--- title: A&D Weekly News & Transactions - Week 19 description: The JCP A&D Weekly Report from Monday, May 13th, 2024 covers significant developments in the aerospace and defense industry. image: https://blog.janescapital.com/hubfs/Weekly%20AD%20-%20New/A%26D%20Weekly%20Recap%20-%20Week%2019%20(5.13.24).png --- [![Janes Capital Partners](https://blog.janescapital.com/hs-fs/hubfs/JCP-Logo-Color.png?width=700&height=86&name=JCP-Logo-Color.png "Janes Capital Partners")](https://www.janescapital.com/) [![Janes Capital Partners](https://blog.janescapital.com/hs-fs/hubfs/JCP-Logo-Color.png?width=720&height=89&name=JCP-Logo-Color.png "Janes Capital Partners")](https://www.janescapital.com/) - [Who We Are](https://www.janescapital.com/who-we-are) - [Advisory Services](https://www.janescapital.com/aerospace-defense-advisory-services) - Transactions - [Our Transactions](https://www.janescapital.com/successful-aerospace-defense-ma-transactions) - [Case Studies](https://blog.janescapital.com/case-studies) - Industry Insights - [Key Aerospace & Defense Insights](https://blog.janescapital.com/key-insights) - [A&D Quarterly Reports](https://blog.janescapital.com/quarterly-reports) - [Segment Reports](https://www.janescapital.com/segment-reports) - [A&D Weekly Reports](https://blog.janescapital.com/weekly-ad-news-transactions) - News & Events - [News & Past Events](https://blog.janescapital.com/news-events) - [Upcoming Events](https://www.janescapital.com/aerospace-defense-conferences-networking-events) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) - [Who We Are](https://www.janescapital.com/who-we-are) - [Advisory Services](https://www.janescapital.com/aerospace-defense-advisory-services) - Transactions - [Our Transactions](https://www.janescapital.com/successful-aerospace-defense-ma-transactions) - [Case Studies](https://blog.janescapital.com/case-studies) - Industry Insights - [Key Aerospace & Defense Insights](https://blog.janescapital.com/key-insights) - [A&D Quarterly Reports](https://blog.janescapital.com/quarterly-reports) - [Segment Reports](https://www.janescapital.com/segment-reports) - [A&D Weekly Reports](https://blog.janescapital.com/weekly-ad-news-transactions) - News & Events - [News & Past Events](https://blog.janescapital.com/news-events) - [Upcoming Events](https://www.janescapital.com/aerospace-defense-conferences-networking-events) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) A&D Weekly Reports #### Share this [Share on X](https://x.com/intent/post?url=https://blog.janescapital.com/weekly-ad-news-transactions/05-13-2024&text=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+19) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.janescapital.com/weekly-ad-news-transactions/05-13-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+19) [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://blog.janescapital.com/weekly-ad-news-transactions/05-13-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+19) # A&D Weekly News & Transactions - Week 19 by **[Stephen Perry](https://blog.janescapital.com/weekly-ad-news-transactions/author/stephen-perry)** ![](https://blog.janescapital.com/hubfs/Weekly%20AD%20-%20New/A%26D%20Weekly%20Recap%20-%20Week%2019%20(5.13.24).png)   ### Industry Headline News ![Lufthansa](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Lufthansa.png?width=500&height=500&name=Lufthansa.png) **Lufthansa CEO Carsten Spohr expressed frustration over Boeing's delivery delays, calling them "extremely annoying" and costly for the airline** *May 12, 2024 -* Spohr expressed confidence that Boeing would resolve its issues, emphasizing the importance of having two strong aircraft manufacturers in the industry, which includes Boeing's rival Airbus. [(Reuters)](https://www.reuters.com/business/aerospace-defense/lufthansa-boss-vents-frustration-about-boeing-problems-2024-05-12/) Lufthansa CEO Carsten Spohr expressed frustration over Boeing's delivery delays, calling them "extremely annoying" and costly for the airline May 12, 2024 - Spohr expressed confidence that Boeing would resolve its issues, emphasizing the importance of having two strong aircraft manufacturers in the industry, which includes Boeing's rival Airbus. (Reuters) ![Aurora Flight Sciences](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Aurora%20Flight%20Sciences.png?width=500&height=500&name=Aurora%20Flight%20Sciences.png) **DARPA has awarded Aurora Flight Sciences an $8.3m contract to proceed with designing an experimental heavy cargo seaplane for the U.S. military** *May 10, 2024 -* Aurora's design resembles a traditional flying boat with high wings and a single hull, aims to accommodate aft cargo efficiently. The program is focusing on creating a transformative mobility aircraft capable of operating in challenging sea conditions. [(Defense News)](https://www.defensenews.com/air/2024/05/10/darpa-taps-aurora-to-keep-designing-heavy-cargo-seaplane-in-83m-deal/) DARPA has awarded Aurora Flight Sciences an $8.3m contract to proceed with designing an experimental heavy cargo seaplane for the U.S. military May 10, 2024 - Aurora's design resembles a traditional flying boat with high wings and a single hull, aims to accommodate aft cargo efficiently. The program is focusing on creating a transformative mobility aircraft capable of operating in challenging sea conditions. (Defense News) ![Boeing\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Boeing_Logo.png?width=3840&height=3840&name=Boeing_Logo.png) **President Joe Biden expressed concern over Boeing's decision to lock out unionized firefighters amid a contract dispute** *May 9, 2024 -* His support for the firefighter hints at potential White House involvement in broader discussions with Boeing's unionized factory workers in Washington state. The IAM is representing over 30,000 workers building Boeing's 737 MAX jets and are negotiating for better terms. [(Reuters)](https://www.reuters.com/business/aerospace-defense/biden-concerned-over-boeing-firefighters-lockout-2024-05-09/) President Joe Biden expressed concern over Boeing's decision to lock out unionized firefighters amid a contract dispute May 9, 2024 - His support for the firefighter hints at potential White House involvement in broader discussions with Boeing's unionized factory workers in Washington state. The IAM is representing over 30,000 workers building Boeing's 737 MAX jets and are negotiating for better terms. (Reuters) ![FDH Aero](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/FDH%20Aero.png?width=500&height=500&name=FDH%20Aero.png) **Audax Private Equity's portfolio company FDH Aero has completed a minority recapitalization with Neuberger Berman** *May 9, 2024 -* The transaction positions FDH Aero to capitalize on its market leadership in aerospace and defense, securing an equity infusion to support future growth and offer partial liquidity to its investor base. [(Business Wire)](https://www.businesswire.com/news/home/20240509294752/en/Audax-Private-Equity-Portfolio-Company-FDH-Aero-Completes-Minority-Recapitalization?utm_campaign=shareaholic&utm_medium=linkedin&utm_source=socialnetwork) Audax Private Equity's portfolio company FDH Aero has completed a minority recapitalization with Neuberger Berman May 9, 2024 - The transaction positions FDH Aero to capitalize on its market leadership in aerospace and defense, securing an equity infusion to support future growth and offer partial liquidity to its investor base. (Business Wire) ![Emirates](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Emirates.png?width=500&height=500&name=Emirates.png) **Emirates' chairman expressed significant dissatisfaction with Boeing's performance and delivery delays, stating, "Get your act together and just do it"** *May 7, 2024 -* Despite Emirates being Boeing's largest customer, recent safety issues and delivery setbacks have strained their relationship. While not indicating plans to cancel orders or switch to Airbus, the chairman emphasized the need for Boeing to fulfill its promises and improve its safety culture amidst ongoing regulatory scrutiny. [(CNBC)](https://www.cnbc.com/2024/05/07/emirates-chairman-to-boeing-get-your-act-together-.html) Emirates' chairman expressed significant dissatisfaction with Boeing's performance and delivery delays, stating, "Get your act together and just do it" May 7, 2024 - Despite Emirates being Boeing's largest customer, recent safety issues and delivery setbacks have strained their relationship. While not indicating plans to cancel orders or switch to Airbus, the chairman emphasized the need for Boeing to fulfill its promises and improve its safety culture amidst ongoing regulatory scrutiny. (CNBC) ![Spirit\_Aerosystems\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Spirit_Aerosystems_Logo.png?width=500&height=500&name=Spirit_Aerosystems_Logo.png) **Boeing supplier Spirit AeroSystems is facing challenges with cash flow and inventory** *May 7, 2024 -* Tighter inspection procedures by Boeing have led to delays in fuselage deliveries, resulting in significant cash burn for Spirit. These challenges have widened Spirit's net loss and put pressure on its operations and liquidity, with ongoing talks between Boeing and Spirit about potential reacquisition and operational arrangements. [(Financial Times)](https://www.ft.com/content/28d7ec3b-9561-42f0-a24e-286ec844fc0b) Boeing supplier Spirit AeroSystems is facing challenges with cash flow and inventory May 7, 2024 - Tighter inspection procedures by Boeing have led to delays in fuselage deliveries, resulting in significant cash burn for Spirit. These challenges have widened Spirit's net loss and put pressure on its operations and liquidity, with ongoing talks between Boeing and Spirit about potential reacquisition and operational arrangements. (Financial Times) ![Lockheed\_Martin\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Lockheed_Martin_Logo.jpg?width=1134&height=1134&name=Lockheed_Martin_Logo.jpg) **Lockheed Martin and Maxar intelligence have entered a long-term agreement to enhance the F-35 Full Mission Simulator** *May 6, 2024 -* The FMS, which has trained over 2,400 individuals, is recognized as an industry standard for enhancing pilot safety and mission success through simulated real-world scenarios. This collaboration highlights a growing trend in defense towards digital solutions for training and readiness support. [(Defense News)](https://www.defensenews.com/battlefield-tech/2024/05/06/lockheed-maxar-ink-agreement-to-enhance-f-35-flying-simulator/) Lockheed Martin and Maxar intelligence have entered a long-term agreement to enhance the F-35 Full Mission Simulator May 6, 2024 - The FMS, which has trained over 2,400 individuals, is recognized as an industry standard for enhancing pilot safety and mission success through simulated real-world scenarios. This collaboration highlights a growing trend in defense towards digital solutions for training and readiness support. (Defense News) ![Loar Holdings Inc.](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Loar%20Holdings%20Inc..png?width=500&height=500&name=Loar%20Holdings%20Inc..png) **Loar has appointed Paul Dolan as Executive Vice President with oversight of key subsidiaries within the aerospace and defense sectors** *May 6, 2024 -* Paul brings over 25 years of experience, having previously served as CEO of Aviation Technical Services and in leadership roles at Chromalloy Gas Turbine. Loar's CEO Dirkson Charles expressed excitement about Paul's leadership and alignment with the company's values, anticipating his contribution to Loar's growth and success. [(Access Wire)](https://www.accesswire.com/859654/loar-holdings-inc-announces-addition-of-paul-dolan-as-executive-vice-president) Loar has appointed Paul Dolan as Executive Vice President with oversight of key subsidiaries within the aerospace and defense sectors May 6, 2024 - Paul brings over 25 years of experience, having previously served as CEO of Aviation Technical Services and in leadership roles at Chromalloy Gas Turbine. Loar's CEO Dirkson Charles expressed excitement about Paul's leadership and alignment with the company's values, anticipating his contribution to Loar's growth and success. (Access Wire) ### Weekly Transaction Review | **No.** | **Parties Involved** | **Transaction Metrics** | **Location** | **Segment** | | | | --- | --- | --- | --- | --- | --- | --- | | | **Target \[Parent\]** Acquirer \[Parent\] | Price ($M) | Price/ Revenue | Price/ EBITDA | Target | Target | | 1 | **Quintron Sytems** Special Aerospace Services \[Godspeed Capital\] | - | - | - | Santa Maria, CA | Government Services, IT Services and Software | | 2 | **Dedrone**Axon Enterprise | - | - | - | San Francisco, CA | Unmanned Vehicles | | 3 | **Mabway** Calian Group | $30.0 | - | - | Havant, United Kingdom | Simulation & Training Systems | | 4 | **Underwater Armaments Systems Business \[Leonardo S.p.A.\]** Fincantieri S.p.A. | $447.0 | 2.6x | 12.1x | Livorno, Italy | Navy/Maritime | | 5 | **Orbital Insight** Privateer Space | - | - | - | Palo Alto, CA | Satellite, Satellite Services & Space Systems | | **No.** | **Target Descriptions** | | --- | --- | | 1 | Quintron is a trusted provider of communications technology solutions for aerospace, defense, and critical infrastructure. The company's products and services are used by government agencies, military organizations, and commercial clients worldwide. | | 2 | Dedrone is a provider of counter-drone technologies and airspace security. The company protects organizations from malicious drones by securing the airspace using advanced hardware and software technology. | | 3 | Mabway is a developer of large-scale defense role-playing environments that simulate real-world operational training and provides technical engineering education for naval and maritime communities. The company primarily supplies to the British Army. | | 4 | The UAS business develops and manufactures torpedoes and other underwater weapon systems, sensors, surveillance and combat systems. The business specializes in system engineering for integrated systems; light and heavyweight torpedoes; torpedo countermeasures for both surface vessels and submarines; active/passive HM/towed sonars; and underwater surveillance. | | 5 | Orbital develops and operates a cloud-based geospatial analytics platform. The company discovers and quantifies societal and economic trends on earth that are indistinguishable to the human eye; and informs companies, governments, humanitarian organizations, and environmental organizations about natural and man-made events on our planet and how they are often interconnected. | ### Selected Janes Capital Partners A&D Experience ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Schatz%20Bearing%20Arxis%20(2).jpg) [Arxis Acquires Schatz Bearing Corporation](https://blog.janescapital.com/news-events/arxis-acquires-schatz-bearing-corporation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/TDG%20Undisclosed%202.jpg) [TransDigm Group Acquires an Undisclosed Provider of Proprietary Aerospace Instrumentation and Sensing Solutions](https://blog.janescapital.com/news-events/transdigm-group-undisclosed-provider-proprietary-aerospace-instrumentation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Cook%20Defence%20HEICO-1.png) [Cook Defence Systems Acquired by HEICO](https://blog.janescapital.com/news-events/cook-defence-systems-has-been-acquired-by-heico) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Exo-Anduril-Tombstone.png) [ExoAnalytic Solutions Acquired by Anduril](https://blog.janescapital.com/news-events/exoanalytic-solutions-has-agreed-to-be-acquired-by-anduril) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ScanfiberComposites.png) [Scanfiber Has Been Acquired by Fjord Defence](https://blog.janescapital.com/news-events/scanfiber-has-been-acquired-by-fjord-defence) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/TDG%20Undisclosed%20Tombstone.png) [TransDigm Group Acquires an Undisclosed Provider of Defense Products](https://blog.janescapital.com/news-events/transdigm-group-undisclosed-provider-defense-electronics) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/OSL%20Terma.png) [OSL Technology Has Been Acquired by Terma A/S](https://blog.janescapital.com/news-events/osl-acquired-by-terma) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ACC-Arcline.png) [American Casting Company Receives Strategic Investment from Arcline](https://blog.janescapital.com/news-events/janes-capital-partners-advises-american-casting-company-on-its-strategic-investment-by-arcline) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Digital_Barriers_ARC_Group.png) [Digital Barriers Has Been Acquired by TJC-Backed ACR Group](https://blog.janescapital.com/news-events/digital-barriers-has-been-acquired-by-tjc-based-acr-group) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/HTS-BTX%20Precision.jpg) [High Tech Solutions Has Been Acquired By BTX Precision](https://blog.janescapital.com/news-events/high-tech-solutions-acquired-by-btx-precision) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Leichtwerk%20AG%20Rheinmetall.png) [Assets of Leichtwerk AG Acquired by Rheinmetall AG](https://blog.janescapital.com/news-events/assets-of-leichtwerk-ag-acquired-by-rheinmetall-ag) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ETL%20-%20IRT.png) [ETL Systems has acquired IRT Technologies](https://blog.janescapital.com/news-events/etl-systems-has-acquired-irt-technologies) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/McStarlite-Tombstone-FI.png) [McStarlite Company has been acquired by Standex International Corporation](https://blog.janescapital.com/news-events/mcstarlite-company-acquired-by-standex-international-corporation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/HEICO%20-%20MC2%20%20Blog%20Tombstone.png) [Mid Continent Controls acquired by HEICO Corporation](https://blog.janescapital.com/news-events/mid-continent-controls-acquired-by-heico-corporation) Read More ![](https://blog.janescapital.com/hubfs/Raptor%20Tombstone%20-%20JCP%20Website-1.png) [TransDigm Group Acquires Raptor Scientific](https://blog.janescapital.com/news-events/transdigm-group-acquires-raptor-scientific) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Sentient-Shield_AI_Tombstone_400x400.png) [Sentient Vision Systems Acquired by Shield AI](https://blog.janescapital.com/news-events/sentient-vision-systems-acquired-by-shield-ai) Read More Load More Transactions ### Janes Capital Partners Team Contact Information ![Picture2-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Picture2-1.jpeg?width=960&height=960&name=Picture2-1.jpeg) #### Stephen Perry *Managing Director* [Email Stephen](mailto:sperry@janescapital.com)[(949) 769-3323 x6901](tel:9497693323) ![Ken-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Ken-white-1-1.png?width=960&height=960&name=Ken-white-1-1.png) #### Ken Fukumoto *Director* [Email Ken](mailto:kfukumoto@janescapital.com) [(949) 769-3323 x6904](tel:9497693323) ![Chris-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Chris-white-1-1.png?width=1200&height=1200&name=Chris-white-1-1.png) #### Chris Reinecke *Vice President* [Email Chris](mailto:cwreinecke@janescapital.com) [(949) 769-3323 x6905](tel:9497693323) ![Bruce-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Bruce-white-1-1.png?width=1200&height=1200&name=Bruce-white-1-1.png) #### Bruce Renner *Analyst* [Email Bruce](mailto:brenner@janescapital.com) [(949) 769-3323 x6906](tel:9497693323) ### Subscribe to A&D Weekly #### Share this [Share on X](https://x.com/intent/post?url=https://blog.janescapital.com/weekly-ad-news-transactions/05-13-2024&text=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+19) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.janescapital.com/weekly-ad-news-transactions/05-13-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+19) [Share on 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