Top 5: Aerospace & Defense M&A Activity By State (Last 3 Years)

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)