A&D Weekly News & Transactions - Week 39

Industry Headline News

CVC Drops Bodycote Pursuit, Clears Path for Veritas' $2.5B Takeover
Sept. 27, 2026 - CVC Advisers said it will not make an offer for Bodycote, ending its pursuit of the UK-based thermal processing services company. The decision clears the way for Veritas Capital, which secured Bodycote’s support earlier this month for a £1.85 billion ($2.45 billion) takeover offer including debt. Bodycote provides heat-treatment and metal-processing services to the aerospace, defense, automotive and energy sectors. (Reuters)

Turkish Airlines Orders 150 737 MAX Aircraft, Engine Details Pending
Sept. 23, 2026 - Turkish Airlines finalized an agreement with Boeing for up to 150 737 MAX aircraft, including 100 firm 737-8s and options for 50 additional aircraft, with substitution rights for the 737-10. The deal follows negotiations that began in 2025 and were delayed by disagreements over engine maintenance, with the airline still working separately with CFM on the engine agreement. The order expands Turkish Airlines’ Boeing fleet as it continues its broader fleet expansion, following its 2025 order for up to 75 Boeing 787s. (Aviation Week)

GE Aerospace Names Wes Bush Independent Lead Director
Sept. 22, 2026 - GE Aerospace appointed former Northrop Grumman Chairman and CEO Wes Bush as independent lead director of its board, effective September 21, succeeding Tom Horton. Bush joined GE Aerospace’s board in 2025 and brings extensive aerospace and defense experience from his leadership of Northrop Grumman. Horton will remain on the board, while H. Lawrence Culp Jr. will continue as GE Aerospace’s chairman and CEO. (Seeking Alpha)

Aerospace Manufacturer Woodward Inc. To Close Santa Clarita Facility
Sept. 21, 2026 - Woodward plans to close its Santa Clarita, California, facility by December 2027 and transfer production of military aircraft flight-control actuation systems to its new manufacturing campus in Spartanburg, South Carolina. The move is expected to affect about 400 jobs, while Woodward also plans to sell the Santa Clarita campus and several legacy commercial rotorcraft, land systems and business jet product lines. The Spartanburg facility is expected to begin operations in summer 2027 and will produce the transferred products as well as Airbus A350 spoiler actuation systems. (KHTS Radio)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Avertium Tennessee CyberMaxx [Sunstone Partners]	-	-	-	Knoxville, TN	Cybersecurity, Intelligence Services and Homeland Defense
2	Portfolio of commercial rotorcraft, land systems, and business jet products of Woodward [Woodward] Extant Aerospace [TransDigm]	$240.0	-	-	Santa Clarita, CA	Controls & Systems
3	Mach 1 Aviation Group Citadel Aviation	-	-	-	Savannah, GA	MRO & Logistics
4	Tracer Drone Technologies Rocket One	-	-	-	Phillipsburg, NJ	Unmanned Vehicles
5	Intelligent Waves Bart & Associates [DFW Capital]	-	-	-	Reston, VA	Government Services, IT Services and Software
6	Omega Air Augustus Global	-	-	-	Alexandria, VA	MRO & Logistics
7	NeoSat Rohde & Schwarz	-	-	-	Dresden, Germany	Satellite, Satellite Services & Space Systems
8	Phytronic Rohde & Schwarz	-	-	-	Dresden, Germany	Defense Electronics
9	Insignito Solutions, Ottopia Technologies, and CaribouLabs Ondas Holdings	$88.0	4.6x	-	Tel Aviv, Israel	Defense Electronics
10	Next Point Bearing Group Pfingsten	-	-	-	Valencia, CA	Distribution
11	Athenix Solutions [Proteus Capital] Detroit Defense [Proteus Capital]	-	-	-	Fulton, MD	Cybersecurity, Intelligence Services and Homeland Defense
12	Craft Manufacturing & Tooling Spartan Aerospace Group [Edgewater Funds]	-	-	-	Hot Springs, AR	Machined & Cast Parts
13	SIRS Navigation Ontic [CVC Capital]	-	-	-	Kent, United Kingdom	Components & Subsystems

No.	Target Descriptions
1	Avertium is a provider of managed cybersecurity services to the public and private sectors. The company's core capabilities include governance, risk, + compliance (GRC), continuous threat exposure management (CTEM), threat detection + response (TDR), and Microsoft security solutions.
2	The portfolio comprises legacy aerospace and defense control products serving commercial rotorcraft, business jet, and land systems applications. The product lines are centered on hydraulic, electrohydraulic, and electromechanical actuation and control technologies, including flight controls, servovalves, vehicle stabilization systems, and related fluid-control components.
3	Mach 1 Aviation Group is an FAA Part 145 repair station specializing in rapid-response AOG support for Gulfstream business jets. The company provides airframe, avionics, cabin, mechanical, and structural support, alongside pre-purchase inspections, maintenance representation, aircraft registration, and entry-into-service services.
4	Trace Drone is a provider of full-service unmanned aerial vehicle (UAV) solutions for private sector and U.S. federal government aerospace and defense markets. The company supplies commercial and NDAA-compliant UAS platforms from third-party manufacturers, while also supporting U.S.-made and customized systems, software, sensors, and autonomous drone solutions.
5	Intelligent Waves is a provider of intelligence, operational, information technology (IT), and communications support services to the public sector. Intelligent Waves designs, engineers, and integrates IT and cyber-hardened solutions that enable secure, rapid, and scalable mission capabilities. Its technologies and solutions are deployed in operational environments, supporting critical national security missions worldwide.
6	Omega Air is a provider of aircraft leasing, parts, and flight services. The company also provides contract air refueling, which is a business using specially-equipped and converted civilian airplanes to serve as air refueling platforms that meet the operational needs of the U.S. Navy and Marine Corps, as well as foreign military or specialized industry R&D projects.
7	NeoSat is a developer of multi-antenna satellite systems, satellite-based IoT connectivity, communications payloads, and ground infrastructure for private sector and international government aerospace and defense markets.
8	Phytronic is a developer of waveform design and antenna algorithms for space and avionics communications in private sector and international government aerospace and defense markets.
9	Ondas’ acquired defense technology businesses develop complementary solutions across counter-UAS sensing, resilient communications, and GPS-independent positioning for contested operating environments. The portfolio combines passive acoustic drone detection, AI-enabled teleoperation and autonomy software, and RF-based communications and navigation technologies designed to maintain mission effectiveness under electronic warfare conditions.
10	Next Point Bearing Group is a value-added distributor of precision bearings and power transmission components serving aerospace, medical, industrial, and commercial applications. The company maintains a large inventory of miniature and specialty bearings and provides clean-room relubrication, kitting, custom packaging, machining, and other value-added services.
11	Athenix is a provider of front-line intelligence, SIGINT, cyber, and readiness requirements for private sector and U.S. federal government defense and intelligence markets. It specializes in full-lifecycle support spanning mission systems development, cyber operations, intelligence analysis, specialized training, and operational readiness, with an emphasis on highly specialized, technology-enabled missions.
12	Craft Manufacturing & Tooling manufactures precision aerospace and defense components through CNC machining and vertically integrated special processes. The company provides in-house aluminum heat treating, chemical processing, prime and topcoat finishing, and related manufacturing capabilities for complex aerospace programs.
13	SIRS Navigation designs and manufactures precision standby magnetic compasses for commercial, business, and military aviation platforms. The company supports fixed-wing and rotorcraft applications with proprietary compass products, custom designs, aftermarket replacement units, and global product support.