total Deals (7%) $10.6B Disclosed TEV | Arcline - 3 Madison Dearborn - 3 Airbus - 2 HC Private Investments - 2 H.I.G. Capital - 2 | - **Carlisle Interconnect Technologies** - Amphenol ($2.0B) - **Sequa** (Carlyle) - Veritas Capital ($1.9B) - **Satcom Direct** - Gogo ($636M) - **Kellstrom Aerospace** (AE Industrial) - VSE ($201M) - **Tomahawk Robotics** - AeroVironment ($116M) | | 4 | **Maryland** | 59 Total Deals (6%) $946M Disclosed TEV | Enlightenment Capital - 5 Godspeed Capital - 3 Falfurrias Capital - 2 Arlington Capital - 2 The Jordan Company - 2 | - **DRS Global Enterprise Solutions** (Leonardo) - SES Government Solutions ($450M) - **Sealing Technologies** - Parsons ($200M) - **Grove Resource Solutions** - DLH Holdings ($187M) - **Spalding Consulting** - Saalex ($75M) - **WSC** - Curtiss-Wright ($34M) | | 5 | **Texas** | 46 Total Deals (5%) $16.6B Disclosed TEV | AE Industrial - 2 Cerberus Capital - 2 Loar Group - 1 Bain Capital - 1 GenNx360 Capital - 1 | - **National Instruments** - Emerson Electric ($8.1B) - **SailPoint Technologies** - Thoma Bravo ($7.1B) - **Product Support Group of Triumph** - AAR ($725M) - **Applied Avionics** - Loar Group ($385M) - **Stellar Blu Solutions** - Gilat Satellite Networks ($245M) | *Notes: 'Last 3 Years' represents data from Jan-22 through Dec-24. 'Top Buyers' is not exhaustive, many buyers completed 1 or 2 deals in the time frame. Ranks 6-10 comprised of Massachusetts (42), New York (41), Colorado (36), Ohio (35), and Pennsylvania (27).* ### Janes Capital Partners Team Contact Information ![Picture2-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Picture2-1.jpeg?width=960&height=960&name=Picture2-1.jpeg) #### Stephen Perry *Managing Director* [Email Stephen](mailto:sperry@janescapital.com)[(949) 769-3323 x6901](tel:9497693323) ![Ken-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Ken-white-1-1.png?width=960&height=960&name=Ken-white-1-1.png) #### Ken Fukumoto *Director* [Email Ken](mailto:kfukumoto@janescapital.com) [(949) 769-3323 x6904](tel:9497693323) ![Chris-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Chris-white-1-1.png?width=1200&height=1200&name=Chris-white-1-1.png) #### Chris Reinecke *Vice President* [Email Chris](mailto:cwreinecke@janescapital.com) [(949) 769-3323 x6905](tel:9497693323) ![Bruce-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Bruce-white-1-1.png?width=1200&height=1200&name=Bruce-white-1-1.png) #### Bruce Renner *Analyst* [Email Bruce](mailto:brenner@janescapital.com) [(949) 769-3323 x6906](tel:9497693323) Topic: [Top 5](https://blog.janescapital.com/key-insights/tag/top-5) #### Share this [Share on X](https://x.com/intent/post?url=https://blog.janescapital.com/key-insights/top-5-aerospace-defense-ma-activity-by-state-last-3-years&text=Top+5%3A+Aerospace+%26amp%3B+Defense+M%26amp%3BA+Activity+By+State+%28Last+3+Years%29) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.janescapital.com/key-insights/top-5-aerospace-defense-ma-activity-by-state-last-3-years&t=Top+5%3A+Aerospace+%26amp%3B+Defense+M%26amp%3BA+Activity+By+State+%28Last+3+Years%29) [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://blog.janescapital.com/key-insights/top-5-aerospace-defense-ma-activity-by-state-last-3-years&t=Top+5%3A+Aerospace+%26amp%3B+Defense+M%26amp%3BA+Activity+By+State+%28Last+3+Years%29) - 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