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Aerospace & Defense M&A Trends: Summer 2020

Published August 25, 2020

Home > M&A Trends > Aerospace & Defense M&A Trends: Summer 2020
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Meridian Capital is pleased to share with you our Summer 2020 Aerospace & Defense M&A Update. The Summer 2020 edition spotlights the commercial and defense segments of the UAV and Drone industry, and specifically covers M&A and venture capital deals, trends, and public company valuations within the industry. A few of the takeaways from our newsletter are included below.

  • M&A activity has decreased 12.5% from Q1 to Q2 2020; Meridian expects M&A to pick up in the coming quarters due to:
    • Growing adoption of UAV use cases within the commercial market
    • Many A&D focused investors are shifting focus away from commercial aviation to UAV / drone opportunities
    • Venture capital investors seeking to realize their investments
  • As overall drone M&A heats up, demand for drone components and related technologies such as sensors, cameras, AI, transmitters, and avionics are expected to increase
  • Early stage private equity and venture capital remains active, nearly doubling from Q1 to Q2 2020 as companies seek cash infusions to weather the pandemic
  • Global spending on drones is expected to be driven largely by defense spending, with R&D and procurement spending expected to rise from $11.1B in 2020 to $14.3B by 2029

We welcome the opportunity to discuss Aerospace & Defense trends and what we are seeing in the market.

View the Report
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UAV and Drone Market Insights

Early Stage Private Equity and Venture Capital Remains Active

  • M&A has decreased 12.5% from Q1 to Q2 2020 while the number of fundraising deals doubled due to companies seeking cash infusions to weather the pandemic
  • Drone industry is still maturing, with early stage investments accounting for 51% of completed transactions YTD 2020*
  • The Drone industry has raised a total of $1.3B in venture capital funding in YTD 2020, already surpassing the total amount of $994M in 2019
  • Both VC mega rounds in YTD 2020 went to drone manufacturers. Joby Aviation raised a $590M Series C and Skydio raised a  $100M Series C. Joby’s Series C makes it the second highest funded Drone company, behind DJI Innovations

Commercial and Civil Markets Gain Traction

  • The commercial sector is the fastest growing drone market with farming and agriculture, media and telecommunications, insurance, construction, and mining all benefiting from usage of drones
  • The commercial drone market is anticipated to grow significantly as FAA regulations in the US continue to loosen and government agencies adopt new technologies
  • Recreational drone use has risen as input prices continue to decline

Global Spending on Drones Expected to be Driven by Defense

  • Global defense research and development and procurement spending on drones is expected to rise from a projected $11.1B in 2020 to $14.3B by 2029
  • Despite early usage of drone systems primarily focusing on intelligence, surveillance, and reconnaissance, militaries are now expanding usage for armed missions

Drone Deliveries Gain Momentum During the Pandemic

  • Mentions of autonomous and contactless deliveries have soared on public company earnings calls as businesses look for ways to minimize contact amid the pandemic
  • There have been several recent partnerships, such as CVS’ partnerships with Nuro and UPS to deliver prescriptions as well as Rouses Markets’ partnership with Deuce Drone

What We’re Reading

Drone deliveries are making their case in a crisis– engadget
Takeaway: Drone deliveries are shining and proving their value during the pandemic as companies seek to minimize the spread of infection. 

Autonomous drone maker Skydio shifts to military and enterprise with its first folding drone– The Verge
Takeaway: Skydio, long known for its consumer drones, is entering the commercial drone market with the release of its new X2 model drone; the move showcases that drones are much more than hobby toys and have a plethora of use cases.

The infusion of artificial intelligence into drones opens up a whole new world of opportunities– eWeek
Takeaway: During the past couple of years, the rise of more intelligent drones has expanded their use cases. For example, adding automation software allows businesses with large-scale operations to use drones to collect data while adhering to compliance and safety regulations.

*2020 YTD is the year-to-date period from Jan. 1 to Jul. 22, 2020
Source: CB Insights, U.S. Small Business Administration, PitchBook Data, IBISWorld, Company Press Releases

Drone Annual Financing Amount ($M) and Share by Stage

  • Joby Aviation’s $590M Series C round in January leads the pack with the largest funding round,  giving 2020 levels a significant lift from 2019
  • Early stage Seed and Series A rounds represent 51% of all deals YTD 2020, indicating that the industry is still maturing

Drone Annual M&A & IPO Deal Count

  • M&A activity has slowed down in Q2 as timelines and diligence processes have extended due to the pandemic
  • M&A is likely to pick up in Q4 2020 and Q1 2021 as VC and private investors in well-funded drone companies seek to realize their investments

Select Drone Public Company Valuations

Company NamePrice as of 7/22/2020% of 52-week highMarket Cap.Enterprise ValueLTM RevenueLTM EBITDALTM MarginFY 2020E RevenueFY 2020E EBITDAFY 2020E MarginEV / Revenue LTMEV / Revenue FY 2020EEV / Revenue FY 2021EEV /EBITDA LTMEV /EBITDA FY 2020EEV /EBITDA FY 2021E
FLIR Systems$42.8372%$5,604$6,135$1,893$32817%$1,895$43723%3.2x3.2x3.1x18.7x14.0x13.0x
AeroVironment$85.8199%$2,065$1,772$367$5816%$356$5816%4.8x5.0x4.4x30.7x30.7x27.6x
Ambarella$46.0163%$1,580$1,178$236-$28-12%$229-$13-6%5.0x5.2x5.5xNMNMNM
EHang$9.9061%$542$511$19-$6-32%$68NANA27.3x7.5x1.7xNMNANA
Autonomous Control Systems Laboratory$20.7755%$216$181$12$220%$13NANA15.4x14.0x12.7x76.4xNANA
Parrot Drones$3.4667%$103-$26$85-$32-38%$95-$31-33%NMNMNM0.8x0.9xNM
$M, except for share price data
2020 YTD is the year-to-date period from Jan. 1 to Jul. 22, 2020
Terms: NA = “Not Available” NM = “Not Meaningful” LTM= “Last Twelve Months”
Source: CB Insights, PitchBook Data

Notable Drone M&A Transactions

Notable Drone M&A Transactions 2012-2020

Select Recent Drone M&A Transactions

DateTargetBuyerTarget DescriptionEV ($M)
Jul-20Duke RoboticsUAS DroneProvider of an advanced military UAS drone with stabilization technology.ND
Jun-20DataWing GlobalB3Bar HoldingsProvider of unamanned air system information services.ND
Jun-20Effective SpaceAstroscaleManufacturer of space drones and life extension systems.ND
May-20Tethers UnlimitedAmergintDeveloper of new products and technologies for space, sea, and air applications.ND
Apr-20Dronelogics SystemsDraganflyProvider of integrator solutions for custom robotics.$1 
Apr-20EMRC HeliAegis Technologies Group (Arlington Capital Partners)Manufacturer of small unmanned aerial systems designed for government and commercial customers. ND
Apr-20AeroVista InnovationsDroneUpProvider of drone aerial mapping and imagery training solutions.ND
Mar-20HybroidHII Technical SolutionsManufacturer of Autonomous Underwater Vehicles (AUVs).ND
Mar-20Viking UASSkyfire ConsultingProvider of aircraft engineering services for aircraft and drone industry.ND
Mar-20RoBirdAERIUM AnalyticsProvider of unmanned aircraft systems and specializes in bird control and aerial inspections. ND
Mar-20Neva Ridge TechnologiesGeneral AtomicsProvider of Synthetic Aperture Radar (SAR) data processing technology and services.ND
Feb-20Technical DirectionsKratos Defense & Security SolutionsDeveloper of expendable turbojet engine applications and other UAVs.$10 
Feb-20Flight ProsISight RPV ServicesProvider of drone services designed to manage projects efficiently.ND
Feb-20ConvexumNSO Group Technologies (Novalpina Capital)Developer of a cyber-security platform designed for taking over and landing rogue or malicious drones. $60 
Jan-20WesiiDXT CommoditiesDeveloper of drone technology with multispectral sensors and processing algorithms.ND
Dec-19PAE ISRAmerican Aerospace TechnologiesProvider of UAS and has significant experience in system integration and evaluation.ND
Dec-19Asteria AerospaceReliance IndustriesDeveloper of drone-based solutions intended to provide actionable intelligence from aerial data.$21 
Dec-19Measure UASAerodyne GroupOperator of a first and largest Drone as a Service company in the United States. ND
Nov-19VR TechnologiesTawazun Economic CouncilManufacturer and designer of helicopters and unmanned aerial vehicles.$887 
Sep-19PrismaticBAE SystemsDeveloper of autonomous aerospace and space products.$7 
Source: PitchBook Data, CB Insights, Company Press Releases

Select Drone Funding Transactions YTD 2020*

DateCompanyAmount ($M)Select InvestorsRoundCityCountry
Jul-20Azur Drones$2.90Undisclosed InvestorsSeries B – IIMerignacFrance
Jul-20Propeller Aerobotics$18.00Sequoia Capital China, Blackbird VenturesSeries BSurry HillsAustralia
Jul-20CivdroneNDDrone FundSeries ATel AvivIsrael
Jul-20Skydio$100.00Playground Global, Accel, NVIDIA GPU Ventures, Andreessen Horowitz, Institutional Venture PartnersSeries CRedwood CityUnited States
Jul-20SLAMcore$5.00Amadeus Capital Partners, MMC Ventures, Octopus Ventures, Toyota AI Ventures, Mirai Creation FundSeries BLondonUnited Kingdom
Jul-20Anduril$200.00Andreessen Horowitz, 8VC, Elad Gil, Founders Fund, General Catalyst, Human Capital, Lux Capital Management, Valor EquitySeries CIrvineUnited States
Jun-20Wesii$1.12LigurCapital, Innovation HoldingSeed VCChiavariItaly
Jun-20Neurala$4.88360 Capital Partners, Pelion Venture PartnersUnattributed VCBostonUnited States
Jun-20Blueye Robotics$1.06Undisclosed InvestorsUnattributedTrondheimNorway
Jun-20CODE42.ai$12.38KTB Network, Shinhan Financial Group, LIG Nex1SeedSeoulSouth Korea
Jun-20DroneBase$7.50Razi Ventures, Upfront Ventures, Union Square Ventures, Hearst Ventures, Pritzker Group Venture Capital, and othersSeries CLos AngelesUnited States
Jun-20Aerones$1.60Y Combinator, Change Ventures, SensumSeries ARigaLatvia
Jun-20Lilium Aviation$35.00Baillie Gifford & Co.Series C – IIWesslingGermany
Jun-20Betterview$7.50Compound, Nationwide Mutual Insurance Company, Winklevoss Capital, Guidewire Software, and othersSeries BSan FranciscoUnited States
Jun-20Clearpath Robotics$29.00RRE Ventures, Inovia Capital, Kensington Capital Partners, Export Development Canada, BMO Capital PartnersSeries CKitchenerCanada
May-20i-Kingtec$23.79Guozhong Venture Capital Management, ZHRM Fund, BlueRun Ventures, Joinne MingYuan Venture Capital, Hongtai Capital Series BBeijingChina
May-20Xwing$10.00R7 Partners, Alven Capital, Thales Corporate Ventures, Eniac VenturesSeries ASan FranciscoUnited States
May-20Aerobotics$5.56NaspersSeries BCape TownSouth Africa
May-20NewSight Imaging$7.00Infinity Group (China), George SoSeries ANess ZionaIsrael
May-20Aware VehiclesNDT-Mobile AcceleratorIncubator/AcceleratorKansas CityUnited States
May-20Regulus Cyber$4.00Sierra Ventures, btov Partners, Technion Seed, F2 Capital, SPDG, Canaan Partners IsraelSeries BHaifaIsrael
Apr-20DASH Systems$4.48Undisclosed InvestorsUnattributedHawthorneUnited States
Mar-20Slingshot Aerospace$1.50U.S. Air ForceSeries AEl SegundoUnited States
Feb-20Volocopter$40.00Mitsui Sumitomo Insurance Venture Capital, TransLink Capital, DB Schenker, Lukasz Gadowski, and othersSeries C – IIBruchsalGermany
Feb-20CerbAir$6.04Boundary Holding, Smart Move Holding, MBDA, Aube Management, TechnoFounders, and othersSeries ABoulogne-BillancourtFrance
Jan-20Airspace Link$4.00Indicator VenturesSeed VC – IIPlymouthUnited States
Jan-20Joby Aviation$590.00Intel Capital, Capricorn Investment Group, Toyota, AME Cloud Ventures, and othersSeries CSanta CruzUnited States
Jan-20Clobotics$10.00Tiger Management CorpSeries A – IVShanghaiChina
Jan-20SOS LAB$8.00KDB Capital, Shinhan Capital, Korea Development Bank, Shinhan Financial Group, and othersSeries A – IIGwangjuSouth Korea
2020 YTD is the year-to-date period from Jan. 1 to Jul. 22, 2020
Source: CB Insights

 

Meridian Capital's Aerospace, Defense & Space Transaction Experience

*Note: Includes transactions completed by Meridian bankers while at previous firms

Meridian Capital’s Aerospace, Defense & Space Team

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Brian Murphy
Managing Director, President
Aaron Franzheim Photo
Aaron Franzheim
Vice President

Aerospace, Defense & Space M&A Reports

Aerospace, Defense & Space M&A Trends: Fall 2023

October 24, 2023

Key Satellite Platforms and Space M&A Trends: April 2023

April 21, 2023

Aerospace, Defense & Space M&A Trends: Spring 2023

March 20, 2023

Aerospace, Defense & Space M&A Update: Winter 2023

January 11, 2023

Aerospace, Defense & Space M&A Trends: Summer 2022

July 26, 2022

Aerospace, Defense & Space M&A Trends: Spring 2022

March 1, 2022

Aerospace & Defense M&A Trends: Fall 2021

November 8, 2021

Aerospace & Defense M&A Trends: Summer 2021

July 14, 2021

Aerospace & Defense M&A Trends: Winter 2021

April 21, 2021

Aerospace & Defense M&A Update: Winter 2019

January 23, 2019

Aerospace M&A Update – Spring 2018

April 15, 2018

Aerospace M&A Update – Summer 2017

June 30, 2017

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