Download and read the July 2024 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
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Buyer
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Description
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Target: Wichita, KS-based Spirit AeroSystems is a manufacturer of aerostructures for commercial airplanes, defense platforms, and business/regional jets. The company's core products include fuselages, integrated wings and wing components, pylons, and nacelles.
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Buyer: Arlington, VA-based Boeing designs, develops, manufactures, sells, services and supports commercial jetliners, military aircraft, satellites, missile defense, C4ISR, human space flight launch systems, and logistics support services.
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Terms: Transaction announced on July 1, 2024. Purchase price is expected to be $8.3B, 1.3x 2023A revenue. Spirit also announced it entered into a binding term sheet with Airbus to negotiate in good faith to enter into definitive agreements for Airbus to acquire certain Spirit assets that serve Airbus programs, concurrently with the closing of Spirit’s acquisition by Boeing.
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Target: Sacramento, CA-based Spencer Composites is a manufacturer of composite and metallic structures for use in private sector and U.S. federal government markets. The company fabricates composite products and components using thermoset and thermoplastic processes.
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Buyer: Albuquerque, NM-based X-Bow Launch Systems develops additively manufactured energetics for the solid rocket motor and launch vehicle market. The company also designs and builds a suite of modular solid rocket motors and small launch vehicles for both orbital and suborbital launch services.
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Terms: Transaction announced on July 2, 2024. Terms not disclosed.
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Target: Burlington, MA-based Desktop Metal offers an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production, with expertise in advanced manufacturing, metallurgy, and robotics.
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Buyer: Israel-based Nano Dimension provides intelligent machines for the fabrication of Additively Manufactured Electronics (AME). The company serves the private aerospace, defense, medical, automotive, industrial, and research institute sectors.
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Terms: Transaction announced on July 3, 2024. Purchase price is expected to be $135M-$183M, 0.7x-1.0x 2023A revenue
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Hoist & Winch Business
a subsidiary of
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 a portfolio company of
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Target: Anaheim, CA-based Hoist & Winch Business of Goodrich designs, manufactures, and provides product support for a complete line of external and internal rescue hoists and cargo
winches, with more than 50 proprietary models utilized by civil and military operators worldwide. The business's products are built to withstand extreme conditions, providing the highest reliability and safety for search and rescue and other human external cargo missions.
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Buyer: Westminster, CO-based Signia Aerospace provides high-performance systems and specialized components for the private sector and U.S. federal government aerospace industries.
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Terms: Transaction announced on July 9, 2024. Terms not disclosed.
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Target: Canada-based Héroux-Devtek engages in the design, development, manufacture, and repair and overhaul of aircraft landing gears, hydraulic and electromechanical flight control
actuators, custom ball screws, and fracture-critical components. The company serves civil and defense sectors of the aerospace market.
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Buyer: Los Angeles, CA-based Platinum Equity is a global private equity firm that specializes in mergers, acquisitions, and operations of companies that provide mission-critical products, services, and solutions in diverse industries.
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Terms: Transaction announced on July 11, 2024. Purchase price is expected to be $999M, 2.2x and 15.3x FY2024A revenue and EBITDA, respectively.
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