A&D Weekly News & Transactions - Week 10

Industry Headline News

Boeing Nears Deal for 500 Jets During Trump-Xi Summit, Bloomberg Reports
Mar. 6, 2026 - Boeing is reportedly close to finalizing an order for around 500 aircraft, including 737 and 787 models, in connection with discussions at the Trump-Xi summit. The deal could be valued at roughly $60 billion at list prices, potentially boosting Boeing’s commercial backlog and reinforcing U.S.-China aerospace trade ties. Sources indicate the agreement involves Chinese airlines and could include financing or leasing arrangements to facilitate the transaction. (Reuters)

uForce Exits Stealth Mode as Defense Unicorn
Mar. 5, 2026 - uForce, a previously stealth-mode defense startup, has emerged publicly with a $1.2 billion valuation, securing unicorn status. The company develops advanced autonomous drone systems and AI-powered defense platforms aimed at military and national security applications. Investors in the round include StratTech Capital and Horizon Ventures, highlighting growing private-sector interest in next-generation defense technologies. (Tectonic Defense)

Elbit Becomes Israel’s Most Valuable Company with $40B Valuation
Mar. 4, 2026 - Elbit Systems has surpassed Teva Pharmaceuticals to become Israel’s most valuable publicly traded company, reaching a market capitalization of $40 billion. The defense electronics firm, known for unmanned systems, cyber technologies, and advanced military avionics, has benefited from increased international defense contracts. Analysts highlight that the company’s expansion into AI-enabled defense solutions and growing exports to Asia and Europe have driven this market milestone. (Globes)

Arcline Reportedly Enters Bidding for UK Aerospace Firm Senior
Mar. 4, 2026 - Private equity firm Arcline has joined the competitive process to acquire UK-based aerospace and defense supplier Senior Plc, according to sources. Senior, which manufactures precision components and assemblies for aerospace, automotive, and defense clients, has attracted interest from multiple strategic and financial buyers. The potential deal could reshape ownership in the UK aerospace supply chain, with Arcline emphasizing operational improvements and international expansion in its bid. (Bloomberg)

AeroVironment to Expand New Mexico Manufacturing Facility
Mar. 4, 2026 - AeroVironment announced plans to expand its manufacturing operations in New Mexico to support increased production of unmanned aircraft systems (UAS) and tactical drone platforms. The expansion aims to meet growing demand from U.S. military and allied defense customers, particularly for small tactical drones used in reconnaissance and surveillance. The company expects the project to create dozens of new jobs and enhance its domestic supply chain capabilities. (The Defense Post)

Honeywell Files for Spin-Off of Aerospace Unit
Mar. 3, 2026 - Honeywell announced the filing of a Form 10 registration statement with the SEC for the planned spin-off of its Honeywell Aerospace division. The move aims to create a standalone, publicly traded company focused on avionics, engines, and aircraft systems, while allowing Honeywell to concentrate on its core technologies and industrial solutions. The spin-off is expected to provide strategic and financial flexibility, positioning Honeywell Aerospace to pursue growth in commercial and defense aviation markets. (PR Newswire)

Netherlands Signs $1.5B Deal for Armored Vehicles
Mar. 2, 2026 - The Netherlands has finalized a $1.5 billion contract to acquire new armored vehicles from Rheinmetall, strengthening the country’s mechanized infantry capabilities. The deal includes delivery of Boxer 8×8 armored personnel carriers equipped with advanced protection systems and modern battlefield communication suites. Dutch defense officials emphasized that the procurement supports NATO interoperability and enhances the armed forces’ operational readiness. (The Defense Post)

Rolls-Royce Secures Key Engine Deal for Germany-UK Fighter Jet Program
Mar. 2, 2026 - Rolls-Royce has been selected to supply engines for a joint Germany-UK fighter jet program, with the agreement overseen by Tufan Erginbilgic, CEO of Rolls-Royce Energy. The contract covers the development, production, and long-term support of next-generation turbofan engines, strengthening the companies’ role in European defense aerospace. Officials noted the deal will create high-tech jobs in the UK and Germany and enhance collaborative defense manufacturing capabilities across NATO partners. (The Guardian)

UK Awards $1.3B Medium-Lift Helicopter Contract to Leonardo
Mar. 2, 2026 - The UK Ministry of Defence has selected Leonardo to supply a fleet of new medium-lift helicopters under a $1.3 billion contract. The program will provide upgraded aircraft for troop transport, logistics, and search-and-rescue missions, replacing aging helicopter models in the Royal Air Force and Army Air Corps. Leonardo will manufacture the helicopters in the UK, supporting domestic jobs and strengthening the country’s aerospace supply chain. (Defense News)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Forged Solutions Group [Arlington Capital] JFL Partners	-	-	-	Sheffield, United Kingdom	Machined & Cast Parts
2	NorcaTec Aeromed Group	-	-	-	Garden City, NC	Distribution
3	NAPCO Aeromed Group	-	-	-	Hopkins, MN	MRO & Logistics
4	HITEK Aeromed Group	-	-	-	Lincolnshire, United Kingdom	Distribution
5	Kit Pack Aeromed Group	-	-	-	Las Cruces, NM	Distribution
6	Covelya Group Kraken Robotic Systems	$615.0	2.3x	9.7x	Hampshire, United Kingdom	Navy/Maritime
7	DCJet Services West Star Aviation [Greenbriar Equity]	-	-	-	Sterling, VA	MRO & Logistics
8	DOK-ING Rheinmetall	-	-	-	Zagreb, Croatia	Specialty Defense Systems and Services
9	ARCTOS [Battle Investment] DCS	-	-	-	Beavercreek, OH	Engineering and Project Management
10	Incodema3D AFM Capital Partners	-	-	-	Freeville, NY	Machined & Cast Parts
11	Atlanta Aviation Aventure Aviation	-	-	-	Atlanta, GA	MRO & Logistics

No.	Target Descriptions
1	FSG is a manufacturer of forged rings, casings, blades and discs for private sector, international, and U.S. federal government aerospace and defense markets. FSG maintains vertically-integrated rolled rings, closed die, extrusion, and open die forging capabilities across a range of alloys, including nickel, titanium, steel, and aluminum.
2	NorcaTec is a provider of spare parts, logistics, and material supply chain support for U.S.-manufactured military fixed- and rotary-wing aircraft operators and maintenance service providers worldwide.
3	NAPCO specializes in engineering, project management, procurement, and sustainment of U.S.-manufactured military vehicles and systems for the private sector, U.S. federal, and international government defense and OEM markets.
4	HITEK supplies electromagnetic reduction products, microwave and radar absorbent material, aircraft and vehicle corrosion protection, military polymers, and thermal insulators.
5	Kit Pack provides a trusted procurement network and a broad inventory used in the refurbishment of thousands of legacy military aircraft and helicopters. The company specializes in upgrade kits and parts for iconic platforms, including the B-1, B-52, KC-135, F-16, and C-130.
6	Covelya is a provider of mission-critical underwater technology solutions for private sector, international, and U.S. federal government maritime defense markets. Covelya operates through its autonomous subsidiaries, which include Sonardyne, EIVA, Forcys, Wavefront Systems, Voyis Imaging, and Chelsea Technologies.
7	DCJet Services provides aircraft management, charter, and maintenance services supporting business aviation operators and aircraft owners. The company focuses on flight operations, maintenance oversight, and aircraft lifecycle support tailored to private aviation customers.
8	DOK-ING is a developer of autonomous mine-clearance robotics that operate in high-risk, hazardous environments for private sector and international government civil and defense markets.
9	ARCTOS is a provider of aviation lifecycle management services across a broad range of U.S. and international platforms. ARCTOS specializes in engineering, logistics, cybersecurity, risk management tools, programmatics, global supply chain management, training, parts and subsystems delivery, MRO, and advanced metallurgical repair methodologies.
10	Incodema3D provides metal additive manufacturing services using laser powder bed fusion and advanced post-processing to produce complex components for aerospace and defense applications. The company supports prototype and production programs with integrated design support, machining, and quality systems aligned with demanding engineering requirements.
11	Atlanta Aviation provides fixed-base operator services including fueling, hangar space, ground handling, and passenger amenities for business and general aviation operators. The company supports aircraft operators with full-service ramp operations and facility services at DeKalb Peachtree Airport.