A&D Weekly News & Transactions - Week 37

Industry Headline News

Australia Commits A$12B for Henderson Shipyard Upgrade Under AUKUS
Sep. 14, 2025 - The Australian government will invest A$12 billion (roughly US$8 billion) over the next 20 years to upgrade the Henderson shipyard near Perth into a maintenance and sustainment hub for its future fleet of nuclear-powered submarines under the AUKUS pact. (The Defense Post)

Europe Eyes €10B Satellite JV via “Project Bromo” to Rival Starlink
Sep. 12, 2025 - Thales, Airbus, and Leonardo are in advanced talks to combine their satellite businesses into a €10 billion joint venture headquartered in France under the codename Project Bromo, aiming to better compete with U.S. and Chinese rivals including Starlink. (Reuters)

Avelo Jets Big Bet: $4.4B Deal to Buy Up to 100 Embraer E195-E2s
Sep. 10, 2025 - Avelo Airlines has placed a firm order for 50 Embraer E195-E2 jets with purchase rights for 50 more, in a deal valued at US$4.4 billion at list prices, making it the first U.S. carrier to commit to Embraer’s E2-series. (AeroTime)

Eaton Launches $18.5M Facility Expansion in Orchard Park, Adding 100 Jobs
Sep. 10, 2025 - Eaton has broken ground on an $18.5 million expansion at the Krog Industrial Center in Orchard Park, NY, which will build a 50,000-square-foot facility and create 100 new jobs for its current workforce of about 450. (Speak Up Western New York)

BAE & Lockheed Unveil Plans for 1-Tonne “Jammer Drone” to Lead Electronic Warfare of the Future
Sep. 10, 2025 - BAE Systems and Lockheed Martin are collaborating to produce a family of uncrewed autonomous air systems, initially focused on electronic warfare, including a ~1-tonne drone that can carry interchangeable payloads. (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	Beaufort [Searchlight Capital] Capitol Meridian & Stellex Capital	-	-	-	Ellesmere Port, United Kingdom	Specialty Defense Systems and Services
2	Expedition Technology Enlightenment Capital & Razor's Edge Management	-	-	-	Herndon, VA	Sensors & C4ISR
3	Epsilon American Systems	-	-	-	Chantilly, VA	Government Services, IT Services and Software
4	Nozomi Networks Mitsubishi	$883.0	11.8x	-	San Francisco, CA	Cybersecurity, Intelligence Services and Homeland Defense
5	Burke Industries [Mannington Mills] Polycorp	-	-	-	San Jose, CA	Composites
6	Vestdavit Fairbanks Morse Defense [Arcline]	-	-	-	Laksevag, Norway	Navy/Maritime
7	Mission Focused Systems Precise Systems [Bluestone Investment]	-	-	-	Royersford, PA	Engineering and Project Management
8	RapidFlight Holdings AEVEX Aerospace [Madison Dearborn]	-	-	-	Manassas, VA	Unmanned Vehicles

No.	Target Descriptions
1	Beaufort designs and manufactures survival equipment for air, land, and sea forces to private sector, U.S. federal government, U.K. Ministry of Defence, and other allied military markets. Core products include flight jackets, anti-G trousers, liferafts, submarine-escape equipment, and immersion suits.
2	Expedition Technology is a developer of AI-enabled C5ISR solutions for private sector and U.S. federal government defense and intelligence markets. The company designs and develops innovative, advanced signal, image, and multi-INT solutions and leverages advanced algorithms, platforms, and technologies to solve customers' most complex, demanding, and urgent C4ISR challenges.
3	Epsilon is a provider of managed IT and cybersecurity solutions to private sector and U.S. federal government defense, energy, and financial markets. The company specializes in secure, compliant, and scalable IT environments. Epsilon's capabilities span network engineering, help desk operations, cybersecurity compliance, and systems integration.
4	Nozomi is a developer and distributor of operational technology (OT) security solutions for private sector and U.S. federal government defense markets. The company's platform combines visibility from the endpoint to the air with continuous monitoring and AI-powered analysis to minimize cyber risk and maximize operational resilience.
5	Burke develops and manufactures advanced polymers, composites, and protective materials designed to meet the most demanding standards of private sector and U.S. federal government aerospace and defense markets. Burke produces a wide range of rubber compounds, Hypaflex® pond liner/cover materials, and a range of roofing surface technologies.
6	Vestdavit is a designer and manufacturer of davits and advanced boat-handling systems for private sector, U.S. federal government, and international government defense and maritime markets. Vestdavit's Launch and Recovery Systems (LARS) portfolio includes both deck-mounted and deck-head-mounted davits for naval forces, coast guards, and specialized commercial vessels, and accommodate operations in rough sea states, ensuring that crew and craft remain protected.
7	Mission Focused Systems is a provider of systems engineering, cybersecurity, and research, experimentation and prototyping solutions to private sector and U.S. federal government defense markets.
8	RapidFlight is a provider of integrated end-to-end unmanned aircraft systems for private sector and U.S. federal government aerospace, defense, and environmental markets. The company's M2 platform is an ultra-high endurance, fixed wing UAS designed for any environment equipped with 23-60lb payload capacity and provides flexibility with the ability to carry EO/IR, SAR, SIGINT and communication relay payloads.