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A&D Weekly News & Transactions - Week 42
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Industry Headline News

US gives Federal Aviation Administration approval to raise Boeing 737 MAX production rate
Oct. 18, 2025 - The FAA has permitted Boeing to increase output of its 737 MAX aircraft following intensive reviews of production lines. The new approval comes after a plug-door incident on a 737 MAX 9 in January 2024 that had triggered a 38-jets-per-month cap, although the article doesn’t specify the new monthly production ceiling. The decision reflects regulatory confidence in Boeing’s improved safety and manufacturing oversight, signaling a step toward normalizing deliveries of the best-selling single-aisle jet. (The Standard)

Netherlands signs on as first European partner in US “robot wingman” drone programme
Oct. 17, 2025 - The Royal Netherlands Air Force (RNLAF) and its government have signed a letter of intent to join the Collaborative Combat Aircraft (CCA) programme of the United States Air Force, giving the Netherlands “total access” to the manned-unmanned teaming initiative. (Defense One)

Archer acquires 300 patents from Lilium for €18 million
Oct. 16, 2025 - Archer Aviation has won the competitive bid to acquire approximately 300 advanced air mobility (AAM) patent assets from Lilium GmbH for €18 million (≈ US$21 million). The patent portfolio covers key eVTOL technologies including ducted fans, propeller systems, high-voltage systems, battery management, flight controls and electric engines, with Lilium having invested over US $1.5 billion developing them. With this acquisition, Archer’s worldwide patent holdings now exceed 1,000 assets, reinforcing its leadership position in next-generation electric aviation. (Aerospace Manufacturing & Design)

Britain’s Smiths Group to sell Interconnect unit to Molex in £1.3 bn ($1.75 bn) deal
Oct. 16, 2025 - Smiths has agreed to sell its interconnect business, Smiths Interconnect, which makes antenna systems, defence and satellite-communication components, to Molex (a unit of Koch Industries) for £1.3 billion, following pressure from activist investor Engine Capital to simplify its conglomerate structure. (Reuters)

Hanwha Aerospace and GA-ASI partner to co-develop runway-independent UAS
Oct. 16, 2025 - Hanwha Aerospace has signed a contract with General Atomics Aeronautical Systems, Inc. (GA-ASI) to jointly develop the “Gray Eagle STOL” unmanned aircraft system, with a demonstrator expected to fly in 2027 and customer deliveries planned in 2028. The agreement will see co-production in South Korea and the U.S., with Hanwha supplying engines, landing gear, fuel systems, avionics and mission equipment while GA-ASI handles final system integration, leveraging prior flight-testing of the platform. The GE-STOL is described as the only medium-altitude, long-endurance UAS capable of true runway independence—operating from semi-improved surfaces—and the deal is part of Hanwha’s strategy to strengthen its UAV ecosystem and reduce development risk globally. (Hanwha Aerospace)

Electric aircraft maker BETA Technologies sets terms for US IPO
Oct. 15, 2025 - The Vermont-based company plans to offer 25 million shares at a price between $27 and $33 each, aiming to raise up to $825 million and value the company at about $7.22 billion. (Reuters)

KKR-backed BOND private aviation named as customer for Bombardier Inc. $1.7 billion order
Oct. 14, 2025 - BOND Aviation Holdings, the new fractional private-aviation company backed by KKR & Co., has been disclosed as the buyer behind a June order worth US $1.7 billion for 50 Bombardier jets and related aftermarket services. (Reuters)
Weekly Transaction Review
No. | Parties Involved | Transaction Metrics | Location | Segment | ||
Target [Parent] Acquirer [Parent] |
Price ($M) |
Price/ Revenue |
Price/ EBITDA |
Target | Target | |
1 | Aries Defense Sigma Defense Systems [Sagewind Capital] |
- | - | - | Suffolk, VA | Defense Electronics |
2 | Buhler Motor Aviation [Buhler Motor Group] Astronics |
- | - | - | Uhldingen-Muhlhofen, Germany | Aircraft Interiors |
3 | Luxium Solutions [SK Capital] Excelitas Technologies [AEA Investors] |
- | - | - | Hiram, OH | Components & Subsystems |
4 | Cybereason Government [Liberty Strategic Capital] LevelBlue [WillJam Ventures] |
- | - | - | Boston, MA | Cybersecurity, Intelligence Services and Homeland Defense |
5 | Avioparts Proponent |
- | - | - | Madrid, Spain | Distribution |
6 | Cognitus Consulting IBM |
- | - | - | Dallas, TX | Government Services, IT Services and Software |
7 | Advanced Air Mobility patent portfolio of Lilium [Lilium] Archer Aviation |
$21.0 | - | - | Wessling, Germany | Controls & Systems |
8 | Interconnect business of Smiths [Smiths] Molex [Koch Industries] |
$1,740.0 | 4.6x | 15.1x | London, United Kingdom | Connectors |
9 | Cometec Epsilon Composite |
- | - | - | Busto Arsizio, Italy | Composites |
10 | J&F Machine Threadlock Precision [D.E. Shaw] |
- | - | - | Cypress, CA | Machined & Cast Parts |
11 | Joined Alloys TASE Global |
$11.9 | - | - | Phoenix, AZ | Machined & Cast Parts |
12 | Reheat Aero SK AeroSafety [Bridgepoint Advisers] |
- | - | - | Hampshire, United Kingdom | MRO & Logistics |
No. | Target Descriptions |
1 | Aries Defense is a developer of advanced communications, tactical-edge data, and mission-enabling solutions for the modern warfighter. The company's portfolio of products: OverWatch™, CheckPoints™, Recon® V OverWatch™, and NEOS™—are purpose-built to connect cameras, UAVs, and unattended sensors into secure tactical networks, delivering persistent surveillance and full-motion video (FMV) in denied, degraded, intermittent, and limited (D-DIL) environments. |
2 | Buhler Motor Aviation is a manufacturer of aircraft seat actuation systems with a broad product portfolio that includes actuators, electronics, control panels, pneumatic systems, and lighting. |
3 | Luxium is a provider of high-performance crystals used in photonics and radiation detection applications in private sector and U.S. federal government agricultural, defense, and nuclear markets. Luxium is fully vertically integrated with crystal purification, growth, cutting & finishing, packaging, and electronics integration capabilities. |
4 | Cybereason is a provider of cybersecurity services to private sector and U.S. federal government markets. The company's Extended Detection and Response (XDR) platform predicts, understands, and ends cyber attacks by fusing varied telemetry sources into visual attack stories. |
5 | Avioparts is a distributor of lubricants, chemicals, aircraft tires, and comprehensive logistics solutions for private sector and international government aircraft maintenance markets. The company's product portfolio is all fully certified for trade customers such as airlines, operators, maintenance companies, armed forces, and aircraft manufacturers across the globe. |
6 | Cognitus is a SAP S/4HANA services provider, with industry-specific, AI-powered solutions for private sector and U.S. federal government enterprise markets. |
7 | Lilium's portfolio consists of approximately 300 advanced air mobility patents related to high-voltage systems, battery management, advanced aircraft design, flight controls, electric engines, propellers, and ducted fans. |
8 | The Interconnect business is a provider of electronic components, subsystems, microwave and radio frequency products. Smiths' Interconnect brands include Smiths Connectors, Smiths Microwave Components and Smiths Microwave Subsystems and legacy company brands EMC Technology, Hypertac, IDI, Lorch, Millitech, Reflex Photonics, Inc., RF Labs, Sabritec, TECOM, and TRAK. |
9 | Cometec is a manufacturer specializing in precision-machined carbon-fibre rollers and tubes for industrial applications, including film converting, tissue and non-woven sectors. The company provides advanced composite processing, machining, technical coating and dynamic balancing to deliver high-rigidity, lightweight rollers with tailored material and performance specifications. |
10 | J&F Machine is a precision machining specialist producing tight-tolerance components for aerospace, energy, and industrial markets. The company provides CNC milling, turning, inspection, and finishing services for complex parts and assemblies. |
11 | Joined Alloys is a provider of brazing, welding, and assembly services for aerospace and defense components, specializing in thin-wall assemblies, heat exchangers, and structural sections. The company offers full-scope assembly support including design assistance, process development, and NDT inspection. |
12 | Reheat Aero is a heat-treat and metallic processing company serving the aerospace, gas-turbine, and defense markets. The company offers vacuum and controlled-atmosphere heat treatment, brazing, and metallurgical support for high-performance alloy components. |
Selected Janes Capital Partners A&D Experience