A&D Weekly News & Transactions - Week 24

Industry Headline News

U.S. Navy F-35C Completes First LRASM Flight Tests
June 13, 2026 - The U.S. Navy has completed the first flight tests of the AGM-158C Long Range Anti-Ship Missile (LRASM) integrated with the F-35C carrier-based fighter. The tests evaluated the aircraft’s ability to carry and employ the missile, which is designed to engage high-value maritime targets at extended ranges. The effort is part of the Navy’s ongoing work to expand the F-35C’s strike capabilities and enhance anti-ship warfare options for carrier air wings. (Real Clear Defense)

U.S. to Give Poland New $4M Loan for Arms Purchases, PAP Reports
June 12, 2026 - The United States will provide Poland with a new $4 billion loan through the Foreign Military Financing (FMF) program to support future defense purchases. The announcement was made during a ceremony marking the inaugural flight of Poland’s first F-35 fighter jets, bringing total U.S. military financing available to Poland to $20 billion. Poland ordered 32 F-35s in 2020 under a $4.6 billion agreement, with deliveries expected to continue through 2029. Polish officials also stated that future military development plans include two additional F-35 squadrons. (Reuters)

Embraer Execs Report Faster E2 Production
June 9, 2026 - Embraer executives reported that production rates for the E2 family of regional jets are increasing as supply chain conditions continue to improve. The company is working to reduce manufacturing cycle times while supporting growing demand for its commercial aircraft. Embraer also indicated that efforts to improve production efficiency are helping support delivery targets and backlog execution. (Aviation Week)

Isar Aerospace Raises €270M for Global Launch Expansion
June 9, 2026 - German launch company Isar Aerospace has raised €270 million in new funding to support expansion of its launch operations and technology development efforts. The capital will be used to advance production of the company’s Spectrum launch vehicle and support growth in international markets. The financing round follows Isar’s continued work to establish independent European launch capabilities for commercial and government customers. (Space News)

Iceye Tops €10B Valuation After Major Funding Round
June 9, 2026 - Finnish Earth observation company ICEYE has surpassed a €10 billion valuation following a new funding round. The company operates a constellation of synthetic aperture radar (SAR) satellites that provide imaging capabilities regardless of weather or lighting conditions. The funding is expected to support continued satellite deployment, product development, and expansion of government and commercial services. (Helsinki Times)

Rounding Up The Space Unicorns
June 7, 2026 - A recent review of the space industry's unicorn companies highlights the growing number of privately held space firms valued at more than $1 billion. The list includes companies involved in launch services, satellite manufacturing, Earth observation, communications, and defense-related space technologies. Continued investment activity and government demand have contributed to rising valuations across the sector, although funding levels and market conditions vary among companies. (Space News)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Continental Aerospace Technologies [AVIC] Arcline	$535.0	2.1x	15.3x	Mobile, AL	Engines & Engine Systems
2	J.P. Donovan Construction Godspeed Capital	-	-	-	Rockledge, FL	Engineering and Project Management
3	ARMEC Oklo	-	-	-	Oak Ridge, TN	Machined & Cast Parts
4	Quantum Inflection Point Acquisition Corp.	$1,200.0	-	-	Rockville, MD	Satellite, Satellite Services & Space Systems
5	Centum T&S [Centum] MBDA Holdings [Airbus, BAE, & Leonardo]	-	-	-	Ecully, France	Defense Electronics
6	FDH Aero [Audax] Bain Capital	-	-	-	Commerce, GA	Distribution
7	Ready Support Services Tyto Athene [Arlington Capital]	-	-	-	Plano, TX	Government Services, IT Services and Software
8	Public Safety Solutions business of Saab [Saab] Omda	$6.3	0.7x	-	Hull, United Kingdom	Specialty Defense Systems and Services
9	Sheldahl Flexible Technologies [Flex] Chase	-	-	-	Northfield, MN	Electronics Manufacturing (EMS) & Harnessing
10	Leesta Industries Pursuit Aerospace [Greenbriar Equity]	-	-	-	Point-Claire, Canada	Machined & Cast Parts
11	Lake Shore Cryotronics DwyerOmega [Arcline]	-	-	-	Westerville, OH	Test & Measurement
12	Futuramic Tool & Engineering Advanced Integration Technology [Onex Partners]	-	-	-	Warren, MI	Machined & Cast Parts
13	Insignis Woven Solutions [Falfurrias Capital]	-	-	-	Reston, VA	Government Services, IT Services and Software
14	Select Global Top Aces [Clairvest Group]	-	-	-	Laval, Canada	Simulation & Training Systems
15	Aerospace Engineering Services business of AXISCADES [AXISCADES] Akkodis	$30.6	-	-	Bengaluru, India	Engineering and Project Management

No.	Target Descriptions
1	Continental is a provider of advanced piston engine products and services for private sector and U.S. federal government aerospace and defense markets. The company specializes in gasoline and diesel (jet fuel) piston engine products, spare parts, engine and aircraft services, avionics equipment and repairs, as well as pilot training. Continental's portfolio includes both AvGas and Jet-A engines, as well as aftermarket products and services that support a large global installed base of general aviation aircraft.
2	J.P. Donovan is a provider of specialized infrastructure construction, engineering, fabrication, and manufacturing solutions for private sector and U.S. federal government aerospace and defense markets. The company specializes in aerospace, heavy civil, steel fabrication, and marine construction.
3	Armec is a provider of precision manufacturing, engineering, and certification services for nuclear, energy, research, and defense markets. The company specializes in the development and production of complex machined components and assemblies, offering advanced CNC machining, fabrication, welding, dimensional inspection, quality assurance, prototyping, and manufacturing engineering services for mission-critical applications.
4	Quantum Space is a provider of data, payload hosting, in-space testbeds, spacecraft deployment, and in-space logistics services to private sector and U.S. federal government aerospace and defense markets. The company's Ranger platform is a modular and refuelable spacecraft platform featuring up to 4,000 kg of onboard propellant, 12 km/s of delta-V capability, and a 15-year operational life. Ranger is designed to provide in-space mobility, payload hosting, logistics, and space domain awareness services, enabling satellite deployment, orbital transfer, on-orbit servicing, and persistent mission operations across multiple orbital regimes.
5	Centum T&S is a provider of specialized electronic engineering, embedded systems development, and system integration services for aerospace, defense, transportation, energy, and industrial markets. The company designs, develops, tests, and supports mission-critical hardware and software solutions, including embedded electronics, onboard systems, test equipment, simulation platforms, and cybersecurity-enabled systems for commercial and government customers.
6	FDH Aero is a distributor of aerospace fasteners and other c-class components to private sector and U.S. federal government aerospace and defense markets. The company specializes in hardware, electrical products, and consumables & expendables for OEM and aftermarket customers. FDH supports customers through a global platform with more than 1,500 employees across 15 countries.
7	RSS is a provider of mission-tailored enterprise service management and cloud migration solutions for private sector and U.S. federal government intelligence markets.
8	Public Safety Solutions business is a provider of situational awareness solutions for law enforcement, emergency response, and transportation markets. The business' solutions enable faster, more informed decision-making and support a more coordinated response.
9	Sheldahl Flexible Technologies designs and manufactures flexible circuitry, laminated materials, and printed electronic interconnect solutions for aerospace, defense, medical, and industrial applications. The company supports high-reliability systems through advanced materials engineering and precision flexible electronics manufacturing.
10	Leesta Industries manufactures precision machined components, fabricated assemblies, and integrated systems for aerospace, defense, and industrial applications. The company supports mission-critical programs through machining, sheet metal fabrication, welding, assembly, and program management capabilities.
11	Lake Shore Cryotronics designs and manufactures precision measurement and control instrumentation used in aerospace, defense, quantum technology, and advanced research applications. The company specializes in magnetic field measurement, cryogenic sensing, temperature control, and materials characterization technologies.
12	Futuramic is a provider of tooling, fixtures, gauges, machined parts, and facilities equipment to private sector and U.S. federal government aerospace markets. The company specializes in assembly fixtures, layup and trim fixtures, drill jigs, transportation tooling, work platforms, production parts, and automation components.
13	Insignus is a provider of systems engineering and software development solutions for critical cyber operations in private sector and U.S. federal government markets.
14	Select Global is a provider of high-fidelity synthetic simulator-based fighter pilot instruction solutions for the Royal Canadian Air Force. The company specializes in training solutions for CF-18 aircrew.
15	The Aerospace Engineering Services business of AXISCADES provides engineering, design, analysis, and certification support for commercial aerospace, defense, and space programs. The business supports OEMs and Tier One suppliers through airframe design, systems engineering, stress analysis, manufacturing engineering, and digital engineering services across the product lifecycle.