Defense Electronics M&A Transactions - August 2024

Download and read the August 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
a portfolio company of		Target: Hudson, NH-based kSARIA is a producer and supplier of mission critical connectivity solutions for the aerospace and defense end markets. The company offers complete interconnect solutions, including optical fiber, copper, RF or hybrid cable assemblies, for all aspects of Mil/Aero requirements. Buyer: Stamford, CT-based ITT specializes in motion control technologies, industrial pumps, and specialty components for various applications. The company serves the industrial, aerospace, and defense sectors. Terms: Transaction announced on August 1, 2024. Purchase price is expected to be $475M, 2.7x and 13.0x FY2023A revenue and EBITDA, respectively.
		Target: Bordentown, NJ-based NWL is a manufacturer and designer of transformers, inductors and power supplies for industrial and defense applications. The company leverages a collaborative design and development approach to provide customized solutions for power supplies and transformers. Buyer: Ayer, MA-based AMSC focuses on energy solutions, designing and manufacturing power systems and superconducting wire technologies. The company serves the electric power and renewable energy industries, aiming to improve the efficiency and reliability of power grids. Terms: Transaction announced on August 5, 2024. Purchase price was $61M, 1.1x revenue ⁽¹⁾.
		Target: Austin, TX-based Criteria Labs designs and manufactures RF device and microelectronic engineering solutions for high-reliability applications in the U.S. federal government and aerospace markets. The company's products include gain blocks, GaN power amplifiers, MCMs & hybrids, and other RF devices. Buyer: Ventura, CA-based Dover is a diversified manufacturer that delivers equipment, components, and support services across multiple industries. The company operates in the industrial products, fluids, and engineered systems sectors. Terms: Transaction announced on August 19, 2024. Terms not disclosed.
		Target: Wichita, KS-based J-Mark Connectors provides hardware and EMI interconnect solutions. The company works to meet demanding filtering, grounding, and transient suppression requirements in the aerospace, military, and medical sectors. Buyer: Irvine, CA-based Mobix Labs develops high-performance, mixed-signal semiconductor solutions for wireless communications. The company works on advancing 5G, Wi-Fi, and satellite communication systems through its RF and millimeter-wave integrated circuits and modules. Terms: Transaction announced on August 20, 2024. Terms not disclosed.