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Aerospace M&A Update – Summer 2017

Published June 30, 2017

Home > M&A Trends > Aerospace M&A Update – Summer 2017
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Key Trends in Aerospace & Defense for 2017

Meridian Capital’s Aerospace and Defense M&A Update focuses on consolidation in the supply chain, continued interest in proprietary content and cross border acquisitions, and Boeing’s potential impact on the maintenance repair and overhaul market.

View the Report
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M&A Trends, Activity and Public Comps

Aerospace M&A Activity Remains Strong During First Half of 2017

  • In the first half of 2017, aerospace and defense M&A volume remained well above the historical 10-year average despite slowing order activity and continued cost pressures on the supply chain.
  • During the first six months of 2017, aerospace and defense transaction volume was down slightly from the second half of 2016, with 199 transactions compared to 227. However, year-over-year, transaction volume was up 43% compared to the first half of 2016. Strong activity across the commercial components/subsystems and composites segments have served as transaction drivers.
  • Near-term M&A activity in the industry will likely benefit from the positive momentum established during the Paris Air Show, where order activity for both narrow body commercial and defense aircraft was stronger than expected.
  • Given recent order momentum, in addition to strong long-term air traffic and build rate forecasts, we expect several trends to drive continued industry consolidation activity in the second half of 2017.

YoY Transaction Volume

OEM Build Rate Increases Continue to Stress Supply Chain

  • Both Boeing and Airbus continue to look for ways to aggressively cut costs and increase build rates on key platforms. The price and order competition on comparable platforms such as the 737 vs. A320 and 787 vs. A350 remains fierce. After several years of embracing an expanded supplier base, both OEMs are driving their respective supply chains to consolidate so they can regain control over technological capabilities, cost, and capacity.
  • As a result, suppliers are faced with the challenge of substantially building production capacity while simultaneously providing near-term price reductions. This is driving key suppliers to make significant investments in equipment, systems, and acquisitions to expand capabilities and/or enhance automation.
  • While large Tier I suppliers such as Spirit, Safran, and Triumph have the resources to support these demands, the competitive dynamic presents a challenge for small to mid-sized Tier I and Tier II suppliers with more limited financial resources.

M&A Interest Focused on Proprietary Content and Cross Border Activity

  • Key strategic investors and industry focused private equity firms continue to communicate a strong M&A appetite. In particular, as the commercial build-to-print market has become increasingly competitive, investors are aggressively seeking opportunities that offer proprietary content, an MRO offering, or unique manufacturing capabilities.
  • Several well-established, Tier I Airbus suppliers based in Europe and Asia are seeking U.S. acquisitions with direct relationships with North American OEMs.
  • These investment rationales, coupled with the pricing and build-rate pressures outlined above, are likely to lead to continued industry consolidation over the next 12 months.

OEM Build Rate Increases Continue to Stress Supply Chain

  • Boeing has set the stage for the launch of its new Global Services business that aims to capture a large share of the global maintenance, repair, and overhaul (“MRO”) market. Specifically, Boeing is aggressively targeting to reach $50 billion in MRO revenue within the next 10 years.
  • Historically, the MRO market has been highly fragmented with airlines valuing characteristics such as flexibility, responsiveness, and competitive pricing often associated with smaller, independent companies. Boeing intends to address these customer needs through an internal reorganization as well as through selective acquisitions.
  • Boeing’s rejuvenated commitment to the MRO market will likely drive consolidation at all levels as companies look to position themselves to protect market share and expand differentiated capabilities.

Source: CapitalIQ

Select Transaction Case Studies

Target Description: Offers repair, troubleshooting, and maintenance of turbine engine and aircraft.
Investment Rationale: Further positions Kellstrom Aerospace Group as a global leader in the aircraft lifecycle solutions industry and builds upon the Company’s diverse service offerings.
Buyer Quote: “With Vortex Aviation joining Kellstrom Aerospace Group, our range of technical services is greatly enhanced.” – Jeff Lund, CEO of Kellstrom Aerospace Group.

Target Description: A leading manufacturer of metallic aerostructure parts and subassemblies.
Investment Rationale: Allows Wipro to gain access to North American OEMs and to capitalize on global supply chain trends.
Buyer Quote: “We see cross-synergies in customer relationships, products and technology that can be leveraged to strengthen our presence in the growing Aerospace sector and become a partner of choice for global OEMs and Tier-1s.“ – Sunil Rajagopalan, business head (Aerospace) of Wipro.

Target Description: Washington-based designer, engineer, and manufacturer of digital in-flight entertainment and cabin management systems (IFE/CMS) for the corporate, private, and VIP aircraft industry.
Investment Rationale: The addition of CCC furthers Astronics’ commitment to be the global leader in the global aerospace advanced technologies market as it recovers in the coming years.
Buyer Quote: “We believe the cooperative pursuits of PGA and CCC working together will provide best-in-class technology and innovation to our customers.“ – Peter Gundermann, CEO of Astronics Corporation.

Target Description: Engages in the designing, manufacturing, and distribution of aerospace, defense, medical, and industrial composites.
Investment Rationale: Liberty Hall seeks to build a fully-integrated, diversified composites supplier through organic investments and strategic acquisitions.
Buyer Quote: “Composites represent one of the fastest growing, and evolving, segments within the aerospace industry.” – Rowan Taylor, Founding Partner of Liberty Hall Capital Partners.

Notable Recent Transactions

DateTargetBuyerSegmentEV ($M)EV/ RevenueEV/ EBITDA
Jul-17Vector Aerospace CorporationDAE Aviation Holdings, Inc.MRO–––
Jun-17Vortex Aviation Inc.Kellstrom Aerospace, LLCMRO–––
Jun-17Space-Lok, Inc.Novaria Fastening Systems LLCComponents & Subsystems–––
Jun-17Aernnova Aerospace S.A.TowerBrook Capital Partners L.P.; Torreal,Aerostructures–––


SCR, S.A.; Peninsula Capital Advisors LLP



Jun-17Dunlop Aircraft Tyres LimitedLiberty Hall Capital Partners, L.P.Components & Subsystems135.0––
Jun-17Halo Industires, Inc.Elite Aerospace Group, Inc.Machined Parts–––
Jun-17Fore Machine Company, Inc.P4G Capital Management, LLCComponents & Subsystems–––
Jun-17Aero Components Inc.P4G Capital Management, LLCComponents & Subsystems–––
Jun-17Graco Suppply Company Inc., Ball Ground Aircraft Sealand Repackaging BusinessRoyal Adhesives & Sealants, LLCComposites–––
Jun-17Three Add On Aerospace Product LinesTransDigm Group Incorporated (NYSE:TDG)Controls100.03.1x–
May-17SMTC SASAircraft Interior ProductsComposites–––
May-17Classic Precision Inc.Hosco Finishing LLCEngines–––
May-17BEI Precision Systems & Space Co. Inc.J.F. Lehman & Company, Inc.Components & Subsystems–––
May-17Dallas Aeronautical Services, LLCWest Star Aviation, Inc.MRO–––
May-17PolyAero Inc.Apollo Aerospace Components LimitedComponents & Subsystems10.5––
Apr-17Whitcraft LLCGreenbriar Equity Group LLCMachined Parts–––
Apr-17Custom Control ConceptsAstronics Corporation (NASDAQ:ATRO)Components and Subsystems10.7––
Mar-17Kineco Kaman Composites – India Private LimitedKaman Aerospace Group, Inc.Composites–––
Mar-17Aircraft Fasteners International, LLCAudax Group, Inc.Components & Subsystems–––
Mar-17Sumitomo Precision Products Co., Ltd. (TSE:6355)Sumitomo Corporation (TSE:8053)Controls377.10.8x9.3x
Mar-17TP Aerospace Solutions ApsCataCap Management ApsComponents & Subsystems–––
Feb-17H.R. Givon LtdWiPro Enterprises LimitedComponents & Subsystems–––
Feb-17LMI Aerospace, Inc.Sonaca SAAerostructures429.81.2x12.5x
Feb-17Brek Manufacturing CompanyAernnova Aerospace S.A.Components & Subsystems–––
Feb-17Quatro Composites, LLCAIM Aerospace, Inc.Composites–––
Jan-17Zodiac Aerospace (ENXTPA:ZC)Safran SA (ENXTPA:SAF)Components & Subsystems9,228.61.6x34.0x
Jan-17Starport USA, IncConstant Aviation, LLCMRO–––
Dec-16Universal Aerospace Co., Inc.Strength Capital; Patriot Capital, L.P.Machined Parts–––
Dec-16AD Industrie SASStirling Square Capital Partners LLPComponents & Subsystems–––
Dec-16Ascent Aviation Services Corp.Marana Aerospace Solutions, Inc.MRO–––
Nov-16Gardner Group LimitedChengdu Aerospace Superalloy Technology Co., Ltd.Machined Parts405.62.2x–
Nov-16Flanagan Industries Limited PartnershipEDAC Technologies CorporationComponents & Subsystems–––

Transaction Multiple by Segment and Volume

Transaction Volume by EV

Select Public Aerospace Companies

Company NameMarket CapEVLTM RevLTM EBITDAEV/LTM RevEV/LTM EBITDALTM Margin EBITDA52-Week Change
Airbus SE (ENXTPA:AIR)66,05467,59977,8831,8440.9x36.7x2.4%56.0%
Bombardier Inc. (TSX:BBD.B)4,52913,22015,7844040.8x32.7x2.6%76.4%
Ducommun Incorporated (NYSE:DCO)340502
552
520.9x9.7x9.4%90.3%
Embraer S.A. (BOVESPA:EMBR3)3,9755,5826,4844640.9x12.0x7.2%43.9%
Esterline Technologies Corporation (NYSE:ESL)2,5553,0682,0143121.5x9.8x15.5%47.0%
HEICO Corporation (NYSE:HEI)6,6297,2681,4323535.1x20.6x24.6%66.2%
Hexcel Corporation (NYSE:HXL)4,7815,5571,9544422.8x12.6x22.6%36.3%
Kaman Corporation (NYSE:KAMN)1,3821,7881,7721611.0x11.1x9.1%30.7%
MTU Aero Engines AG (XTRA:MTX)7,4398,5945,8317451.5x11.5x12.8%52.0%
Safran SA (ENXTPA:SAF)39,89138,99919,5484,2372.0x9.2x21.7%41.2%
Senior plc (LSE:SNR)1,4741,7081,2561431.4x11.9x11.4%73.4%
Spirit AeroSystems Holdings, Inc. (NYSE:SPR)8,3058,6966,8027391.3x11.8x10.9%74.8%
Textron Inc. (NYSE:TXT)13,00516,07113,7731,4921.2x10.8x10.8%36.9%
The Boeing Company (NYSE:BA)140,436140,94490,89910,7351.6x13.1x11.8%95.1%
TransDigm Group Incorporated (NYSE:TDG)14,55424,7113,4701,6217.1x15.2x46.7%44.8%
Triumph Group, Inc. (NYSE:TGI)1,3402,5843,4214010.8x6.4x11.7%77.1%
United Technologies Corporation (NYSE:UTX)94,255113,65558,10810,1452.0x11.2x17.5%27.8%
Zodiac Aerospace (ENXTPA:ZC)7,9149,4666,0472921.6x32.4x4.8%50.9%
Median$7,034.00$8,645.00$5,939.00$453.001.4x11.8x11.6%51.5%
Mean$23,270.00$26,112.00$17,613.00$1,921.001.9x15.5x14.1%56.7%

Select Public Defense Companies

Company NameMarket CapEVLTM RevLTM EBITDAEV/LTM RevEV/LTM EBITDALTM Margin EBITDA52-Week Change
BAE Systems plc (LSE:BA.)24,48126,69623,8312,4641.1x10.8x10.3%32.2%
Elbit Systems Ltd. (TASE:ESLT)5,6065,8833,3024091.8x14.4x12.4%38.0%
Kratos Defense & Security Solutions, Inc. (NasdaqGS:KTOS)1,0841,391701
202.0x69.2x2.9%148.9%
L3 Technologies, Inc. (NYSE:LLL)14,19317,22110,8951,3221.6x13.0x12.1%29.0%
Lockheed Martin Corporation (NYSE:LMT)88,06899,98349,0456,2312.0x16.0x12.7%35.0%
Northrop Grumman Corporation (NYSE:NOC)47,01952,71725,1943,8022.1x13.9x15.1%32.9%
Raytheon Company (NYSE:RTN)51,68854,50724,5193,7082.2x14.7x15.1%36.2%
Rockwell Collins, Inc. (NYSE:COL)20,38327,5906,0741,3464.5x20.5x22.2%63.5%
Thales S.A. (ENXTPA:HO)23,67421,29317,8871,9131.2x11.1x10.7%30.5%
Median$23,674.00$26,696.00$17,887.00$1,913.002.0x14.4x12.4%35.0%
Mean$30,688.00$34,142.00$17,939.00$2,357.002.1x20.4x12.6%49.6%

Selected Private Equity Investments in Sector

 

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
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Patrick Ringland
Managing Director, Principal
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Aaron Franzheim
Vice President

Aerospace, Defense & Space M&A Reports

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 Trends: Summer 2020

August 25, 2020

Aerospace & Defense M&A Update: Winter 2019

January 23, 2019

Aerospace M&A Update – Spring 2018

April 15, 2018

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