A&D Weekly News & Transactions - Week 17

Industry Headline News

Space Analytics Firm Hawkeye Targets $2.4B U.S. IPO
Apr. 27, 2026 - Space analytics company HawkEye 360 is planning a U.S. IPO that could value the firm at up to $2.42 billion and raise about $416 million. The company sells satellite-based intelligence that detects and tracks radio frequency signals globally, mainly serving government and defense customers. It operates a satellite constellation that helps identify and map signal activity across the world, including for security and communications monitoring. The listing comes as IPO markets reopen and investor interest in space and defense technology companies strengthens, supported by broader optimism across the sector. (Reuters)

Global Military Spending Rises 2.9% Despite U.S. Decline Over Ukraine Freeze
Apr. 26, 2026 - Global military spending rose 2.9% in 2025 to about $2.89 trillion, marking the 11th straight year of increases, according to a Stockholm International Peace Research Institute (SIPRI) report. The increase came even though U.S. military spending fell 7.5% to $954 billion after a freeze on new Ukraine aid. Europe was the biggest driver of growth, with defense spending up about 14% as countries responded to the war in Ukraine and broader security concerns. China and Russia, along with the U.S., still accounted for just over half of global military spending. (Reuters)

Space Force Reveals $3.2B in Space-Based Interceptor Awards for Golden Dome
Apr. 24, 2026 - The U.S. Space Force has awarded up to $3.2B in contracts to multiple defense companies to develop space-based missile interceptors as part of the “Golden Dome” missile defense system. The program aims to deploy orbital interceptors capable of destroying missiles early in their flight, representing a major shift from traditional ground-based defense. Prototypes are expected by 2028, with the initiative forming a key part of a broader, potentially $185B effort to build a layered, space-enabled missile shield. (Air & Space Forces Magazine)

U.S. Accelerates F-47 Development with 2028 First Flight Target
Apr. 24, 2026 - The U.S. Air Force is accelerating development of its next-generation F-47 fighter, with a first flight still targeted for 2028; an unusually fast timeline for such an advanced program. The aircraft is being built as part of the Next Generation Air Dominance (NGAD) effort and is expected to replace the F-22 as the military’s primary air-superiority jet. While most details remain classified, officials emphasize longer range, improved survivability, and the ability to evolve quickly with new technology. The rapid pace and secrecy of the program are raising concerns among global competitors, as the jet could significantly shift the balance of air power in the coming decade. (ECOnews)

Blue Origin Failure Highlights How Hard It Is to Get to Space—and the Value of Rocket Lab
Apr. 20, 2026 - Rocket Lab shares rose following a failed Blue Origin satellite launch, with investors viewing the setback as a reminder of the technical difficulty of space missions and the value of proven launch providers. The incident, which left a satellite in the wrong orbit, weighed on other space-related stocks but reinforced confidence in Rocket Lab’s more consistent track record. Analysts note that while the broader space sector remains high-risk, companies with reliable execution and diversified capabilities are better positioned to benefit from growing demand. (Barron's)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Precision Components Group BWX Technologies	-	-	-	York, PA	Machined & Cast Parts
2	MTI Aviation Acorn Capital	-	-	-	Opa Locka, FL	MRO & Logistics
3	ICG Solutions Scale AI	-	-	-	Potomac, MD	Government Services, IT Services and Software
4	Precision Aircraft Machining Avem Partners	-	-	-	Sun Valley, CA	Machined & Cast Parts
5	Quarkslab Airbus	-	-	-	Paris, France	Cybersecurity, Intelligence Services and Homeland Defense
6	Pentagon EMS StenTech [Align Capital Partners]	-	-	-	Hillsboro, OR	Electronics Manufacturing (EMS) & Harnessing
7	Metallizing Services Company Behrman Capital	-	-	-	West Hartford, CT	Machined & Cast Parts
8	Advance Aero L2 Aviation Solutions	-	-	-	Mooresville, IN	MRO & Logistics
9	MCA Aviation Blackhawk Group [New State Capital Partners]	-	-	-	Christchurch, United Kingdom	MRO & Logistics

No.	Target Descriptions
1	PCG is a manufacturer of custom-fabricated pressure vessels, reactors, casks, and heavy-walled components for private sector and U.S. federal government markets. The company maintains full in-house capabilities, providing services for engineering, drafting, inspection, non-destructive testing, metallurgical testing, and welding development.
2	MTI Aviation is a provider of repair, overhaul, and parts distribution services for electro-mechanical, hydraulics, pneumatics, and power generation components for private sector and U.S. federal government aviation markets. The company operates from a 40,000 square-foot FAA/EASA/CAA approved repaor station.
3	ICG Solutions is a provider of real-time streaming data analytics for private sector and U.S. federal government markets. The company's flagship product, LUX, is a real-time streaming data analytics and alerting platform designed to ingest, process, and analyze massive volumes of data as it is generated.
4	PAMCO is a manufacturer of "source controlled" fluid conveyance fittings for private sector and U.S. federal government aerospace, defense, and space exploration markets.
5	Quarkslab delivers cyber security solutions to help organizations protect critical assets, data, and users from cyberattacks. It also markets QShield to protect software against AI threats, safeguard data, secrets, and code, and secure edge components, namely in the defence and aerospace industries, from being reverse engineered by attackers or AI.
6	Pentagon EMS provides electronics manufacturing services specializing in complex printed circuit board assembly, box builds, and electromechanical integration for aerospace, defense, and industrial applications. The company supports high-reliability programs with design for manufacturability, testing, and low-to-mid volume production aligned with stringent quality and certification standards.
7	MSC is a provider of highly engineered thermal spray coatings and finishing services for military, commercial aerospace, and industrial gas turbine applications. The company has served the aerospace and industrial markets for more than 80 years. MSC provides highly engineered thermal spray coating and surface treatment solutions for critical engine components, utilizing advanced processes such as plasma spray and highvelocity oxygen fuel (HVOF).
8	Advance Aero is a provider of precision machining and sheet metal fabrication solutions for private sector and U.S. federal government aerospace markets. The company specializes in aircraft maintenance, repair, and overhaul (MRO) services and aircraft fabrication and modification. The company is certified to AS9100D standards.
9	MCA Aviation provides aircraft maintenance, repair, and overhaul services focused on business and regional aviation platforms, including base maintenance, line maintenance, and component support. The company supports operators through inspections, modifications, and ongoing airworthiness services delivered by certified engineering and maintenance teams.