Defense Electronics M&A Transactions - July 2024

Download and read the July 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: Durham, NC-based SWIR is a provider of CQD® (colloidal quantum-dot-based) short wavelength infrared (SWIR) technology solutions for private sector and U.S. federal government defense markets. CQD uses nanoparticles or crystals with unique optical and electronic properties that can be precisely tuned to absorb an extended wavelength of light. Buyer: Scottsdale, AZ-based onsemi supplies and manufactures semiconductor components, sensors, power management, connectivity, custom and SoC, analog, logic, timing and discrete devices. Terms: Transaction announced on July 2, 2024. Terms not disclosed.
SMAP Business a portfolio company of		Target: Wallingford, CT-based The Signature Management and Power (SMAP) Business designs and manufactures fully ruggedized, high performance Human Machine Interface (HMI) devices and Human Systems Integration (HSI) solutions for submarines and surface ships in the US and UK naval defense markets. The business' core products include miniature joysticks, hand controls, control grips, and soldier portable controls. Buyer: Saint Louis, MO-based ESCO Technologies manufactures highly-engineered filtration and fluid control products for the aviation, space and process markets worldwide Terms: Transaction announced on July 8, 2024. Purchase price is expected to be $550M, 3.1x and 11.0x FY2024E revenue and EBITDA, respectively.
		Target: United Kingdom-based Rockford Components provides wiring, interconnect, and system solutions primarily to OEMs in the aerospace and defense sectors. The company also offers electrical cable assemblies; electro-mechanical assemblies; machining and fabrication products; mechanical, electrical, and electronic system design services; and logistics services. Buyer: Sweden-based AQ Group AB provides control equipment for automated handling of goods in ports, monitoring and control systems for motors and generators, and wiring harness systems and electromechanical modules. Terms: Transaction announced on July 10, 2024. Purchase price was $3M, 0.3x revenue
OWN & DAS Business		Target: Ashburn, VA-based The Outdoor Wireless Networks (OWN) & Distributed Antenna Systems (DAS) Businesses provide base station antennas, radio frequency (RF) filters, tower connectivity, microwave antennas, metro cell products, cabinets, steel, accessories and contains CommScope's wireless spectrum management business, Comsearch. Buyer: Wallingford, CT-based Amphenol designs, manufactures and markets electrical, electronic and fiber optic connectors, interconnect systems, antennas, sensors and sensorbased products and coaxial and high-speed specialty cable. Terms: Transaction announced on July 18, 2024. Purchase price is expected to be $2.1B, 1.8x and 7.0x FY2024P revenue and EBITDA, respectively.