A&D Weekly News & Transactions - Week 14

Industry Headline News

The U.S. Space Force awarded nearly $14 billion in National Security Space Launch contracts to SpaceX, ULA, and Blue Origin for missions scheduled from FY2025 to FY2029
Apr. 6, 2025 - SpaceX secured the largest share with 28 of the 54 high-priority "Lane 2" missions, followed by ULA with 19 and Blue Origin with 7. These awards highlight SpaceX's dominance in the launch market and reflect the military’s dual-lane strategy to improve cost and time efficiency. (Via Satellite)

Embraer and Turkish Aerospace have signed a MoU to explore industrial cooperation, potentially including the final assembly of E-Jet E2s in Turkey
Apr. 2, 2025 - This collaboration aims to enhance both companies' aerospace capabilities, with Embraer looking to expand its global supply chain to meet rising demand. The agreement signals a strategic partnership that could support future commercial and defense projects for Embraer. (Flight Global)

Leggett & Platt has agreed to sell its Aerospace Products Group to Tinicum Incorporated for $285M, with an expected closure in 2025, pending regulatory approvals
Apr. 2, 2025 - The Aerospace Products Group, which manufactures complex tube and duct assemblies for commercial, military, and space industries, generated $190 million in sales in 2024. This sale is part of Leggett & Platt's ongoing strategic review to focus on long-term business alignment. (PR Newswire)

Boom Supersonic CEO Blake Scholl announced that China has entered the supersonic race with the development of the COMAC C949
Apr. 2, 2025 - Scholl criticized the West for falling behind in aviation innovation, urging the U.S. to overcome outdated regulations and maintain leadership. COMAC's proposed jet promises reduced noise compared to the Concorde, while Boom's own supersonic aircraft, Overture, continues its development. (AeroTime)

L3Harris Technologies has finalized the $800m sale of its Commercial Aviation Solutions business to an affiliate of TJC L.P
Mar. 31, 2025 - CAS, previously part of L3Harris’ Integrated Missions Systems segment, specializes in flight training, data analytics, and avionics. The full purchase price was paid at closing. (Business Wire)

Lockheed Martin secured a $4.94B U.S. Army contract to produce Precision Strike Missiles, replacing the ATACM
Mar. 31, 2025 - The PrSM, designed for long-range precision strikes beyond 400 km, comes amid rising global demand for weaponry. Lockheed's stock rose over 1% following the announcement, which follows Boeing's recent $20 billion fighter jet contract win over Lockheed. (Reuters)

The U.S. Department of Defense has awarded Boeing a $2.45B contract modification for C-17 Globemaster III sustainment, bringing the total contract value to $5.14B
Mar. 31, 2025 - The agreement covers program management, engineering, logistics, and maintenance for the USAF and allied forces operating 275 C-17s worldwide. Work will be conducted across multiple U.S. states and international locations under a long-term service contract. (American Machinist)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Phased N Research Radiance Technologies	-	-	-	Huntsville, AL	Government Services, IT Services and Software
2	SatixFy Communications MDA Space [Northern Private Capital]	$269.0	13.0x	nm	Rehovot, Israe	Satellite, Satellite Services & Space Systems
3	SuprTEK PCI Federal Services [Poarch Band of Creek Indians]	-	-	-	Ashburn, VA	Government Services, IT Services and Software
4	Fleet Canada De Havilland Aircraft of Canada	-	-	-	Fort Erie, Canada	Machined & Cast Parts
5	Metron Aviation Stratify Aerospace	-	-	-	Ashburn, VA	Government Services, IT Services and Software
6	General Dynamics Ordnance & Tactical Systems [General Dynamics] Repkon USA Holdings [Repkon]	-	-	-	Garland, TX	Components & Subsystems
7	Signals Defense Lockmasters [Dominus Capital]	-	-	-	Owings Mills, MD	Defense Electronics
8	Aerospace Products Group of Leggett & Platt [Leggett & Platt] Tinicum Capital	$285.0	1.5x	-	Dunstable, United Kingdom	Components & Subsystems
9	AeroMaritime Mediterranean [Bain Capital] Essential Turbines	-	-	-	Birzebbugia, Malta	MRO & Logistics
10	Leocloud Voyager Technologies	-	-	-	Ashburn, VA	Satellite, Satellite Services & Space Systems
11	Pitch Aircraft Seating Starling Aerospace	-	-	-	Bristol, United Kingdom	Aircraft Interiors
12	Metal Technologies Karman Space & Defense [Trive Capital]	$90.0	-	-	Albany, OR	Machined & Cast Parts

No.	Target Descriptions
1	Phasedn is a developer of advanced radar and electronic warfare technologies for private sector and U.S. federal government defense and missile defense markets. The company's services include research and development, modeling and simulation, data compilation and analysis, requirements development, high-fidelity physics-based modeling, algorithm development, software independent verification and validation (IV&V), cybersecurity, and general engineering support.
2	SatixFy is a developer of satellite communication modems with Software Defined Radio (SDR) and Electronically Steered Multi Beam Antennas (ESMA) that support advanced communications standards, such as DVBS2X. The company delivers small VSATs and multi-beam electronically steered antenna arrays for a variety of mobile applications and services such as Connected Car, IoT, consumer broadband, in-flight connectivity, and communications payloads.
3	SuprTEK is a provider of IT engineering and professional services to private sector and U.S. federal government defense and transportation markets. The company specializes in strategic business planning and management; information security and assurance, IT solution engineering and delivery, IT operations management, health IT, service center operations, and enterprise integrated services.
4	Fleet Canada is a manufacturer of aerospace structures and components, specializing in detail parts, assemblies, and tooling for fixed-wing aircraft. The company provides machining, sheet metal fabrication, bonding, and finishing services, supporting both commercial and defense aerospace programs.
5	Metron Aviation is a provider of air traffic management solutions, specializing in software and analytics for traffic flow optimization, airspace design, and environmental analysis. The company serves aviation authorities, airports, and airlines, supporting collaborative decision-making and operational efficiency across global air traffic systems.
6	General Dynamics Ordnance & Tactical Systems is a fully integrated metalworking facility manufacturing precision aerospace details, assemblies and forgings, as well as defense products for military applications. Its capabilities include metalworking for small quantity to full production runs which include machines for detailed sheet metal part fabrication, precision machining, hot and cold forming, precision and conventional forging, heat treating, welding, chemical coating and painting.
7	Signals Defense is a provider of radio frequency and infrared shielding solutions for private sector and U.S. federal government aerospace, defense, and intelligence markets. The company's patented window technology meet TEMPEST requirements for the intelligence community directive ICD 705 and the DoD Infrared and Radio Frequency Emanation Protection Standards.
8	The Aerospace Products Group of Leggett & Platt supplies environmental control system (ECS) ducting systems to the majority of the world's civil and military manufacturers and operators of aircraft, helicopters and launch vehicles. The group also designs and manufactures pipe and duct accessories, including hoses, gimbals, bellows, clips, clamps, and flanges for aircraft, missiles, and space launch vehicles.
9	AeroMaritime Mediterranean is a Rolls-Royce authorized maintenance center (AMC) exclusively dedicated to the Model 250 engine. The company provides repair, overhaul and complete support services for all the Rolls-Royce Model 250 Series engines, including On Site Field Support, 24-Hour AOG Service and Part 147 approved training center.
10	Leocloud is a developer of space-based cloud computing solutions for private sector and U.S. federal government space exploration markets. The company is developing cloud infrastructure in Low-Earth Orbit (LEO) with the goal to offer scalable and secure computing solutions designed for space-based operations.
11	Pitch Aircraft Seating is a manufacturer of economy-class aircraft seating, known for its lightweight and ergonomic designs for narrow-body commercial aircraft. The company’s certified seat models support airline efficiency and comfort.
12	Metal Technologies is a developer and manufacturer of refractory metal alloys used for strategic missile programs in private sector and U.S. federal government aerospace and defense markets. Alloys leveraged by the company include tantalum, zirconium, niobium, vanadium and molybdenum.