A&D Weekly News & Transactions - Week 10

Industry Headline News

General Atomics is preparing to mass-produce up to 18 CCA per month following the first flight this summer, leveraging its existing facilities without major expansions
Mar. 6, 2025 - The company, alongside competitor Anduril, is advancing production-ready prototypes, with the Air Force set to decide on full-scale manufacturing after initial test flights. Additionally, the Air Force introduced a new “FQ” designation for these autonomous aircraft, signaling a shift toward a future of drone-based aerial warfare. (Defense One)

Volocopter has laid off its entire workforce and entered insolvency proceedings after struggling to bring its eVTOL aircraft to market amid declining investor interest
Mar. 5, 2025 - Despite efforts to secure new funding, the company's future remains uncertain as creditors begin filing claims. This marks the second major insolvency of a German eVTOL developer in weeks, following Lilium’s collapse in February 2025. (Aero Time)

Boeing CEO acknowledged deep cultural and communication issues within the company, emphasizing the need for leadership to listen more to employees and a more open workplace
Mar. 5, 2025 - He pledged to implement changes, including leadership training and enhanced internal communication, but employees remain skeptical, demanding action rather than words. While Ortberg highlighted improvements in Boeing’s safety culture, many workers doubt meaningful change will happen unless leadership accountability is enforced. (Seattle Times)

SpaceX is investing $1.8B to expand its Starship program in Florida, building new launchpads and facilities beyond its Texas operations
Mar. 5, 2025 - This move aims to support the next-generation rocket’s development for larger satellite deployments and future lunar missions. (AIAA)

Pratt & Whitney is advancing rotating detonation engine technology after successful ground tests demonstrated its potential for high-speed, compact, and efficient propulsion
Mar. 4, 2025 - The company is investing further in RDE development in collaboration with the Department of Defense, aiming for an integrated engine and vehicle ground test in the coming years. (Aviation Week)

Thales CEO Patrice Caine warned governments about the risks of relying on private satellite constellations like Starlink, citing concerns over reliability, stability, and political motivations
Mar. 3, 2025 - While Starlink boasts resilience due to its vast constellation, Thales emphasized that European governments prefer owning or directly controlling their secure communications infrastructure, such as the upcoming Iris2 system. Caine highlighted that Starlink’s disruptive model has indirectly impacted European satellite manufacturers like Thales and Airbus, but it does not compete with them directly. (Reuters)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	North Point Defense General Atomics	-	-	-	Rome, NY	Government Services, IT Services and Software
2	Cog Systems Riverside Research Institute	-	-	-	Lake Zurich, IL	Government Services, IT Services and Software
3	Aerospace Assets of Systems Integrators [Systems Integrators] Ignova Ventures	-	-	-	Phoenix, AZ	Machined & Cast Parts
4	Grover Precision Forécreu	-	-	-	Oxford, ME	Machined & Cast Parts
5	Silcoms Breal Capital	-	-	-	Bolton, United Kingdom	Machined & Cast Parts
6	PPT Group [Battery Ventures] SK Capital	-	-	-	Halifax, United Kingdom	Test & Measurement

No.	Target Descriptions
1	North Point Defense is a provider of Signals Intelligence (SIGINT) exploitation software and sensor integration for private sector and U.S. federal government aerospace and defense markets. NPD leverages AI/ML-based autonomous signal processing and data dissemination solutions to provide real-time actionable intelligence, supporting tactical and national mission priorities.
2	Cog Systems is a provider of secure virtualization and cryptographic solutions for mobile and Internet of Things (IoT) devices in private sector and U.S. federal government enterprise markets. The company's Aegis platform is a highly secure, modular solution which offers robust data and system protection while allowing flexibility to run desired applications and networks securely on mobile phones, IoT devices, and gateways.
3	The Aerospace Assets of Systems Integrators include specialty gasket manufacturing, precision machining, and aerospace assembly businesses. These businesses primarily serve the aerospace, defense, and general industrial end-markets.
4	Grover Precision is a precision engineering company specializing in gundrilling, deep-hole drilling, honing, and the production of seamless cannulated bar and precision tubing. The company serves various industries, including medical devices, aerospace and defense, power generation, oil and gas, superconducting technologies, automotive injection molding, tool and die, and commercial machining.
5	Silcoms is a precision engineering company specializing in aerospace engine rings, components, conveyor chains, and sprockets. The company serves aerospace and industrial manufacturing markets, providing machined rings, casings, seals, segments, and conveyor systems.
6	PPT Group is a multinational holding company specializing in the design and manufacture of physical property testing instrumentation for various industries. The company offers solutions for tensile and compressive strength, torque testing, textile analysis, and real-world dynamics, catering to laboratory researchers and quality control professionals.