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M&A activity

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The aerospace industry continues to be a rich seam of M&A activity.

The current level of consolidation is reaching a 30-year peak with the cycle fuelled by rising cost pressures, the need to access new technologies and proof of concepts, and because of emerging global opportunities.

Some of the most recent transactions are among the largest deals seen anywhere in 2019. For instance in June, United Technologies Corp and Raytheon agreed to an all-share merger which creates a broad aerospace and defence supplier with current sales of €66bn.

Defence Electronics

DateAcquirerAcquirer CountryTargetTarget CountryTarget DescriptionEV £mEV/ SalesEV/ EBITDA
29/5/19Harris Corporation (NYSE:HRS)USExelis Inc.USExelis Inc. provides command, control, communications, computers, intelligence, and surveillance and reconnaissance (C4ISR) electronics and systems3,100.121.5x9.3x
14/3/19TransDigm Group Incorporated (NYSE:TDG)USEsterline Technologies CorporationUSEsterline Technologies Corporation provides avionics, sensor and other electronic systems3,026.812.0x13.0x
4/3/19Cerberus Capital Management, L.P.USSparton CorporationUSSparton Corporation provides design, development, and manufacturing services for electromechanical devices; and engineered products in electromechanical value stream201.730.7x9.1x
26/11/18United Technologies Corporation (NYSE:UTX)USCollins AerospaceUSCollins Aerospace provides aviation technology systems23,439.215.0x14.0x
29/2/16J.F. Lehman and Company, LLCUSAPI Technologies Corp.USAPI Technologies Corp., together with its subsidiaries, designs, develops, and manufactures systems, subsystems, modules, and components for radio frequency (RF) microwave, millimeterwave, electromagnetic, power, and security applications220.091.3x13.5x

Aerostructures

DateAcquirerAcquirer CountryTargetTarget CountryTarget DescriptionEV £mEV/ SalesEV/ EBITDA
18/4/19Vision Technologies Aerospace IncorporatedUSMRA Systems, LLCUSUS-based original equipment manufacturer of aerostructures and nacelle systems for commercial and military aircraft481.9091.2x10.0x
26/4/18Melrose PlcUKGKN PlcUKUK-based engineering group providing airframe structures, including wings, fuselages, empennages, and nacelles and pylons23,439.215.0x14.0x
19/1/18TowerBrook Capital Partners L.P.; Torreal, S.A.; Peninsula Capital S.a.R.L.UKAernnova Aerospace S.A. (70.6% Stake)SpainSpain-based company that manufactures and designs aero structures1,115.461.8x10.6x
8/4/16Albany International Corp.USAlbany Aerostructures Composites LLCUSUS-based aerostructures business of Harris Corporation151.452.7xn.a.
6/11/15Lockheed Martin CorporationUSSikorsky Aircraft CorporationUSUS-based company engaged in the design, manufacture and service of military and commercial helicopters; fixed-wing aircraft; spare parts and maintenance, repair and overhaul services for helicopters and fixed-wing aircraft; and civil helicopter operations5,919.9491.4x14.0x

MRO

DateAcquirerAcquirer CountryTargetTarget CountryTarget DescriptionEV £mEV/ SalesEV/ EBITDA
10/1/2019VSE CorporationUS1st Choice Aerospace Inc.USUS-based aircraft component maintenance, repair and overhaul (MRO) company119.13.2xn.a.
3/11/2017StandardAero Aviation Holdings, Inc.USVector Aerospace CorporationCanadaCanada-based provider of aviation repair and overhaul services560.91.0xn.a.
5/2/2016BBA Aviation PlcUKLandmark AviationUSUS-based company that operates a network of fixed base operations and provides maintenance, repair and overhaul services1,336.42.8x12.4x
8/7/2015The Veritas Capital Fund V, L.P.USStandardAero Holdings, Inc.CanadaUS-based company engaged in providing maintenance repair and overhaul (MRO) services to aircrafts1,454.0n.a.12.5x
15/5/2015Magellan Aerospace CorporationCanadaEuravia Engineering & Supply Co. Ltd.UKUK-based aviation company that provides maintenance, repair and overhaul (MRO) solutions for a wide range of aircraft and helicopter gas turbine engines22.01.6x6.2x

Aero Engines

DateAcquirerAcquirer CountryTargetTarget CountryTarget DescriptionEV £mEV/ SalesEV/ EBITDA
27/5/2016Silverfleet CapitalUKSigma Precision ComponentsUKUK-based manufacturer of precision components and assemblies for aero engines. Products include ducting and complex pipe assemblies, fasteners, and machined components65.0n.a.n.a.
12/1/2016HEICO Electronic Technologies Corp.USRobertson Fuel Systems, LLCUSUS-based designer, developer and manufacturer of auxiliary fuel systems for aircrafts171.2n.a.n.a.
21/11/2015Meggitt PlcUKCobham (advanced composites businesses)UKUK-based business of Cobham engaged in design, development and production of engineered aerospace composite engine components129.22.5x10.0x
20/11/2014Arconic Inc.USFirth Rixson LimitedUKUK-based company that manufactures and markets rings, forgings, and other engine components to original equipment manufacturers in aerospace1,673.12.9xn.a.
6/6/2013TransDigm Group Inc.USArkwin Industries Inc.USUS-based company engaged in designing and manufacturing of hydraulic and fuel system components for civil and military fixed-wing aircrafts, helicopters, spacecrafts, turbine engines and special applications187.63.0xn.a.

Landing Gear

DateAcquirerAcquirer CountryTargetTarget CountryTarget DescriptionEV £mEV/ SalesEV/ EBITDA
1/10/2018Heroux-Devtek, Inc.CanadaCompania Espanola de Sistemas Aeronauticos, S.A.SpainSpain-based company that develops and manufactures landing systems and components120.91.4x10.0x
30/10/2015Precision Castparts Corp.USNoranco Inc.CanadaCanada-based manufacturer and supplier of complex machined and fabricated components for landing gear361.2n.a.10.0x
28/10/2015GKN PlcUKFokker Technologies Group B.V.NetherlandsNetherlands-based company which designs, develops, and manufactures landing gear components502.00.8x8.4x
27/6/2014Triumph Group, Inc.USGE Aviation (Hydraulic Actuation Business)USUS-based hydraulic actuation business of GE Aviation which provides hydraulic landing gear41.9n.a.n.a.
3/2/2014Heroux-Devtek, Inc.APPH Limited; APPH Wichita, Inc.UK USUK-based designer and manufacturer of hydraulic systems and landing gears for commercial and military aircraft US-based designer, developer, tester, and repairer of hydraulic systems and landing gears for general aviation and business aircraft markets76.01.6x10.0x

Aircraft Components

DateAcquirerAcquirer CountryTargetTarget CountryTarget DescriptionEV £mEV/ SalesEV/ EBITDA
26/10/2018Spirit Aerosystems Holdings IncUSASCO Industries nv/saBelgiumBelgium-based developer and manufacturer of aerospace products and aeroplane components480.81.5xc.8.0x
27/6/2017Sonaca S.A.BelgiumLMI Aerospace, Inc.USUS-based supplier of components to the aerospace and technology industries343.91.2x12.5x
12/6/2017Shaanxi Ligeance Mineral Resources Co., Ltd.ChinaGardner Aerospace Holdings LimitedUKUK-based manufacturer of metallic aerospace detailed parts356.82.7x14.2x
29/1/2016Berkshire Hathaway Inc.USPrecision Castparts Corp.USUS-based manufacturer of metal components and products providing investment castings, forgings and fasteners, fastener systems for critical aerospace and industrial gas turbine (IGT) applications23,597.63.7x12.5x
24/4/2015RBC Bearings Inc.USSargent Aerospace & Defense Inc.USUS-based manufacturer of specialised aircraft components335.92.6xn.a.
Source: CapitalIQ and Mergermarket, 2019
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