Defense Electronics M&A Transactions - May 2024

Download and read the May 2024 issue of the Defense Electronics Monthly, covering the latest M&A deal news and valuation trends in the defense electronics sector, including activity in segments such as C4ISR and electronic warfare, rugged electronics, RF & microwave, embedded computing, interconnects, microelectronics & semiconductor and test & measurement. Sign up for the Defense Electronics 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 Defense Electronics Deals Announced

Target	Buyer	Description
		Target: Commack, NY-based Bren-Tronics is a manufacturer of military batteries and charger systems. The company provides custom batteries for instrumentation, oceanographic applications, security, communications, and aerospace applications as well as specialized and unique situations where a portable power source is required. Buyer: Horsham, PA-based EnerSys Advanced Systems develops and manufactures custom batteries for military, space and medical applications. The company’s primary clients are NASA and the Department of the Air Force. Terms: Transaction announced on May 2, 2024. The purchase price is expected to be $208M, 2.1X and 8.7X FY2023A revenue and EBITDA, respectively.
		Target: San Francisco, CA-based Dedrone is a provider of counter-drone technologies and airspace security. The company protects organizations from malicious drones by securing the airspace using advanced hardware and software technology. Buyer: Scottsdale, AZ-based Axon Enterprise provides advanced non-lethal weapons (on-body and in-car cameras, CEDs, and CEWs) for use in the law enforcement, private security, and personal defense sectors. Terms: Transaction announced on May 6, 2024. Terms not disclosed.
	a portfolio company of	Target: Simi Valley, CA-based M Wave is a supplier of ferrite-based RF and microwave components for aerospace, defense, and quantum computing applications. The company designs and manufactures passive waveguide and coaxial components, including isolators, circulators, adapters and terminations. Buyer: East Providence, RI-based Quantic Electronics specializes in electronic components for mission-critical applications. The company serves military, aerospace, industrial and commercial sectors. Terms: Transaction announced on May 15, 2024. Terms not disclosed.
		Target: Israel-based Get SAT is a provider of micronized satellite communication terminals. The company's product portfolio includes InterFlat, a miniaturized flat-panel antenna technology that fully integrates with electronics and software to ensure reliable operations worldwide. Buyer: France-based Thales S.A. is a producer of defense electronic systems, airborne and land-based radars, navigation and guidance equipment, optronic airborne systems and optronic equipment for weapons, day/night vision devices, flight and training simulators, computer generated image systems, aircraft power generation, and conversion equipment. Terms: Transaction announced on May 21, 2024. Terms not disclosed.
a portfolio company of		Target: Berlin, CT-based Raptor Scientific is a provider of engineering, testing and measurement services, including the design and manufacture of mass properties and radar cross section measurement instruments. Applications of the company's products include weapons systems, commercial aviation & avionics, military aviation & avionics, and space & satellite systems. Buyer: Cleveland, OH-based TransDigm is a global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft. The company operates through three segments: Power & Control, Airframe, and Non-Aviation. Terms: Transaction announced on May 28, 2024. The purchase price is expected to be $655M, 7.3x FY2024P revenue.