Download and read the January 2025 issue of the A&D Manufacturing Monthly, covering the latest M&A deal activity and valuation trends in the aerospace & defense manufacturing sector, which includes companies with capabilities such as precision machining, forming, sheet metal fabrication, tube bending, welding, brazing, plating, heat treatment, metal finishing, injection molding, composite manufacturing, testing, inspection and assembly. Sign up for the A&D Manufacturing Monthly distribution list to stay up-to-date on the headline acquisitions impacting your market and the current dynamics of the publicly traded strategic companies within the industry.
Key A&D Manufacturing Deals Announced
Target
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Buyer
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Description
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SPNAM Business
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Target: Tacoma, WA-based Specialty Products North America (SPNAM) Business of Bradken manufactures highly engineered, large, complex, mission critical castings for customers in defense, specialized industrial, rail and transit markets.
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Buyer: Los Angeles, CA-based TerraMar Capital provides debt and equity capital to middle-market businesses facing inflection points, offering customized solutions for complex situations. The company serves the industrials, consumer products, and business services end markets.
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Terms: Transaction announced on January 3, 2025. Terms not disclosed.
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Target: Japan-based JAMCO is a developer and manufacturer of aircraft interiors and seats as well as engine parts and other components. The company is the world's largest manufacturer of aircraft galleys and lavatories for most Boeing and Airbus commercial aircraft. The company manufactures a range of products from aircraft engine parts to military aircraft equipment, such as heat exchangers.
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Buyer: Boston, MA-based Bain Capital is a private investment firm specializing in private equity, venture capital, and credit opportunities. The company invests across diverse industries, including technology, healthcare, and consumer products, with a focus on fostering long-term growth and operational improvement.
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Terms: Transaction announced on January 14, 2025. Purchase price expected to be $634M, 1.3x and 17.7x TTM Sep-24 revenue and EBITDA, respectively.
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Engineering Division
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Target: Pittsburgh, PA-based The Engineering Division of Carr's Group designs, manufactures and services bespoke equipment, vessels, precision components and remote handling systems alongside providing specialist engineering services for private sector, international government, and U.S. federal government defense and nuclear markets.
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Buyer: Jacksonville, FL-based Cadre Holdings designs and manufactures safety and survivability equipment, including body armor, duty gear, and tactical systems. The company serves law enforcement, military, and first responder markets with products focused on protecting lives in high-risk environments.
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Terms: Transaction announced on January 15, 2025. Purchase price is expected to be $77.6M, 1.5x and 7.1x FY2024A revenue and adj. EBITDA, respectively.
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Grove
Aircraft
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Target: El Cajon, CA-based Grove Aircraft Landing Gear Systems designs and manufactures allaluminum landing gear systems for light aircraft, offering durability and corrosion resistance. The company provides solutions for experimental, aerobatic, and bush planes. The company serves general aviation markets worldwide.
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Buyer: Bentonville, AR-based Game Aerospace designs and manufactures high-performance aircraft, including the GB1 GameBird, an aerobatic aircraft known for its precision and agility. The company also focuses on developing innovative aviation solutions, including all-composite fixedgear aircraft for specialized missions, serving general aviation and specialized markets.
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Terms: Transaction announced on January 15, 2025. Terms not disclosed.
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