A&D Weekly News & Transactions - Week 45

Industry Headline News

KKR Sells Aerospace Parts Maker Novaria for $2.2B
Nov. 10, 2025 - KKR & Co. is selling its portfolio company Novaria Group—an aerospace and defense components manufacturer based in Fort Worth, Texas—to fellow private-equity firm Arcline Investment Management for $2.2 billion in cash. The deal comes after KKR acquired Novaria in 2020 and grew it via 13 add-on acquisitions, expanding to serve over 3,000 global customers in aircraft, drones and submersibles. As part of the deal, Novaria’s more than 1,600 U.S. employees will receive cash payouts through an employee-ownership programme, while Arcline takes advantage of strong aerospace/defence deal flow driven by rising aircraft production and global military spending. (Reuters)

Pentagon to Speed Weapon Acquisitions, Says Hegseth
Nov. 8, 2025 - Defense Secretary Pete Hegseth says the Department of War will shift away from prioritizing cost and perfection to prioritizing rapid delivery of capabilities — an “85% solution in the hands of our armed forces today is infinitely better than an unachievable 100% solution.” He cited the rise of cheap, mass-produced drones used by Ukraine against Russia as an example of the need for speed, and signaled plans to overhaul acquisition, incentivize innovative firms over traditional contractors, and streamline U.S. arms sales to allies. Analysts warn these changes could increase risks of delivering systems that don’t fully meet requirements or invite oversight challenges. (Military.com)

Boeing lands $1B facility expansion in South Carolina ahead of 787 rate boost
Nov. 7, 2025 - Boeing has broken ground on a major expansion at its North Charleston, SC site, part of its plan to increase output of the Boeing 787 Dreamliner to 10 aircraft per month by 2026, following a backlog of nearly 1,000 jets. (Simple Flying)

GE Aerospace, Shield AI Team Up to Power X-BAT Autonomous VTOL
Nov. 7, 2025 - GE Aerospace and Shield AI have signed a memorandum of understanding to install the F110-GE-129 engine, featuring the Axisymmetric Vectoring Exhaust Nozzle (AVEN), in Shield AI’s AI-piloted VTOL vehicle X BAT, with GE providing propulsion and testing support. (Military Aerospace)

Platinum Equity to Sell Unical Aviation to Satair (an Airbus company)
Nov. 7, 2025 - Platinum Equity has signed a definitive agreement to sell Unical Aviation Inc., a global aerospace aftermarket parts and components supplier (including its subsidiary ecube Solutions), to Satair (an Airbus company) after acquiring it in 2021. (Platinum Equity)

Bombardier Q3 Revenues Rise 11% on Services & Deliveries
Nov. 6, 2025 - Bombardier Inc. posted third-quarter revenues of US$2.31 billion, up 11 % year-over-year, driven by a 12 % jump in its services segment (US$590 million) and the delivery of 34 aircraft, four more than a year ago. (Reuters)

Pentagon Sets Nov. 10 Deadline for CMMC Compliance Amid Shutdown
Nov. 6, 2025 - The U.S. Department of War will begin enforcing its Cybersecurity Maturity Model Certification (CMMC) 2.0 requirements across the defense supply chain starting Nov. 10, marking the Phase 1 rollout of self-assessments and select Level 2 third-party certifications. (GovCIO Media & Research)

Turkish Airlines to Meet Boeing and CFM to Finalize 737 MAX Deal
Nov. 5, 2025 - Turkish Airlines chairman Ahmet Bolat said the carrier is set to meet Boeing and engine supplier CFM International “in the coming weeks” to decide on its planned order of 150 737 MAX jets, which remains contingent on finalising engine related agreements. (Reuters)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Thermal business of Boyd [GS Capital] Eaton	$9,500.0	5.6x	22.5x	Laconia, NH	Components & Subsystems
2	Foresight Finishing Valence Surface Technologies [ATL Partners]	-	-	-	Tempe, AZ	Machined & Cast Parts
3	Marine Thinking Eureka Acquisition	$130.0	-	-	Halifax, Canada	Navy/Maritime
4	HAECO Americas [HAECO] AAR	$78.0	-	-	Greensboro, NC	MRO & Logistics
5	BGT Aerospace Kaney Aerospace	-	-	-	Freeland, MI	Machined & Cast Parts
6	Aerospace business of TriMas [TriMas] Tinicum Capital	$1,450.0	3.9x	18.0x	Bloomfield Hills, MI	Components & Subsystems
7	Lanteris Space Systems [Advent International] Intuitive Machines	$800.0	-	-	Palo Alto, CA	Satellite, Satellite Services & Space Systems
8	Tods Defence Canopy Aerospace & Defense [Trive Capital]	-	-	-	Portland, United Kingdom	Composites
9	Orbit Technologies Kratos	$356.3	4.7x	21.0x	Netanya, Israel	Satellite, Satellite Services & Space Systems
10	Carbyne Axon Enterprise	$625.0	-	-	New York, NY	Government Services, IT Services and Software
11	Integer Technologies Razor's Edge	-	-	-	Columbia, SC	Government Services, IT Services and Software
12	Engine Repairs unit of Signature Aviation [Signature Aviation] StandardAero	$230.0	-	-	Orlando, FL	MRO & Logistics
13	Unical Aviation [Platinum Equity] Satair [Airbus]	-	-	-	Glendale, AZ	Distribution

No.	Target Descriptions
1	The Thermal business of Boyd develops and manufactures thermal management solutions which dissipate heat to prevent failure in a wide range of electronic and industrial systems. The business' products are used in personal computing systems such as desktops, laptops, printers, and video game consoles in addition to non-PC products including servers, network devices, instrumentation, transportation, and other consumer electronics.
2	Foresight is a provider of precious metal surface treatment for highly engineered products in private sector and U.S. federal government aerospace and defense markets. The company specializes in extremely tight tolerance copper, gold, nickel and nickel alloys, silver, and palladium plating.
3	Marine Thinking develops and manufactures uncrewed and semi-autonomous vessel technologies for for private sector and international government defense, environmental, and scientific markets. The company's USVs and AI-driven control platforms enable real-time navigation, sensing, and mission management at sea. Marine Thinking's product portfolio includes modular electric and hybrid USVs such as the BlueBoat, Tracer, Guardian, and Acadia series, each optimized for tasks ranging from hydrographic surveying and port inspection to environmental monitoring and maritime security.
4	HAECO Americas provides heavy aircraft maintenance, repair and overhaul (MRO) services, engineering services and aerospace manufactured products to a broad array of commercial, government and private customers. The company's airframe services hangars can accommodate A, B and C checks; heavy maintenance visits; interiors, avionics and modifications; and passenger-to-freighter conversions, supported by specialised backshops and warehouse facilities.
5	BGT Aerospace is a manufacturer of aero-engine and aircraft accessory components specializing in precision machined parts, assemblies and fabrications made from titanium, steel, Inconel and other high-performance alloys. The company delivers engine casings, compressor modules, structural assemblies and value-added machining for commercial, regional and military aircraft platforms.
6	The Aerospace business of TriMas manufactures precision engineered components including blind bolts, fasteners, solid and blind rivets, and hydraulic and pneumatic systems used in private sector and U.S. federal government aerospace and defense markets. The business is comprised of the Monogram Aerospace Fasteners™, Allfast Fastening Systems®, Mac Fasteners™, Martinic Engineering™, TFI Aerospace, TriMas Aerospace Germany, RSA Engineered Products™, and Weldmac Manufacturing Company brands.
7	Lanteris provides GEO & LEO communications and Earth observation satellites for private sector and U.S. federal government aerospace, communications, internet, and mobile application markets. The company's main product lines include the Lanteris 1300 (GEO communications), Lanteris 500 (imaging / Earth-observation systems), and the Lanteris 300 (smallsat / LEO constellation missions, including government tracking/missile-warning roles).
8	Tods Defence is a manufacturer of composite components and acoustic materials for submarines and surface ships. The company's sonar bow domes are utilized by over twenty countries' naval force. Tods land-based radomes improve the tracking efficiency of surveillance radar by minimizing interference from the structure and provide maximum protection from the environment in severe weather conditions.
9	Orbit is a provider of mission-critical satellite-based-communications equipment and solutions for private sector, U.S. federal, and international government markets, aerospace, defense, and maritime markets. The company's systems are utilized on a wide range of platforms, including mission aircraft, trainers, rotary-wing aircraft, transport vessels, tankers, jet fighters and unmanned platforms.
10	Carbyne is a developer of cloud-native emergency communications and response platforms for private sector and government emergency response markets. The company's products enable public-safety answer points (PSAPs) and mission-critical operations to handle calls, video, location, chat and data in one unified system.
11	Integer is a developer of AI-enabled cyber, sensing and perception, manufacturing, and autonomy software solutions for private sector and U.S. federal government aerospace and defense markets. The company's suite of products strengthen platform coordination and situational awareness in challenging environments, enabling mission-informed decision-making.
12	The Engine Repairs unit of Signature Aviation is a maintenance, repair, and overhaul operation that specializes in aircraft engine servicing, including overhauls, component repairs, testing, and turnkey support for turbine engines. The unit supports operators with field service and global engine repair logistics to ensure aircraft readiness.
13	Unical Aviation is a distributor of aircraft engine parts and consumables, serving commercial and military operators. The company supports its customers with global sourcing, inventory stocking, and rapid parts delivery to support turbine engine maintenance and operations.