Download and read the October 2023 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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Description
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Target: Excelsior Springs, MO-based KC Machine is a manufacturer of precision machined parts for the A&D market. Also provides prototyping, production, and cooperative design engineering solutions. Notable customers include the Department of Defense primarily as a subcontractor through Honeywell International.
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Buyer: New Century, KS-basedButler National Corporation (OTCQB: BUKS) operates through two segments; Aerospace and Professional Services. The Aerospace segment performs aircraft modifications and special mission (ISR) aircraft solutions. It provides systems integration, engineering, manufacturing, installation, overhaul and repair of aircraft and related products.
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Terms: Transaction announced on October 2, 2023. Terms not disclosed.
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a portfolio company of
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Target: Wichita, KS-based Rapid Processing Solutions is an additive manufacturer of aerospace additive parts for private sector and U.S. federal government aerospace markets. Rapid PSI is capable of high volume 3D printing and also provides rapid tooling and prototyping services.
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Buyer: Midvale, UT-based Goengineer LLC delivers software, technology and expertise for design innovation and deliver better products faster. Serves the high tech, medical, machine design, energy and other industries. Reseller of SOLIDWORKS, Stratasys, VELO3D, CAMWorks, and PLM. Geoengineer is a portfolio company of Court Square Capital Partners.
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Terms: Transaction announced on October 5, 2023. Terms not disclosed.
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Target: Portland, OR-based Stack Metallurgical is a provider of heat treatment and metal finishing services for private sector and U.S. federal government aerospace, defense and energy markets. Warsaw, IN-based Lake City HT provides Hot Isostatic Pressing and vacuum heat treating to the medical and civil aerospace market.
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Buyer: UK-based Bodycote International plc (LSE:BOY) is the world’s largest provider of heat treatment and thermal processing services for the manufacturing supply chain, and value adding and proprietary specialist technologies for a variety of applications.
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Terms: Transaction announced on October 6, 2023. The combined purchase price was $145M, 3.2x FY2023P revenue and 9.1x expected 2024 EBITDA, net of tax benefits and synergies.
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