janes capital partners quarterly...

Aerospace & DefenseQuarterly Report

Q1 2019Not affiliated with Jane’s Information Group

Quarterly UpdateQ1 2019

Aerospace & Defense

1 Executive Summary

2 About Janes Capital Partners

3 Top 5 M&A Deals

4 M&A Deal Volume

5 A&D Transaction Multiples

6-7 Public Valuation Summary

8 Deal Spotlight

9 Buyer Spotlight

10 Platform Overview

11-17 All M&A Transactions

There were 119 A&D deals announced in Q1 2019, which was adecrease from the number of deals announced during Q4 2018.Year-over-year quarterly transaction volume increased by 15.5%compared to the 103 deals announced during Q1 2018.

Average disclosed deal size during the quarter decreased to $596million compared to $1,302 million during Q4 2018.

The most active segments in terms of number of M&A deals were:

– Government Services, IT Services and Software (25 deals)

– Components & Subsystems (17 deals)

– MRO & Logistics (15 deals)

– Machined & Cast Parts (13 deals)

– Satellite, Satellite Services & Space Systems (7 deals)

The top 3 segments in terms of disclosed transaction values were:

– Satellite, Satellite Services & Space Systems ($7,335 million)

– Navy/Maritime ($5,863 million)

– Government Services, IT Services and Software ($1,909 million)

Number of Deals by Quarter

In this issue EXECUTIVE SUMMARY

1

30 2234 37 31 28

4127

37 30 3452

28

35 52

82 74

5982 64

79 6665

75

84

916574

116111

90

110105 106 103

95

109

136

119

0

20

40

60

80

100

120

140

160

16-1Q 16-3Q 17-1Q 17-3Q 18-1Q 18-3Q 19-1Q

Num

ber

of D

eals

Disclosed Not Disclosed

Note: Disclosed deals shown include transactions that disclose price, multiple or both


Aerospace & Defense

Contact Information

Stephen Perry Managing Director & CEOOffice: (949) 769-3323 Ext. 6901Mobile: (949) [email protected]

David JanesChairmanOffice: (949) 769-3323 Ext. [email protected]

Ilana GermaineDirectorOffice: (949) 769-3323 Ext. 6902Mobile: (910) [email protected]

19200 Von Karman Avenue, Suite 340, Irvine, California 92612T: (949) 769-3323 F: (949) 769-3327 www.janescapital.com

Janes Capital Partners gathers its data from sources it considers reliable; however, it does not guarantee the accuracy orcompleteness of the information provided within this publication. The material presented reflects information known to theauthors at the time this presentation was prepared, and this information is subject to change. Janes Capital Partners makesno representations or warranties, expressed or implied, regarding the accuracy of this material.

Securities offered through JCP Securities, Inc., a Registered Broker/Dealer and Registered Investment Advisor; MemberFINRA and SIPC. Janes Capital Partners, Inc. and JCP securities, Inc. are affiliated companies.

No portion of this report may be reproduced in any form without the express written permission of Janes Capital Partners.Janes Capital Partners is a federally registered U.S. trademark.

Copyright 2019, Janes Capital Partners, Inc. All rights reserved.

Janes Capital Partners specializes in Mergers & Acquisitions (M&A) for middle market Aerospace& Defense companies. Our clients are Aerospace & Defense companies with enterprise valuesbetween $25 million and $500 million. The team at Janes Capital Partners has completed over 75transactions within the Aerospace & Defense industry. Through this M&A experience, we provideour clients with unparalleled access to potential acquirers in the aerospace and defense industryalong with in-depth knowledge of the industry and its dynamics. Our clients receive high touchservice from accomplished professionals with extensive A&D transaction and industryexperience.

Janes Capital Partners is a member firm of Oaklins, a global alliance of mid-market investmentbanks. Established in 1985, the alliance includes over 700 M&A professionals, with 60+ memberfirms in 41 countries around the globe. The alliance has closed over 1,500 transactions totalingmore than $75 billion in transaction value in the past five years. Janes Capital Partners servesas Oaklins’ Global Aerospace & Defense Industry Group Practice Leader.

Select Transactions

About Janes Capital Partners

Jason KimballVice PresidentOffice: (949) 769-3323 Ext. 6903Mobile: (949) [email protected]

Ken FukumotoVice PresidentOffice: (949) 769-3323 Ext. 6904Mobile: (831) [email protected]

Chris ReineckeAnalystOffice: (949) 769-3323 Ext. 6905Mobile: (714) [email protected]

Acted as Financial Advisor to

NASDAQ: HTCH

On its acquisition of

$245,000,000


on the sale of its Santa Ana operations, a leading manufacturer of flight critical parts for military

and commercial aircraft, to an affiliate of


Innovative designer and manufacturer of fixed-base flight simulators based on Airbus A320

and Boeing 737 for airline pilot training; on its sale of a majority

stake to


Leading designer and manufacturer of tactical, cyber-secure, cross domain products; on its sale to


Leading provider of lightning protection systems;

on its sale to

2


Aerospace & Defense

Valuation Metrics

Target Target Description AcquirorAnnounced

DateImplied TEV

($M)TEV/

RevenueTEV/

EBITDADeal Type(s)

PU I

PU PB I

PR I

PS

PS

0.7x na

Inmarsat is a satellite and telecommunications company thatprovides mobile satellite services with maritime, aeronautical andland mobile operations. It also offers telephone and data services tocustomers. The Company operates through its wholly ownedsubsidiary, Inmarsat Government, to offer mobile satellitecommunications to defense, federal civilian agencies and intelligenceagencies through its network infrastrusture.

03/19/19 $5,533.5 3.8x

Daewoo Shipbuilding & Marine Engineering is an offshore shipbuildingcompany that offers commercial vessels and specialty vessels suchas destroyers, battleships, submarines, submarine rescue vessels,autonomous underwater vehicles (AUVs) and other vessels. TheCompany is one of the "Big Three" shipbuilders of South Koreaalongside Hyundai and Samsung.

01/31/19 $5,862.6

7.6x

Hispasat offers satellite communication services. The Companyoffers products in the following markets: audiovisual, companies andgovernment operations and satellite programs. Its companies andgovenment solutions comprise satellite comminucations forunmanned aircraft vehicles (UAVs), telecommand networks andothers.

02/12/19 $1,520.0 6.6x 8.3x

na na

na

Endeavor Robotics is a ground robot company and developer of battle-hardened, tactical unmanned ground vehicles (UGVs) for the publicsafety, critical infrastructure and global military markets. Its easy tooperate gound robots are equipped with advanced sensing andactuation technology providing reconnaissance, explosive ordinancedisposal, hazardous materials support and inspection services forpolice, troops and others.

02/11/19

$750.0 na

LGS Innovations is a leading provider of SIGINT, cyber products andsolutions to the Intelligence Community (IC) and Department ofDefense (DoD). Products and services include intelligent spectrummanagement, mission support services, wireless and cyber training,sensors, signals processing and analysis, optical networking, routingand C4ISR services.

01/30/19

$382.0

Top 5 M&A Deals this Quarter

Source(s): CapIQ, Dacis, company reports, press releases

Private Equity SellerPS Private Equity BuyerPBPublic SellerPU Private SellerPR International DealI

3


Aerospace & Defense

-------------$9 $57 $67 $79 $177 $182 $200

$819 $1,909

$5,863 $7,335

$0 $10,000

Test & Measurement

Specialty Defense Systems and Services

Sensors & C4ISR

Prime Defense Contractors

Machined & Cast Parts

Engineering and Project Management

Electronics Manufacturing (EMS) & Harnessing

Distribution

Cybersecurity, Intelligence Services and Homeland Defense

Controls & Systems

Connectors

Aircraft Interiors

Aerostructures

Simulation & Training Systems

Defense Electronics

Land Systems

Engines & Engine Systems

Components & Subsystems

Composites

MRO & Logistics

Unmanned Vehicles

Government Services, IT Services and Software

Navy/Maritime

Satellite, Satellite Services & Space Systems

Total Disclosed Volume ($M)

M&A Deal Volume

Average Size of Disclosed Deals and Total Disclosed Volume(last 13 quarters)

Number of Deals by Segment(Q1 2019)

Average deal size decreased over last quarter from $1,302M to $596M

– Total disclosed deal volume totaled $16.7B, a decrease of more than

$51.0B from Q4 2018

There were 119 A&D deals announced in Q1 2019, which was a decrease

from the 136 deals announced during Q4 2018 and a year-over-year

increase of 15.5% from Q1 2018

The most active segments ranked by total number of deals were:

– Government Services, IT Services and Software

– Components & Subsystems

– MRO & Logistics

– Machined & Cast Parts

Volume of Deals by Segment(Q1 2019)


Number of Deals by Quarter (last 13 quarters)

4

30 2234 37 31 28

4127

37 30 3452

28

35 52

82 74

5982 64

79 6665

75

84

916574

116111

90

110105 106 103

95

109

136

119

0

20

40

60

80

100

120

140

160

16-1Q 16-3Q 17-1Q 17-3Q 18-1Q 18-3Q 19-1Q

Num

ber

of D

eals

Disclosed Not Disclosed

$28

5 $52

7

$25

5 $45

2

$54

4

$15

5

$1,

212

$37

9

$1,

053

$54

6

$24

2

$1,

302

$59

6

$0

$10

$20

$30

$40

$50

$60

$70

$0

$500

$1,000

$1,500

$2,000

$2,500

16-1Q 16-3Q 17-1Q 17-3Q 18-1Q 18-3Q 19-1Q

Tota

l Dis

clos

ed V

olum

e ($

BN

)

Ave

rage

Dea

l Siz

e ($

M)

Average Deal Size Total Disclosed Value

–––

1 1 1 1 1 1 2 2 2 3 3 4 4 5 5 6 7

13 15

17 25

0 6 12 18 24 30

Sensors & C4ISR


Connectors

Land Systems



Controls & Systems

Aircraft Interiors

Aerostructures

Test & Measurement

Navy/Maritime

Distribution


Composites


Defense Electronics



Unmanned Vehicles



MRO & Logistics



Number of Deals


Aerospace & Defense

TEV / EBITDA A&D Transaction Multiples by Quarter (last 13 quarters)

Quarterly TEV / EBITDA Transaction Multiples

The average TEV / EBITDA transaction multiple over the last 13 quarters across all A&D transactions was 10.6x

Of the over 1,300 deals tracked by Janes Capital Partners over this period, only 80 reported TEV / EBITDA multiples

As expected, multiples vary widely by segment with Cybersecurity, Intelligence Services and Homeland Defense (14.4x), Components & Subsystems (10.9x) and Distribution (6.4x) comprising the highest, median and lowest segments

TEV / EBITDA Transaction Multiples by Segment(last 13 quarters)

Note: Excludes TEV / EBITDA transaction multiples over 30.0xSource(s): CapIQ, Dacis, company reports, press releases

5

14.4x

9.8x

8.3x

13.5x

12.5x

10.7x

9.5x

10.6x

11.9x

8.3x

9.7x

10.4x

8.8x

5

7

8

9

4

3

10

5

8

7

4

7

3

0x 4x 8x 12x 16x

16-1Q

16-2Q

16-3Q

16-4Q

17-1Q

17-2Q

17-3Q

17-4Q

18-1Q

18-2Q

18-3Q

18-4Q

19-1Q

TEV / EBITDANumber of Deals with Reported TEV / EBITDA MultiplesN

-

-

-

-

-

-

6.4x

6.5x

7.7x

8.4x

8.6x

9.1x

9.3x

9.5x

10.9x

11.7x

11.7x

11.9x

11.9x

12.3x

12.8x

13.0x

13.3x

14.4x

1

0

0

0

0

0

2

2

7

6

2

4

6

7

10

1

1

4

9

1

6

1

8

2

0x 5x 10x 15x 20x

Navy/Maritime


Land Systems

Connectors

Composites

Aircraft Interiors

Distribution

Sensors & C4ISR


MRO & Logistics



Controls & Systems




Unmanned Vehicles

Aerostructures


Test & Measurement

Defense Electronics



Cybersecurity, Intelligence Services and HomelandDefense

TEV / EBITDA Number of Deals with Reported TEV / EBITDA MultiplesN


Aerospace & Defense

LTM LTM EBITDA Market % of TEV / LTM LTM LTM EBITDA Market % of TEV / LTM

($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA ($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA

Aerostructures Machined and Cast Parts

CPI Aerostructures $91 11.0% $76 55.3% $111 11.1x Arconic $14,110 13.0% $8,658 79.4% $14,049 7.6x

Ducommun 651 10.9% 497 92.0% 745 10.5x ATI 4,072 11.1% 3,225 84.7% 4,663 10.3x

FACC 888 6.4% 665 56.4% 880 15.4x Barnes Group 1,506 21.6% 2,641 70.7% 3,478 10.7x

Hexcel 2,259 23.5% 5,870 94.2% 7,057 13.3x Lisi 1,884 14.3% 1,636 75.2% 2,033 7.6x

Kaman 1,869 8.5% 1,628 77.8% 1,982 12.4x Senior 1,379 11.6% 1,181 64.8% 1,376 8.6x

Latécoère 755 6.5% 331 56.2% 390 8.0x SIFCO 116 1.3% 16 46.0% 40 NM

Magellan 742 15.3% 773 89.2% 819 7.2x Median 12.3% 8.6x

Spirit AeroSystems 7,454 15.9% 9,672 91.2% 10,743 9.1x

Triumph 3,365 4.3% 951 69.1% 2,347 16.2x MROMedian 10.9% 11.1x AAR $1,963 7.3% $1,118 63.1% $1,266 8.8x

BBA Aviation 2,347 18.0% 3,355 70.3% 4,690 11.1x

Commercial Airframes HEICO 1,839 25.9% 11,754 99.9% 12,556 NM

Airbus $74,228 9.3% $102,655 98.7% $104,465 15.1x MTU Aero Engines 5,255 16.9% 11,694 99.8% 11,461 12.9x

Boeing 100,662 13.4% 215,305 85.5% 223,491 16.6x ST Engineering 4,916 12.5% 8,618 98.4% 8,889 14.5x

Bombardier 15,724 7.0% 4,576 46.1% 12,730 11.6x Wesco Aircraft 1,639 8.8% 877 61.8% 1,701 11.8x

Embraer 4,836 5.4% 3,487 67.1% 4,547 17.5x Median 14.7% 11.8x

Textron 13,718 11.5% 11,847 69.5% 15,391 9.8x

Median 9.3% 15.1x

Components & Subsystems Defense Electronics, Sensors & C4ISR

Ametek $4,961 26.8% $18,877 99.8% $21,170 15.9x AeroVironment $343 18.1% $1,614 56.4% $1,320 21.3x

CIRCOR 1,171 10.5% 648 62.4% 1,334 10.9x Cubic 1,319 7.4% 1,752 72.7% 2,177 22.3x

Cobham 2,375 13.8% 3,421 81.8% 3,410 10.4x Elbit 3,684 11.5% 5,529 96.1% 6,120 14.5x

Crane 3,378 17.3% 5,067 84.5% 5,931 10.1x FLIR 1,781 23.7% 6,452 74.5% 6,937 16.4x

Meggitt 2,652 18.8% 5,050 86.1% 6,419 12.9x Harris 6,611 23.7% 18,819 91.0% 22,017 14.0x

RBC Bearings 700 26.0% 3,048 74.9% 3,081 16.9x Kongsberg Gruppen 1,659 9.2% 2,734 64.2% 2,077 13.6x

Teledyne 2,951 18.9% 8,585 94.5% 9,479 17.0x Kratos 635 8.6% 1,626 87.5% 1,802 NM

Timken 3,677 17.3% 3,320 83.2% 5,030 7.9x KVH Industries 171 2.1% 181 72.0% 208 NM

TransDigm 4,219 47.4% 24,015 99.6% 38,921 19.4x L3 Technologies 10,573 13.3% 16,368 92.2% 19,316 13.8x

Woodward 2,719 18.4% 5,891 97.2% 6,986 13.9x Mercury Systems 631 19.9% 3,105 94.4% 3,272 NM

Median 18.6% 13.4x OSI Systems 1,161 13.0% 1,583 96.1% 1,857 12.3x

QinetiQ 1,123 16.8% 2,197 95.6% 1,869 9.9x

Controls & Systems Smiths 4,262 17.7% 7,399 79.3% 8,654 11.5x

Astronics $832 13.1% $1,065 80.8% $1,164 10.7x Thales 18,153 12.8% 25,457 85.8% 22,113 9.5x

Curtiss-Wright 2,443 20.5% 4,854 79.0% 5,620 11.2x Ultra 977 15.1% 1,481 90.5% 1,681 11.4x

Eaton 21,663 18.0% 34,175 90.1% 41,786 10.7x Median 13.3% 13.7x

Heroux-Devtek 322 14.3% 432 94.8% 622 13.5x

Honeywell 40,294 21.9% 115,753 94.8% 122,081 13.8x Prime Defense ContractorsISSC 15 NM 51 79.4% 30 NM BAE $21,439 11.6% $20,096 70.9% $21,463 8.7x

Moog 2,791 12.6% 3,030 89.9% 3,743 10.7x General Dynamics 37,919 14.2% 48,883 73.7% 63,142 11.7x

Parker-Hannifin 14,456 18.2% 22,202 88.8% 26,340 10.0x Huntington Ingalls 8,382 13.9% 8,631 77.4% 10,260 8.8x

Median 18.0% 10.7x Leonardo 14,045 13.2% 6,684 94.4% 11,413 6.2x

Lockheed Martin 56,463 15.9% 84,888 82.9% 97,875 10.9x

Engines & Engine Systems Northrop Grumman 31,549 16.3% 45,761 74.7% 61,490 11.9x

General Electric $112,884 13.6% $87,009 64.1% $203,097 13.2x Raytheon 27,520 14.3% 51,390 79.3% 55,437 14.1x

Rolls Royce 20,047 NM 22,290 81.8% 21,950 NM Median 14.2% 10.9x

Safran 24,073 16.6% 60,292 99.9% 64,895 16.2x

UTC 69,624 17.1% 111,146 89.4% 155,011 13.1x

Median 16.6% 13.2x

Aerospace & Defense Public Valuations

Note: Trading metrics as of 3.31.19. Valuation multiples based on LTM financial data converted at the historical exchange rate as of each fiscal period end date, and excludes multiples above 25.0x and under 0.0x.Source(s): CapIQ

Public Valuations by A&D Segment

6


Aerospace & Defense

Top 10 Bottom 10

NYSE:CUB 22.3x LSE:BAB 5.9x

NasdaqGS:A

VAV21.3x NYSE:VEC 6.1x

NYSE:TDG 19.4x BIT:LDO 6.2x

NasdaqGS:K

EYW19.2x

NasdaqGS:A

OBC6.8x

NYSE:SAIC 18.2x TSX:MAL 7.2x

NYSE:ERJ 17.5x NYSE:FLR 7.3x

NYSE:TDY 17.0x ENXTPA:FII 7.6x

NasdaqGS:R

OLL16.9x NYSE:ARNC 7.6x

NYSE:BA 16.6x NYSE:KBR 7.8x

NasdaqGS:F

LIR16.4x NYSE:TKR 7.9x

LTM LTM EBITDA Market % of TEV / LTM LTM LTM EBITDA Market % of TEV / LTM

($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA ($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA

Satell ites, Satell ite Services and Space Systems Engineering and Construction

Aerojet Rocketdyne $1,896 14.5% $2,795 86.7% $2,790 10.2x AECOM $20,531 4.5% $4,631 80.3% $7,891 8.6x

Ball Corporation 11,635 15.3% 19,335 98.2% 26,188 14.7x Babcock 5,998 14.3% 3,242 56.9% 5,068 5.9x

Comtech 640 12.9% 560 62.9% 690 8.4x Fluor 18,536 4.0% 5,138 59.3% 5,408 7.3x

Gilat Satellite 261 13.2% 464 78.2% 408 11.9x Jacobs Engineering 16,506 6.3% 10,490 91.4% 12,747 12.3x

Intelsat 2,146 74.6% 2,162 41.5% 16,077 10.0x Median 5.4% 8.0x

Maxar Technologies 2,088 16.3% 240 7.3% 3,562 10.4x

ViaSat 1,951 8.2% 4,687 98.5% 5,808 NM Government, IT Services & Software

Median 14.5% 10.3x Booz Allen $6,559 10.2% $8,144 99.5% $9,707 14.6x

CACI 4,783 9.6% 4,525 90.6% 6,189 13.4x

Specialty Systems and Services CGI Group 8,808 17.0% 18,778 99.6% 20,000 13.4x

American Outdoor $635 16.2% $510 58.6% $700 6.8x ICF 1,376 9.1% 1,431 92.5% 1,801 14.4x

Axon Enterprise 435 6.2% 3,201 71.2% 2,885 NM KBR 5,215 8.7% 2,692 85.9% 3,530 7.8x

CAE 2,206 18.6% 5,871 98.5% 6,652 16.2x KEYW 495 7.8% 428 85.7% 742 19.2x

Chemring 379 3.5% 506 58.0% 610 NM Leidos 10,328 10.2% 9,205 88.6% 12,208 11.6x

MSA Safety 1,358 20.7% 3,984 93.3% 4,241 15.1x ManTech 1,987 8.4% 2,148 79.3% 2,255 13.5x

SAAB 3,653 9.8% 4,287 63.9% 4,549 12.7x MAXIMUS 2,557 14.1% 4,528 96.2% 4,563 12.6x

Median 13.0% 13.9x SAIC 4,659 7.6% 4,554 82.5% 6,444 18.2x

Serco Group 3,616 4.8% 1,819 92.6% 2,065 11.8x

Vectrus 1,285 4.4% 300 66.8% 345 6.1x

VSE 690 11.6% 344 59.4% 650 8.1x

Median 9.1% 13.4x

Market Performance Summary

Aerospace & Defense Public Valuations (continued)

TEV / EBITDA Valuation Trend by Sector(last 6 years)

Performance Dashboard(by TEV / EBITDA Valuation)

Note: Trading metrics as of 3.31.19. Valuation multiples based on LTM financial data converted at the historical exchange rate as of each fiscal period end date, and excludes multiples above 25.0x and under 0.0x.Source(s): CapIQ

Public Valuations by A&D Segment (continued)

11%

11%

11%

7

12.2x 12.4x

11.7x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Apr

-12

Oct

-12

Apr

-13

Oct

-13

Apr

-14

Oct

-14

Apr

-15

Oct

-15

Apr

-16

Oct

-16

Apr

-17

Oct

-17

Apr

-18

Oct

-18

Apr

-19

TEV

/ E

BIT

DA

Commercial Aerospace Defense Government & IT


Aerospace & Defense

Transaction SummaryOn March 1, 2019, CACI (NYSE: CACI) acquired LGS Innovations for $760million in an all-cash transaction financed through an existing credit facility.CACI is a multinational professional services technology company servingbranches of the federal government, including defense, homeland security,intelligence and healthcare. LGS provides signal processing, multi-waveform,detection algorithms and advanced R&D and engineering services. TheCompany is expected to run as an independent subsidiary of CACI and willcontinue with its plans to expand into San Antonio with a new office. Thesimultaneous acquisition of LGS Innovations and Mastodon is expected toadd $480 million in revenue and $82 million of adjusted EBITDA over the

Deal Spotlight

Headquarters Arlington County, VA

Employees 22,000

LTM FY19 Q1 Revenue $4,783

LTM FY19 Q1 Adj. EBITDA $461

President, CEO & Director Asbury, Ken

Executive VP & CFO Mutryn, Thomas A.

CACI to Acquire LGS Innovations

Deal Rationale

(*): Valuation of both LGS and Mastodon based on combined EBITDA

Strategic Rationale Benefits from Acquiring LGS

Structure All-Cash Transaction

Total Enterprise Value $760

LTM Revenue Multiple N/A

LTM EBITDA Multiple 10.0x*

Announced Date January 30, 2019

Close Date March 1, 2019

Expand Product and Solution Offerings in Signals Intelligence, Electronic Warfare

and Cyber

CACI will blend its ground-based systems integration and SIGINT / COMMS expertise with LGS’ aircraft-based SIGINT systems, advanced signals and contested COMMS expertise to create a layered SIGINT and communications platform

Operations will be multi-domain and well suited for contested environments

Integrate Capabilities Enabling New Waysto Perform Missions

Advanced signal collection and analysis from LGS drives faster and more accurate detection and response

CACI Battlespace Attack Modules will be half their current size, but twice their current capacity to reduce the load on soldiers and increase efficiency

Expand Total Addressable Market and Align Strategic

Investments

Deal Summary

CACI Key Figures ($M)

8

Combination of Capabilities

Headquarters Herndon, VA

Employees 1,320

LTM FY18 Q3 Revenue N/A

LTM FY18 Q3 Adj. EBITDA N/A

CEO & Director Kelly, Kevin L.

Executive VP & CFO Beck, Jeffrey R.

LGS Innovations Key Figures

SIGINT products resulting from the acquisition of LGS will enable faster detection and faster response, while simultaneously attacking more signals

LGS is a high-growth, high-margin company that will enable CACI to naturally expand their addressable market and increase profitability

upcoming twelve months. The combined LGS Innovations and Mastodon acquisition represents an approximate10.0x EBITDA multiple. Both transactions are intended to improve CACI’s portfolio in spectrum management,C4ISR, cyber products and manufacturing of products for electronic warfare, signals intelligence and cyberoperations. CACI intends to become a more high-end integrator of solutions and technologies for agencies.

Aircraft-based SIGINT Systems

Advanced Signals

Contested COMMS Expertise

Layered SIGINT and COMMS Solution

Multi-Domain Operations

Built for Contested Environments

Ground-based Systems

Integration

SIGINT / COMMS Expertise

LGS OverviewHeadquartered in Herndon, VA, LGS Innovations is a leading provider of SIGINT, cyber products and solutions tothe Intelligence Community and Department of Defense. Products and services include intelligent spectrummanagement, mission support services, wireless and cyber training, sensors, signals processing and analysis,optical networking, routing and switching and network assurance. The Company also offers cyber services andC4ISR services, such as wireless, video, mission support, surveillance and reconnaissance and integration.Industries served by the Company include defense, intelligence, civilian agencies, state and local governments,infrastructure operators, and telecommunications providers.

Commentary from the CEOsKen Asbury, CACI's President and Chief Executive Officer, said, "CACI's acquisition of LGS Innovations is the nextstep in our established strategy to invest in and expand our offerings in signals intelligence, electronic warfare,and cyber products and solutions. Our collective strengths give CACI a significant competitive advantage in ourmarketplace and meet our government's need for agile innovation in developing and deploying advancedcapabilities to our warfighters.“ LGS Innovations Chief Executive Officer Kevin L Kelly said, “We are thankful forthe support of MDP and CoVant and their willingness to invest in our growth, and we are excited about thecombination of LGS and CACI. We believe our market-leading C4ISR and cyber capabilities and culture ofinnovation, along with CACI’s extraordinary channels to customers, and our shared mission focus willaccelerate growth and market penetration for the combined enterprise.”

Sources: CapIQ, Dacis, company presentations and website


Aerospace & Defense

HEICO is an experienced buyer that has made 7acquisitions over the last 15 months, including itslargest to date. Acquisitions are an essentialcomponent of HEICO’s growth strategy. TheCompany leverages acquisitions to spur growth, asevident in 2018 earnings when net income grew~36% and beat expectations. HEICO covers a broadrange of industry segments and is seeking tocontinue stimulating growth across the boardthrough complementary acquisitions.

FSG Replacement

Parts 32%

FSG Repairs

16%

FSG Specialty Products

13%

ETG A&D Parts 30%

ETG Other

9%

Notable Recent Acquisitions

Date Target TEV Description

Feb ’19 --

Designs and manufactures composite parts and unmanned airframes for defense and civilian applications.

Feb ’19 --

Designs and manufacturesceramic-to-metal feedthroughs for defense, industrial and semiconductor markets.

Nov ’18 --

Provides analog amplifier products for industrial, A&D, medical and semiconductor capital equipment markets.

Nov ’18 --

Designs and manufactures silicone materials for aerospace, defense, oil & gas and other markets.

($ in Millions) FY 2015 FY 2016 FY 2017 FY 2018 LTM 1/31

Revenue $1,189 $1,375 $1,525 $1,778 $1,840

EBITDA $278 $332 $372 $452 $477

EBITDA Margin 23.4% 24.1% 24.4% 25.4% 25.9%

TEV / LTM Revenue 3.0x 3.8x 5.3x 5.4x 6.6x

TEV / LTM EBITDA 13.0x 15.8x 21.6x 21.1x 25.5x

Cash & ST Investments $34 $43 $52 $60 $58

Headquarters Hollywood, FL

Founded 1949

Employees ~5,400

Acquisitions 28

Market Cap $13,460

Total Debt $608

Revenue $1,840

EBITDA $477

TEV / EBITDA 30.7x

Price / Earnings 47.5x(1) Market data as of 3.31.19; LTM financial data as of 1.31.19

Note: Fiscal year ends October 31st; market data as of 3.31.19

Sources: CapIQ, Dacis, company presentations and website

Share Price Performance

HEICO Corp Highlights ($M)

Key Management

-[space

Buyer Spotlight HEICO Corp (NYSE:HEI)

DescriptionHeadquartered in Hollywood, FL, and founded in1957, HEICO Corporation is a successful, fastgrowing, technology-driven company servingthe aerospace, industrial defense andelectronics industries through its varioussubsidiaries. HEICO is a leading manufacturerof Federal Aviation Administration (FAA) -approved jet engine and aircraft componentreplacement parts. Its products are foundworld-wide on commercial, regional, business,and military aircraft, as well as a large varietyof industrial turbines, targeting systems,missiles and electro-optical devices. Operations

HEICO Systems Financial History

Transaction Highlight

HEICO Corp acquires Decavo LLCOn February 28, 2019, HEICO announced its acquisition of 80.1% of Decavo in an all cash transaction for anundisclosed amount. Founded in 2009 and based in Hood River, OR, Decavo engineers and manufactures state-of-the-art, complex composites for companies in the aerospace, industrial and medical industries. HEICOexpects the acquisition and integration of Decavo to be accretive within the year following the purchase. TheCompany plans to keep on both co-founders, Phil Nies and Blake Richards, who will also retain ownership.Laurans A. Mendelson, HEICO’s Chairman & Chief Executive Officer, and Eric A. Mendelson, HEICO’s Co-Presidentand CEO of its Flight Support Group, jointly noted, “Decavo has excelled at responding [to customers] technicallyand with turn times that have fostered exceptional growth.” Decavo was number four in a string of recentacquisitions by HEICO, signaling managerial optimism and continued focus on growth through acquisitions.

are split into two segments, the Flight Support Group (FSG) and the Electronic Technologies Group (ETG). Overthe last 30 years, the current management team has grown net income from continuing operations from $2Mto $259M. The Company is seeking to continue realizing strong performance by leveraging recent acquisitions,while maintaining cost discipline, exemplified in the Company’s 19% compound annual growth rate.

M&A Strategy

Laurans Mendelson Chairman of the Board & CEO

Carlos Macau Jr. EVP & CFO

Thomas Irwin EVP

9

FY 2018 Revenue Breakdown

Revenue by Operating Segment Revenue by Product Line

Electronic Tech Group (ETG) 39%Flight Support

Group (FSG) 61%

FSG (32%) – Various jet engineand aircraft componentsFSG Repairs (16%) –Sale of parts con-sumed in repair andoverhaul servicesFSG SpecialtyProducts (13%) –Sale of specialtycomponentsETG A&D Parts (30%) –Electro-optical, microwaveand other power equipmentETG Other (9%) – Various electromagnetic products

Flight Support Group (61%) –New part design, manu-facturing, repairs andoverhauls, distributionand specialty productmanufacturingElectronicTechnologies Group(39%) – Designs andmanufactures subcom-ponents and systems usedin A&D, electronics, medical,telecom and other systems found in aircraft,satellites and missiles

00.20.40.60.811.21.41.61.8

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$20

$40

$60

$80

$100

Apr-18 Jul-18 Oct-18 Jan-19 Apr-19

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are

Pri

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Trad. Vol. HEI S&P 500 (rebased)


Aerospace & Defense

Date Key Event

August 25, 2015Oshkosh was chosen by the Army and awarded a $6.7 billion low rate initial production (LRIP) contract for up to 16,901 vehicles.

September 3, 2013Testing began at Aberdeen Proving Ground, MD; Yuma, AZ; and Redstone Arsenal, AL.

August 22, 2012The Army awarded (1) AM General, (2) Lockheed Martin, and (3) Oshkosh with the EMD contracts totaling approximately $185 million.

January 26, 2012The Army issued the Request for Proposal (RFP) for the JLTV’s Engineering Manufacturing Development (EMD) Phase.

October 28, 2008Awards were made to (1) BAE Systems, (2) Lockheed Martin, and (3) AM General for the JLTV Technology Development (TD) Phase.

Type Light Tactical Vehicle

Manufacturer Oshkosh Defense

Designed 2005 – 2015

Speed 70 mph

Curb Mass 14,000 lbs.

Main Armament Light-Medium Caliber

Secondary Armament M7 Smoke Grenades

Unit Cost $433,539

Operational Range 300 miles

DescriptionThe Joint Light Tactical Vehicle (JLTV) program was approved in 2006 to replace many of the High Mobility,Multi-Wheeled Vehicles (HMMWVs) in the United States’ military. Through various developmental phases, theJLTV has evolved to provide the US military (US Army and US Marine Corps, specifically) with more survivablevehicles with greater payloads. JLTVs’ capabilities include performing armament carrier, utility, command andcontrol, ambulance, reconnaissance and a myriad of other tactical and logistical support roles. After multipleengineering and manufacturing development phases, Oshkosh’s L-ATV was selected as the winner of the JLTVprogram on August 25, 2015. Consequently, Oshkosh was awarded the low rate initial production (LRIP)contract worth up to US$6.7 billion to produce up to 16,901 JLTVs. This production would involve more than300 suppliers in 31 states. The JLTV family of vehicles consists of two mission categories: the four-passengerCombat Tactical Vehicle (CTV) and the two-passenger Combat Support Vehicle (CSV). Oshkosh Defense alsooffers the following JLTV variants: General Purpose (GP), Heavy Guns Carrier (HGC), Utility (UTL) and CloseCombat Weapons Carrier (CCWC). While continuing to comply with the US Army’s Long Term Armor Strategy(LTAS), JLTVs and its variants, have continued to evolve as the program develops further.

Platform Overview Joint Light Tactical Vehicle (JLTV)

HistoryDeveloped during the Cold War, HMMWVs first entered thearmed service in 1985. Due to their vulnerability toimprovised explosive devices (IEDs) and the high costs inup-armoring HMMWVs, JLTVs were designed and originallyreported as a one-for-one HMMWV replacement. However,the US Department of Defense has since clarified thatJLTVs are not intended to replace all HMMWVs. InNovember 2006, the Joint Chiefs of Staff’s JointRequirement Oversight Council (JROC) approved the JLTVprogram. On October 28, 2008, the JLTV TechnologyDevelopment awards were made to (1) BAE Systems Landand Armaments, Ground Systems Division; (2) GeneralTactical Vehicles; and (3) Lockheed Martin Systems. Yearslater, the Army issued the Request for Proposal (RFP) forthe JLTV’s Engineering Manufacturing Development (EMD)phase. On August 22, 2012, the Army announced that thethree companies awarded the EMD contracts were AMGeneral, Lockheed Martin, and Oshkosh. After testing thevehicles, Oshkosh was declared the winner of the US$6.7billion LRIP with the US DoD.

10

Joint Light Tactical Vehicle Overview

Platform OutlookThe US Army plans to purchase 49,099 JLTV production vehicles from 2015 through 2035, and the MarineCorps plans to purchase 5,500 JLTVs from 2015 to 2022. After already entering the LRIP phase in 2015, theJLTV is expected to be approved for Full Rate Production (FRP) in 2019 with Initial Operational Capability (IOC)scheduled for December 2019. The UK and Lithuania are potential future operators since recently expressinginterest in acquiring Oshkosh JLTVs. At this time, Slovenia is the only certain future operator of JLTVs besidesthe US, having signed a government-to-government purchase agreement in November of 2018.

Oshkosh JLTV Design and Features

Oshkosh JLTV Variants

Variant Description

GeneralPurpose (GP)

Carries crew and cargo tomissions and back with

70% faster off-road performance.

Heavy Guns Carrier (HGC)

Optimized configuration for efficient weapon system

operation and extreme pay load to haul mission cargo.

Utility (UTL)Built to haul cargo or

shelters with speed, power, and protected mobility.

Close Combat Weapons

Carrier (CCWC)

Delivers the capacity to haul a wide range of cargo for a

wide array of missions.

Current, Future and Potential JLTV Operators

Current requirements are 49,099 forthe Army, 9,091 for the Marines, and3,270 desired by the Air Force.

In November 2018, Slovenia signedgovernment-to-government agreementfor the procurement of 38 JLTVs.

The Lithuanian Ministry of Defense(MND) contacted the US DOD inNovember of 2017 regarding apotential acquisition of 200 JLTVs.

The British Army is reportedly workingwith Foreign Military Sales (FMS) toacquire 2,747 JLTVs.

JLTV Development Process

Protection Blast protected seats Scalable crew protection

system Jam-resistant doors Automatic fire suppression

system

Mobility 20 in. wheel travel 70% faster off-road

performance Helicopter transportable Fixed-wing aircraft and

amphibious transportable

Performance Fully integrated C4ISR

capabilities 5,100 lbs. payload (2-door) 3,500 lbs. payload (4-door) Four unique variants

Adaptability TAK-4i independent

suspension Plug and play access for a

range of various technologies and aftermarket kits

Sources: Defense News, Breaking Defense and website


Aerospace & Defense


All Transactions – Value Disclosed


11

Valuation Metrics

Announced Date

Target AcquirorImplied TEV

($M)TEV/

RevenueTEV/

EBITDASegment Deal Type(s)

PU I

PU I

PR

PR

PU I

PS

PR I

PR

PU PB I

PS PB I

PU I

naGovernment Services, IT Services and Software

03/19/19 Inmarsat PlcApax Partners LLP & Warburg Pincus LLC

$5,533.5 3.8x

naGovernment Services, IT Services and Software

7.6xSatellite, Satellite Services &

Space Systems

03/22/19 Scalian SAS Cobepa S.A. $225.9 0.9x

03/31/19 Eltel Technologistics Ltd. ELTA Systems Ltd. $23.1 0.8x

02/12/19 Hispasat, S.A.Red Eléctrica Sistemas de Telecomunicaciones, S.A.U.

$1,520.0 6.6x 8.3xSatellite, Satellite Services &

Space Systems

03/18/19 Tactical Communications Group, LLC Curtiss-Wright Corporation $50.0 3.3x naGovernment Services, IT Services and Software

01/31/19Daewoo Shipbuilding & Marine Engineering Co., Ltd.

Hyundai Heavy Industries Co., Ltd. $5,862.6 0.7x na Navy/Maritime

02/01/19 MicroPact Inc. Tyler Technologies, Inc. $204.2 2.9x naGovernment Services, IT Services and Software

01/28/19 DHA Group Inc. ECS Federal, LLC $46.0 0.9x naGovernment Services, IT Services and Software

01/29/19 GECO Inc. Mercury Systems, Inc. $36.5 1.8x 10.5x Defense Electronics

01/13/19 Aeronautics Ltd. Rafael Advanced Defense Systems Ltd. $236.6 2.4x nm Unmanned Vehicles

01/16/19 Eltek Ltd. Nistec Golan Ltd. $20.1 0.6x na Defense Electronics

Note: Deals shown only include transactions with disclosed multiples


Aerospace & Defense

All Transactions – Value Not Disclosed



12

Announced Date Target Acquiror Segment Deal Type(s)

PR PB I

PR PB

PS PB

PR

PR I

PR PB

PR

PR PB

PR I

PR PB

PR I

PR I

PR

PR I

PR

PR PB

PR

PU

OGSystems, LLC Parsons Corporation


01/07/19

General Aerospace GmbH Stabilus S.A.


01/07/19 Standard Bent Glass Corp. Ibis Tek Inc.Specialty Defense Systems and

Services

01/07/19

Dormer Pramet AB Machined & Cast Parts

01/08/19

BERKS Group

Kellstrom Defense Aerospace, Inc. Components & Subsystems

01/07/19

Williams Aerospace & Manufacturing, Inc.


01/03/19 Accelerated Development and Support Corporation Technical Services Corporation (nka:ADS Federal)Government Services, IT Services and

Software

01/03/19 Swiss-Tech, LLC.


01/09/19 Wetmore Tool & Engineering Inc.


01/03/19 TSS Technologies, Inc. Resilience Capital Partners LLC Engineering and Project Management

01/02/19 Deep Space Industries, Inc. (nka:Bradford Space Inc.) Bradford Engineering B.V.

Midé Technology Corp. Hutchinson S.A.

Test & Measurement

01/08/19 California Brazing & Nevada Heat Treating, Inc. Trive Capital Machined & Cast Parts

01/08/19 Talon Test Labs, Inc. Applus Services, S.A.

01/09/19Paint and Interior Completion Business of Lotus Aviation Group

Gama Aviation Plc MRO & Logistics

01/09/19 Advanced C4 Solutions, Inc. Hui HuliauGovernment Services, IT Services and

Software

MRO & Logistics

01/10/19 Aero Turbine, Inc Gallant Capital Partners, LLC MRO & Logistics

01/10/191st Choice Aerospace Inc. (Florida) and 1st Choice Aerospace Inc. (Ohio)

VSE Aviation, Inc


01/14/19Precision Cooling Business of Parker-Hannifin Corporation

Advanced Cooling Technologies, Inc. Controls & Systems

01/10/19 Momeni Engineering, LLC Essex Industries, Inc.


Aerospace & Defense


All Transactions – Value Not Disclosed (continued)


13


PR I

PR

PR

PR I

PR I

PR I

PR I

PR

PR

PS

PR I

PU I

PR I

PU PB

PR

PR PB

PR PB

PU PB


01/15/19 Centrifuge Systems, Inc. Culmen International, LLCGovernment Services, IT Services and

Software

01/14/19 ForceNock Security Ltd. Check Point Software Technologies Ltd.


01/16/19 Aircam UAV Technology Corporation microdrones GmbH Unmanned Vehicles

01/15/19 Bay Shore Steel Works LLC Grand Traverse Band of Ottawa and Chippewa Indians

Defense Electronics

01/17/19 Agiliteam SARL Jinpao Precision Industry Co.,Ltd. Machined & Cast Parts

01/16/19 Atlantic Microwave Limited ETL Systems Ltd


01/17/19Special Aerospace Security Services, Inc. & National Security Training Institute, Inc .

Hockeypuk Cybersecurity Consulting, LLC Specialty Defense Systems and

Services

01/17/19 EN Moteurs SAS Undisclosed Buyer


01/18/19 Fulcrum IT Services, LLC Huntington Ingalls Industries, Inc.Government Services, IT Services and

Software

01/17/19 International Towers, Inc. S&K Technologies, Inc.

MRO & Logistics

01/21/19 Combat Vehicles Business of BAE Systems plc Rheinmetall AG Land Systems

01/21/19Worldwide Maintenance Activities of ExecuJet Aviation Group AG

Dassault Aviation SA


01/22/19 Garsite/Progress LLC AFI Partners LLC MRO & Logistics

01/21/19 CB Rectification (nka:CB Rectif Aéroservices) Freyssinet Aero Equipment S.A.S.

MRO & Logistics

01/22/19 National Technologies Associates, Inc. VT Group, Inc. MRO & Logistics

01/22/19 LEKTRO, Inc. John Bean Technologies Corporation


01/22/19Commercial In-Flight Entertainment Business of Collins Aerospace

digEcor, Inc. Aircraft Interiors

01/22/19 System High Corporation Enlightenment Capital


Aerospace & Defense




14


PR PB I

PU

PU

PS I

PU PB

PS PB I

PR I

PR I

PU PB

PR I

PR I

PS

PR PB

PR

PR PB

PR PB

PR PB I

PR

01/28/19 Aeryon Labs Inc. FLIR Systems, Inc. Unmanned Vehicles

01/28/19 Convolus Ltd Aviaa Holdings, Inc.

01/24/19 Metallics Machining Business of Triumph Group Inc. TECT Aerospace, Inc Machined & Cast Parts

01/23/19 New EAS SAS Sabena Technics MRO & Logistics

01/24/19Global 7500 Wing Manufacturing Operations and Assets of Triumph Aerostructures, LLC

Learjet Inc. Aerostructures

Distribution

01/28/19Fabrications Business Of Triump Group (nka:Radius Aerospace, Inc.)

Arlington Capital Partners LP Machined & Cast Parts

01/28/19 SK AeroSafety Group Levine Leichtman Capital Partners MRO & Logistics

01/28/19 Omega Systemes SAS Web Industries, Inc. Machined & Cast Parts

01/28/19Reliability Services Business of CIRCOR International Inc.

RelaDyne, Inc. Components & Subsystems

01/29/19 Vitech Corporation Zuken Inc.Government Services, IT Services and

Software

01/30/19 LGS Innovations LLC CACI, Inc. - Federal

Aero Precision Holdings, L.P. Components & Subsystems

02/01/19 Solid Sealing Technology, Inc. HEICO Corporation Components & Subsystems

02/04/19 AvAir, Inc. Corrum Capital Management LLC Distribution

01/29/19 Aviation Skills Partnership Limited Pennant International Group plc Simulation & Training Systems

02/05/19 SEOPS, LLC Hypergiant, LLCSatellite, Satellite Services & Space

Systems

02/04/19 FBO assets of World Jet, Inc. Lynx FBO Network MRO & Logistics


01/31/19 Applied Plastics Co., Inc. Vance Street Capital LLC Components & Subsystems

02/04/19 Lynx Avionics


Aerospace & Defense




15


PS

PR I

PR PB

PR PB

PR I

PS

PU PB I

PR PB

PR I

PR I

PS PB I

PR I

PS I

PR

PR

PS I

PR PB I

PU I

02/15/19 Enmark Tool & Gage Company, Inc. Mno-Bmadsen Machined & Cast Parts

02/22/19 nCipher Security Limited Entrust Datacard CorporationCybersecurity, Intelligence Services and

Homeland Defense

02/18/19 Axiom Materials, Inc. Kordsa, Incorporated Composites

02/20/19 Sci-Lab Materials Testing, Inc. National Technical Systems Inc. Test & Measurement

02/15/19 CIREX bv Signicast Corporation Machined & Cast Parts

02/15/19Aerospace and Defense Precision Machining Capabilities & Assets of Chasco Machine & Manufacturing

ICTC USA Machined & Cast Parts

02/14/19 NSO Group Technologies Ltd. Novalpina Capital LLPGovernment Services, IT Services and

Software

02/15/19 Interset Inc. Micro Focus International plcGovernment Services, IT Services and

Software

02/13/19 ASL Aviation Holdings STAR Capital Partnership LLP MRO & Logistics

02/13/19 BITES Defence & Aerospace Technologies Inc.Aselsan Elektronik Sanayi ve Ticaret Anonim Sirketi


02/12/19 Flensburger Schiffbau-Gesellschaft mbH & Co. KG Sapinda Holding B.V. Navy/Maritime

02/12/19 Bright Light Systems, Inc. Phoenix Products Company Inc. Components & Subsystems

02/11/19 L&S Light & Strong, Ltd. Lohia Corp Limited Components & Subsystems

02/11/19 Endeavor Robotics FLIR Detection, Inc. Unmanned Vehicles

02/07/19 Form 3D Solutions & Manufacturing LLC Whitcraft LLC Engineering and Project Management

02/05/19 Inuktun Services Ltd. Eddyfi Technologies Unmanned Vehicles

02/05/19 The Tauri Group LLC Logistics Management Institute, Inc.Government Services, IT Services and

Software

02/06/19 Stanley Engineering Company, LLC Domaille Engineering, LLC Components & Subsystems


Aerospace & Defense




16


PR I

PR I

PS PB

PR I

PR

PR

PU

PR

PR PB

PR PB

PR

PU PB I

PR PB

PU

PS

PR PB

PR

PR PB

03/12/19 EvengX, LLC SecureSky, Inc.Cybersecurity, Intelligence Services and

Homeland Defense

03/14/19 Sev1Tech Inc DFW Capital Partners, Inc. Government Services, IT Services and

Software

03/06/19 ForeFlight LLC The Boeing CompanyGovernment Services, IT Services and

Software

03/08/19 Midwest Precision, LLC Tribus Aerospace LLC Machined & Cast Parts

03/05/19 BCC Products, Inc. Polytek Development Corp. Composites

03/06/19 Triumph Aviation Services - NAAS Division Inc. STS Aviation Group, Inc. MRO & Logistics

03/04/19 General Photonics Corporation Luna Technologies, Inc. Components & Subsystems

03/05/19 Global Command & Control Technologies (Pty) Ltd African Equity Empowerment Investments Limited Simulation & Training Systems

03/04/19 Onboard Systems International Inc. Liberty Hall Capital Partners, L.P. MRO & Logistics

03/04/19 Island Information Technology Consultants, Inc. Tyto Athene, LLCGovernment Services, IT Services and

Software

03/01/19 Kforce Government Holdings, Inc. ManTech International CorporationGovernment Services, IT Services and

Software

03/01/19 RF Techniques, Inc. Electro Technik Industries Defense Electronics

02/28/19 Decavo LLC HEICO Corporation Components & Subsystems

02/28/19 Florida Turbine Technologies Inc./ FTT Core LLC Kratos Defense & Security Solutions, Inc. Engines & Engine Systems

02/27/19 Hermetic Solutions Group LLC Windjammer Capital Investors LLC Components & Subsystems

02/27/19European Maintenance Activities of Tag Aviation Group (Uk) Ltd

Dassault Aviation SA MRO & Logistics

02/25/19 Thermopylae Sciences and Technology, LLC Hexagon AB (publ)Government Services, IT Services and

Software

02/26/19 Renegade Materials Corporation Teijin Holdings USA, Inc. Composites


Aerospace & Defense




17


PR

PS PB

PR

PR I

PR

PR

PS I

PU I

PR PB

PR I

PR PB

PR I

PR I

PR I

PR I

PS PB I

PU

PR I

03/29/19 3D Material Technologies, LLC Aerojet Rocketdyne Holdings, Inc. Engineering and Project Management

03/29/19 Structural Integrity Engineering, Inc. Aernnova Aerospace S.A. Engineering and Project Management

03/28/19 MAP SA BT2i Group Machined & Cast Parts

03/28/19 Cyberhawk Innovations Limited Magnesium Capital Llp Unmanned Vehicles

03/27/19 Skydel Solutions (nka:Orolia Canada Inc.) Orolia SASatellite, Satellite Services & Space

Systems

03/27/19 Newtec Cy NV Singapore Technologies Engineering (Europe) LtdSatellite, Satellite Services & Space

Systems

03/26/19 Systron Donner Inertial Resilience Capital Partners LLC Components & Subsystems

03/26/19 Encore Aviation Pty Ltd MAG DS Corp. MRO & Logistics

03/25/19 Phacil, Inc. By Light Professional IT Services, Inc.Government Services, IT Services and

Software

03/26/19 IBD Ingenieurbüro Deisenroth GmbH Rheinmetall AGSpecialty Defense Systems and

Services

03/22/19 Airstar Aerospace SAS Constructions Industrielles de la MéditerranéeSatellite, Satellite Services & Space

Systems

03/25/19 Hiddn Solutions ASA Energos Group ASGovernment Services, IT Services and

Software

03/19/19 Jagemann Stamping Co.'s Wisconsin Casing Division AMMO, Inc.Specialty Defense Systems and

Services

03/22/19 Alytica LLC CieloGov, LLCGovernment Services, IT Services and

Software

03/18/19 NexDefense, Inc. Dragos, Inc.Cybersecurity, Intelligence Services and

Homeland Defense

03/19/19 Euro-Shelter S.A.S. TOUTENKAMION SASpecialty Defense Systems and

Services

03/14/19 Nuvotronics LLC Cubic Corporation Components & Subsystems

03/18/19 Schafer Intermediate Holdings, LLC Gryphon Technologies LCGovernment Services, IT Services and

Software

janes capital partners quarterly...

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