M&A ADVISORY | VALUATION SERVICES | ADVISORY …...% of 52 Market Total Enterprise TEV / % Change...

ADVISORY SERVICES DEBT/EQUITY F INANCINGSVALUATION SERVICESM&A ADVISORY | | |

2© Copyright 2020 SCOTT-MACON, LTD.

We are pleased to present you with the January 2020 Edition of

the Scott-Macon Aerospace, Defense and Government Services

monthly newsletter! Our team strives to provide industry

professionals such as yourself with the critical market information

necessary to execute your strategic goals and initiatives. Please

let us know if you would like to discuss any of the emerging

trends presented in this review and how they can potentially

impact your firm.

Our team can help you with the following services:

Mergers and Acquisitions

- Sale of company

- Acquisition of target companies

Private Debt and Equity Financing

Dividend Recapitalization

We look forward to speaking to you soon!

Best,

Michael

Michael N. PapazisManaging Director

Aerospace, Defense & Government Services

Office: (212) 755-8200

Fax: (212) 583-9262

[email protected]

A note from SCOTT-MACON

Table of ContentsSection 1 Market Snapshot

Review of key valuation and deal trends analyzed on an Monthly and Last Twelve Month (LTM) basis

4

Section 2 Public Trading ComparablesList of operating metrics and valuation multiples for public companies in selected sub-segments of the Aerospace, Defense & Government Services (ADG) sectors

6

Section 3 M&A TransactionsList of relevant transactions with disclosed values which occurred in the last month segmented by Aerospace, Defense or Government Services

9

Section 4 Recent ContractsList of selected major government contracts that have been awarded in the last month

17

Section 5 Key Aerospace & Defense StatsReview of key trends in the aerospace and defense sectors

21

Section 6 About Scott-MaconBrief overview on Scott-Macon and their ADG investment banking practice

24

SECTION 1: MARKET SNAPSHOT


66

33

40

33

31

9

137

75

0

20

40

60

80

100

120

140

160

31-Jan-19 31-Jan-20

Nu

mb

er o

f D

eals

Aerospace Defense Government Services


Market Snapshot

Share Price Performance

Trading Valuation (TEV / LTM EBITDA)

M&A TransactionsM&A Transactions

Trading Valuation (TEV / LTM EBITDA)

Share Price Performance

Monthly as of January 2020 LTM as of January 2020

$ -71.0 %

$ -17.5 %

$ -50.0 %

352

548

348

434152

286

852

1268

0

200

400

600

800

1000

1200

1400

LTM-Jan-19 LTM-Jan-20

Nu

mb

er o

f D

eals

Aerospace Defense Government Services

# 88.2 %

# 24.7 %

# 55.7 %

94.0

96.0

98.0

100.0

102.0

104.0

106.0

1/2

/202

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/202

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/202

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1/2

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1/2

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1/2

6/2

020

1/2

9/2

020

S&P 500 Aerospace Government Services Defense

# 1.3 %

# 0.8 %

$ -1.2 %

$ -2.0 %

80.0

90.0

100.0

110.0

120.0

130.0

140.0

2/1

/201

9

2/1

5/2

019

3/1

/201

9

3/1

5/2

019

3/2

9/2

019

4/1

2/2

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4/2

6/2

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5/1

0/2

019

5/2

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6/7

/201

9

6/2

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7/5

/201

9

7/1

9/2

019

8/2

/201

9

8/1

6/2

019

8/3

0/2

019

9/1

3/2

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9/2

7/2

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10

/11

/2019

10

/25

/2019

11

/8/2

019

11

/22

/2019

12

/6/2

019

12

/20

/2019

1/3

/202

0

1/1

7/2

020

S&P 500 Aerospace Government Services Defense

# 28.7 %

# 22.4 %

# 21.3 %

# 1.4 %

10.5x

11.0x

11.5x

12.0x

12.5x

13.0x

13.5x

14.0x

14.5x

15.0x

15.5x

1/6/

2020

1/8/

2020

1/10

/202

0

1/12

/202

0

1/14

/202

0

1/16

/202

0

1/18

/202

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1/20

/202

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/202

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1/24

/202

0

1/26

/202

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1/28

/202

0

1/30

/202

0

Aerospace Government Services Defense

# 5.0 %

$ -1.6 %

$ -6.7 %

9.0x

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

2/1

/2019

2/2

2/2

019

3/1

5/2

019

4/5

/2019

4/2

6/2

019

5/1

7/2

019

6/7

/2019

6/2

8/2

019

7/1

9/2

019

8/9

/2019

8/3

0/2

019

9/2

0/2

019

10/1

1/2

01

9

11/1

/2019

11/2

2/2

01

9

12/1

3/2

01

9

1/3

/2020

1/2

4/2

020

Aerospace Government Services Defense

# 12.8 %

# 23.2 %

$ -12.7 %

SECTION 2: PUBLIC COMPARABLES



Public Comparables

Aerospace Public Comparables

Government Services Public Comparables

% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA

Aerospace OEMs Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year

Airbus SE $147.72 95.6% $115,613.8 $120,561.7 15.4 x 2.0% 26.0% 1.6 x 2.0% 35.6%

Boeing Company 318.27 71.4 179,119.6 196,708.6 NM NM NM 2.6 12.5 15.6

Bombardier Inc. 0.93 40.6 2,235.7 12,166.9 11.6 -9.2 -12.9 0.8 -9.2 3.7

Embraer S.A. 4.24 88.1 3,118.0 2,538.2 11.3 -9.7 -56.5 0.5 -9.7 -52.2

Median 79.7% $59,365.9 $66,364.3 11.6 x -9.2% -44.6% 1.2 x -1.9% 1.4%

Mean 73.9% $75,021.8 $82,993.9 12.8 x -5.2% -39.1% 1.4 x 3.4% 3.6%


Aerospace Systems / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year

AAR Corp. $42.58 80.7% $1,464.0 $1,719.6 10.2 x -4.8% -13.2% 0.8 x -4.8 -0.5%

AMETEK, Inc. 97.15 95.0 22,207.8 24,081.6 17.4 -2.4 17.8 4.7 -2.4 21.1

Astronics Corporation 25.20 56.8 810.7 998.7 11.1 -5.2 -23.4 1.3 -5.2 -23.0

CAE Inc. 29.68 98.5 7,881.5 9,790.3 18.0 11.1 25.0 3.6 11.1 32.3

Crane Co. 85.46 93.7 5,125.8 5,723.3 17.7 NA NA 1.7 -2.0 5.6

HEICO Corporation 122.43 82.8 14,432.3 15,153.6 NM 7.5 16.2 7.4 7.5 21.4

Héroux-Devtek Inc. 15.03 91.9 546.6 745.5 11.1 3.0 17.9 1.7 3.0 27.0

Meggitt PLC 8.91 96.3 6,879.7 8,362.7 17.9 2.3 56.9 2.9 2.3 13.3

Moog Inc. 89.61 91.0 3,089.4 4,012.5 10.8 3.9 0.2 1.3 5.4 -2.7

MTU Aero Engines AG 304.21 94.8 16,077.9 15,930.4 16.5 9.8 18.3 3.1 9.8 49.9

Textron Inc. 45.93 79.2 10,484.1 13,230.1 8.4 3.6 -16.0 1.0 -5.5 -14.4

TransDigm Group Incorporated 643.28 96.4 34,446.6 50,103.5 NM 9.8 24.2 9.6 9.8 16.2

Woodward, Inc. 116.31 90.1 7,234.1 8,221.4 16.6 -1.3 13.1 2.8 -1.3 5.6

Median 91.9% $7,234.1 $8,362.7 16.5 x 23.5% 18.3% 2.8 x 0.8% 37.6%

Mean 88.2% $10,052.3 $12,159.5 14.1 x 3.1% 4.4% 3.2 x 4.6% 15.8%

% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA as OF

Aerospace Structures Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year

CPI Aerostructures, Inc. $6.60 76.4% $78.3 $114.1 10.0 x -1.3% -13.3% 1.1 x -1.3% -20.6%

Ducommun Incorporated 40.93 76.6 473.3 711.9 8.8 -13.5 -22.5 1.0 -13.5 -8.3

RBC Bearings Incorporated 155.51 88.1 3,818.7 3,848.6 NM -1.8 6.2 5.4 -1.8 9.5

Hexcel Corporation 74.22 85.3 6,189.3 7,334.3 12.7 0.0 -4.3 3.1 0.0 1.1

Kaman Corporation 61.72 90.4 1,773.7 1,469.0 8.6 -4.1 -29.7 0.8 -4.1 -25.4

Latécoère S.A. 3.92 90.6 367.6 511.9 9.6 -6.1 NA 0.6 -6.1 14.2

Magellan Aerospace Corporation 10.65 74.1 619.7 671.3 5.8 0.1 -13.4 0.9 0.1 -13.6

Senior plc 2.20 68.9 913.0 1,267.0 7.1 -2.7 -17.0 0.8 -2.7 -20.1

Spirit AeroSystems Holdings, Inc. 65.32 65.1 6,761.8 7,504.6 6.3 -9.4 -31.5 1.0 -9.4 -31.5

Triumph Group, Inc. 20.43 69.5 1,023.5 2,547.7 11.0 -8.7 -18.2 0.8 -8.7 8.4

Median 76.5% $968.3 $1,368.0 8.8 x -12.7% -25.9% 0.9 x -5.7% -15.2%

Mean 78.5% $2,201.9 $2,598.0 8.9 x -5.2% -40.4% 1.6 x -3.4% -4.9%

Total Aerospace Median 88.1% $3,818.7 $5,723.3 11.1 x -1.4% -16.9% 1.3 x -0.7% -4.9%

Total Aerospace Mean 82.5% $16,769.9 $19,112.2 11.9 x -1.2% -18.9% 2.3 x 2.4% 8.8%


Government Services Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year

Booz Allen Hamilton Holding Corp. $78.04 97.6% $10,955.3 $12,674.5 15.8 x -2.7% 18.5% 1.7 x 5.9% 31.5%

CACI International Inc 267.44 95.3 6,705.2 8,639.9 15.6 -6.9 38.8 1.6 1.3 44.6

CGI Inc. 76.62 88.5 20,564.8 22,697.3 13.8 -7.3 6.0 2.5 -4.7 12.0

Cyient Limited 6.86 70.9 754.5 658.1 8.7 40.2 -15.5 1.0 17.7 -16.9

ICF International, Inc. 87.59 92.0 1,647.7 2,041.0 15.3 -3.6 15.8 1.4 -3.6 21.9

Leidos Holdings, Inc. 100.47 96.3 14,222.9 17,131.9 15.8 2.2 45.4 1.6 2.2 42.3

ManTech International Corp. 80.28 93.0 3,219.4 3,338.7 18.3 0.5 32.8 1.6 0.5 36.5

MAXIMUS, Inc. 71.75 87.5 4,588.7 4,493.2 11.3 -3.7 -3.6 1.6 -3.7 -9.3

Parsons Corp. 40.90 93.3 4,059.8 4,442.3 19.7 -0.8 NA 1.2 -0.8 NM

QinetiQ Group plc 4.65 93.7 2,611.6 2,386.0 10.7 -1.6 7.5 1.9 -1.6 10.2

Science Applications International Corp. 87.77 91.4 5,066.4 7,136.4 14.0 0.6 0.2 1.2 0.6 13.1

Serco Group plc 2.09 93.6 2,545.7 2,827.6 13.6 -2.1 -15.0 0.7 -2.1 40.6

Vectrus, Inc. 55.75 95.9 641.6 692.9 12.0 8.1 NA 0.5 8.1 NM

VSE Corp. 31.11 75.6 341.3 637.8 7.4 -10.6 4.7 0.9 -10.6 12.2

Median 93.2% $3,639.6 $3,890.5 13.9 x -3.5% 18.8% 1.5 x -1.7% 30.6%

Mean 90.3% $5,566.1 $6,414.1 13.7 x -0.7% 18.4% 1.4 x 0.1% 26.0%


Engineering & Construction Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year

AECOM $48.23 95.5% $7,630.4 $10,161.8 10.2 x 9.2% 11.4 0.5 x 9.2% 31.7%

EMCOR Group, Inc. 82.17 87.8 4,614.1 4,757.8 8.8 -4.6 14.8 0.5 -4.6 13.0

Fluor Corp. 17.89 42.7 2,507.7 2,740.6 NM -4.8 NA 0.1 -4.8 -43.8

KBR, Inc. 27.20 87.4 3,854.6 4,669.6 10.8 -9.1 29.9 0.8 -9.1 26.1

Tetra Tech, Inc. 85.60 94.4 4,680.9 5,148.4 NM 3.3 56.9 2.1 3.1 42.9

Median 87.8% $4,614.1 $4,757.8 10.2 x -14.8% 21.8% 0.5 x -4.6% 13.0%

Mean 81.6% $4,657.6 $5,495.6 9.9 x -61.0% 9.4% 0.8 x -0.3% 26.8%

Total Government Services Median 93.0% $4,059.8 $4,493.2 13.6 x -2.5% 22.5% 1.2 x 17.3% 6.9%

Total Government Services Mean 88.0% $5,327.0 $6,172.4 13.0 x -22.7% 19.8% 1.2 x 0.1% 26.1%



Public Comparables (Continued)

Defense Public Comparables


Defense Primes Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year

BAE Systems plc $8.33 97.3% $26,684.6 $31,244.9 10.8 x 9.9% 15.9% 1.4 x 9.9% 31.2%

Boeing Company 318.27 71.4 179,119.6 196,708.6 NM NM NM 2.6 x 12.5 15.6

General Dynamics Corporation 175.44 90.5 50,688.7 61,716.7 11.3 -1.1 -2.3 1.6 -6.5 -6.6

Leonardo S.p.a. 12.39 94.0 7,125.0 12,147.2 6.3 4.0 -2.7 0.8 4.0 13.9

Lockheed Martin Corporation 428.12 97.5 119,873.6 132,157.6 14.2 11.8 28.6 2.2 5.7 25.3

Northrop Grumman Corporation 374.57 97.3 62,791.8 76,072.8 17.3 26.8 45.0 2.2 2.9 13.1

Raytheon Company 220.94 94.6 62,964.1 64,383.1 13.1 -5.0 4.1 2.2 -2.0 22.5

Thales S.A. 110.00 88.2 23,391.9 28,619.8 12.9 5.8 46.1 1.6 5.8 36.1

Median 94.3% $56,740.3 $63,049.9 12.9 x 3.7% 14.3% 1.9 x 0.2% 9.7%

Mean 91.4% $66,579.9 $75,381.3 12.3 x -9.8% 11.8% 1.8 x 4.0% 17.7%


Defense Systems Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year

Aerojet Rocketdyne Holdings, Inc. $52.07 96.4% $4,105.0 $4,001.0 14.1 x 14.5% 5.3% 2.1 x 14.5% 34.6%

AeroVironment, Inc. $66.61 69.8% 1,583.0 1,299.7 NM 9.8% -4.0% 3.9 x 9.8% -18.7

Cubic Corporation 65.29 86.8 2,041.9 2,452.0 17.2 2.2 -36.2 1.6 2.2 -7.1

Curtiss-Wright Corporation 145.43 97.0 6,345.3 6,961.6 13.6 5.0 19.5 2.8 5.0 20.3

FLIR Systems, Inc. 51.54 92.8 6,914.2 7,404.3 18.1 -1.0 12.1 4.0 -1.0 10.3

Huntington Ingalls Industries, Inc. 261.00 93.3 10,675.0 12,400.0 12.7 3.5 53.2 1.4 3.5 12.9

Kongsberg Gruppen ASA 15.53 95.7 2,795.6 3,076.3 15.1 3.3 -4.7 1.4 3.3 -8.0

Safran SA 161.81 96.8 63,986.8 69,196.4 13.2 5.6 -16.6 2.6 5.6 -10.4

Textron Inc. 45.93 79.2 10,484.1 13,230.1 8.4 3.6 -16.0 1.0 -5.5 -14.4

Median 93.3% $6,345.3 $6,961.6 13.9 x 10.5% 3.3% 2.1 x 14.5% 19.6%

Mean 89.8% $12,103.4 $13,335.7 14.1 x 8.0% 8.2% 2.3 x 4.6% -0.3%


Defense Electronics / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year

AMETEK, Inc. $97.15 95.0% $22,207.8 $24,081.6 17.4 x -2.4% 17.8% 4.7 x -2.4% 21.1%

Chemring Group PLC 3.59 94.8 1,007.4 1,107.3 13.9 11.8 25.7 2.5 11.8 45.5

Comtech Telecommunications Corp. 28.91 76.1 705.3 864.9 11.1 -15.6 14.9 1.3 -15.6 3.3

Crane Co. 85.46 93.7 5,125.8 5,723.3 17.7 NA NA 1.7 -2.0 5.6

Ducommun Incorporated 40.93 76.6 473.3 711.9 8.8 -13.5 -22.5 1.0 -13.5 -8.3

Elbit Systems Ltd. 153.55 90.4 6,783.5 7,875.6 18.0 -1.2 38.9 1.8 -1.8 13.5

L3Harris Technologies, Inc. 221.33 98.0 48,928.2 56,005.2 NM 10.2 NA 5.8 10.2 73.1

Héroux-Devtek Inc. 15.03 91.9 546.6 745.5 11.1 3.0 17.9 1.7 3.0 27.0

Kratos Defense & Security Solutions, Inc. 18.34 73.1 1,949.0 2,167.9 NM 1.6 15.5 3.1 1.6 39.5

Meggitt PLC 8.91 96.3 6,879.7 8,362.7 17.9 2.3 56.9 2.9 2.3 13.3

Mercury Systems, Inc. 76.75 85.8 4,262.5 4,143.0 NM 7.1 17.1 5.7 5.5 9.9

Moog Inc. 89.61 91.0 3,089.4 4,012.5 10.8 3.9 0.2 1.3 5.4 -2.7

OSI Systems, Inc. 86.54 73.8 1,584.1 1,870.5 11.6 -16.0 -10.2 1.5 -13.1 -9.8

TE Connectivity Ltd. 92.18 91.3 30,801.2 34,563.2 11.9 0.2 19.3 2.6 -0.2 17.8

Teledyne Technologies Incorporated 365.06 91.5 13,313.8 14,103.8 NM 2.3 44.0 4.5 1.1 48.7

Ultra Electronics Holdings plc 29.79 96.2 2,106.7 2,381.4 14.7 6.0 74.0 2.2 6.0 58.5

Viasat, Inc. 63.65 65.4 3,905.1 5,645.5 18.7 -9.4 -55.1 2.5 -9.4 -8.7

Woodward, Inc. 116.31 90.1 7,234.1 8,221.4 16.6 -1.3 13.1 2.8 -1.3 5.6

Zebra Technologies Corporation 239.02 91.8 12,888.3 14,534.3 16.3 -5.7 14.5 3.3 -5.7 20.3

Median 91.3% $4,262.5 $5,645.5 14.7 x 6.2% 29.6% 2.5 x -3.5% 13.9%

Mean 87.5% $9,146.9 $10,374.8 14.4 x -4.2% 20.8% 2.8 x 0.4% 21.3%


Homeland Security Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year

American Outdoor Brands Corporation 9.42 72.1 $518.7 $730.6 8.7 1.1 2.2 1.2 1.1 -11.5

Drägerwerk AG & Co. KGaA 58.37 89.5 903.9 1,047.4 4.5 -0.8 -27.1 0.3 -0.8 3.2

Elbit Systems Ltd. 153.55 90.4 6,783.5 7,875.6 18.0 -1.2 38.9 1.8 -1.8 13.5

MSA Safety Incorporated 135.60 96.9 5,252.9 5,504.6 18.8 7.0 30.1 4.0 7.0 30.5

OSI Systems, Inc. 86.54 73.8 1,584.1 1,870.5 11.6 -16.0 -10.2 1.5 -13.1 -9.8

Smiths Group plc 22.29 96.0 8,828.9 10,466.0 15.9 0.1 43.7 3.2 0.1 54.0

SPX Corporation 49.07 91.3 2,166.2 2,526.0 17.6 -3.1 1.4 1.7 -3.1 44.9

Median 90.4% $2,166.2 $2,526.0 15.9 x 0.1% 23.2% 1.7 x -7.0% 2.6%

Mean 87.2% $3,719.7 $4,288.7 13.6 x -1.8% 13.9% 2.0 x -0.3% 21.9%

Total Defense Median 91.5% $6,783.5 $7,404.3 13.9 x 3.8% 21.3% 2.2 x 5.6% 28.2%

Total Defense Mean 88.6% $19,567.5 $22,098.0 13.8 x -2.6% 15.5% 2.4 x 1.6% 15.8%

SECTION 3: M&A TRANSACTIONS



M&A Transactions with Disclosed Values - LTM as of January 2020

Continued on Next Page

xx xx xx xxx EV / LTM

Announced Closed Buyer Target Target Sector EV Rev EBITDA

1/31/2020 Pending PTB Group Limited Prime Turbines, LLC Aerospace $21 NA NA

1/30/2020 Pending Bendix Commercial Vehicle Systems

LLC

R. H. Sheppard Co., Inc. Defense $150 NA NA

1/29/2020 1/29/2020 Sacheon Aerospace Manufacturing

Ind. Co., Ltd

Th Precision Co., Ltd. Aerospace $7 0.6 x NA

1/29/2020 Pending Stanley Black & Decker, Inc. Consolidated Aerospace Manufacturing, LLC Aerospace $1,500 4.0 x NA

1/29/2020 1/29/2020 Comtech Telecommunications Corp. CGC Technology Limited Defense $24 NA NA

1/29/2020 Pending Qorvo, Inc. Custom MMIC Design Services, Inc. Defense $105 NA NA

1/23/2020 Pending Bain Capital, LP Showa Aircraft Industry Co., Ltd. Aerospace $667 2.6 x 13.1 x

1/22/2020 Pending Dongguan Mentech Optical & Magnetic

Co., Ltd.

Chengdu Kelai Microwave Technology Co., Ltd. Aerospace $98 NA NA

1/20/2020 Pending BAE Systems plc Military Global Positioning System Business Of

Collins Aerospace

Defense $1,925 NA NA

1/20/2020 Pending BAE Systems plc Airborne Tactical Radios Business of Raytheon

Company

Aerospace $275 NA NA

1/14/2020 Pending Cellebrite Mobile Synchronization Ltd. BlackBag Technologies Inc. Defense $33 2.7 x NA

1/12/2020 Pending Woodward, Inc. Hexcel Corporation Defense $7,618 3.2 x 13.2 x

1/12/2020 Pending E & M Computing Ltd. Network Allies, LLC Defense $6 NA NA

1/10/2020 Pending Qingzhou Naiwei Avionics Technology

Co., Ltd.

C.N.S. Systems AB Aerospace $3 NA NA

1/7/2020 Pending Kymera International Reading Alloys, Inc. Aerospace $250 1.6 x NA

1/6/2020 1/1/2020 John Wiley & Sons, Inc. MThree Corporate Consulting Limited Defense $129 NA NA

12/30/2019 Pending Northern Private Capital Ltd. Maxar Technologies ULC/MDA Systems Inc. Defense $766 NA NA

12/30/2019 2/3/2020 Crane Co. Non-Core Instrumentation and Sampling Business of

CIRCOR International, Inc.

Aerospace $172 2.1 x NA



M&A Transactions with Disclosed Values - LTM as of January 2020 (Continued)




12/27/2019 Pending Shaanxi Aerospace Power Hi-Tech

Co., Ltd.

Jiangsu Hangtian Hydropower Equipment Co., Ltd. Aerospace $39 1.6 x NA

12/27/2019 Pending China Southern Airlines Company

Limited

Guangzhou Baiyun International Logistics Co., Ltd. Aerospace $105 1.8 x NA

12/27/2019 Pending Vehicle Total Co., Ltd. MAXROTEC Co., Ltd. Aerospace $81 1.9 x 17.1 x

12/26/2019 12/30/2019 Nantong Industries Holding Group Co.,

Ltd.

Jiangsu Geho Real Estate Development Co., Ltd. Aerospace $144 NA NA

12/24/2019 Pending Bodycote plc Ellison Surface Technologies, Inc Aerospace $200 4.0 x NA

12/24/2019 Pending JX Nippon Mining & Metals

Corporation

OxMet Technologies Limited Aerospace $32 NA NA

12/23/2019 Pending Grosvenor Capital Management L.P. Long Ridge Energy Terminal Aerospace $300 NA NA

12/23/2019 1/15/2020 Ault & Company, Inc DPW Holdings, Inc. Defense $17 0.7 x NA

12/23/2019 Pending Ventia Pty Ltd Broadspectrum Pty Ltd Defense $335 NA NA

12/19/2019 1/2/2020 Microdata Telecom Innovation AB Filtronic Wireless AB/Certain Antenna Manufacturing

Assets

Aerospace $5 NA NA

12/19/2019 Pending AKKA Technologies SE Data Respons ASA Defense $421 2.1 x 16.1 x

12/18/2019 Pending Jeju Air Co., Ltd. Eastar Airlines Aerospace $116 NA NA

12/18/2019 Pending Chevron Australia Downstream Pty Ltd Puma Energy Aerospace $386 NA NA

12/17/2019 Pending Chongqing Huapu Test Navigation

Technology Co., Ltd.

Chongqing Aerospace New Century Satellite

Application Technology Co. Ltd.

Defense $11 0.9 x NA

12/17/2019 1/31/2020 Leidos, Inc. Dynetics, Inc. Government

Services

$1,650 NA NA

12/17/2019 12/17/2019 KATHREIN SE ROMKATEL SRL Defense $6 NA NA

12/15/2019 12/25/2019 Shaanxi Jinda Investment Fund

Partnership Enterprise

Xi'an Tianhe Defense Technology Co., Ltd. Defense $742 7.4 x NA

12/12/2019 12/30/2019 Eiffage SA Toulouse-Blagnac Airport S.A. Aerospace $1,112 NA NA







12/13/2019 12/13/2019 Reliance Strategic Business Ventures

Limited

Asteria Aerospace Pvt. Ltd. Aerospace $6 NA NA

12/13/2019 Pending Lockheed Martin Corporation Assets of Vector Launch Aerospace $4 NA NA

12/12/2019 Pending Cohort plc Wartsila Elac Nautik GmbH Defense $13 0.5 x NA

12/12/2019 12/12/2019 Air Partner plc Redline Worldwide Limited Aerospace $13 1.5 x 12.5 x

12/12/2019 1/21/2020 Arcline Investment Management LP Fairbanks Morse Engine Defense $450 NA NA

12/11/2019 12/9/2019 Chongqing Huapu Test Navigation

Technology Co., Ltd.

Chongqing Aerospace New Century Satellite

Application Technology Co. Ltd.

Aerospace $12 NA NA

12/11/2019 Pending STGE Inv sp. Z o.o Sputnik Software Sp. z o. o Government

Services

$7 NA NA

12/10/2019 Pending TNT Cyber Services Pty Ltd NTH Consulting Pty Ltd Government

Services

$4 NA NA

12/9/2019 Pending Guangdong Wencan Die Casting Co.,

Ltd.

Le Bélier SA Aerospace $287 0.8 x 5.6 x

12/9/2019 Pending Guangdong Wencan Die Casting Co.,

Ltd.

Le Bélier SA Aerospace $287 0.8 x 5.6 x

12/9/2019 Pending Gol Linhas Aéreas S.A. Smiles Fidelidade S.A. Aerospace $1,011 3.9 x 5.5 x

12/9/2019 Pending Monocle Acquisition Corporation AerSale Inc. Aerospace $433 NA NA

12/9/2019 1/2/2020 Quisitive Technology Solutions, Inc. Menlo Technologies, Inc. Government

Services

$16 0.9 x 6.5 x

12/6/2019 12/20/2019 Mountcastle Pty Ltd LW Reid Pty Ltd Government

Services

$16 NA NA

12/5/2019 1/2/2020 Konecranes Plc MHE-Demag Aerospace $326 1.6 x 22.6 x

12/4/2019 Pending Universal Scientific Industrial AsteelFlash Group SA Aerospace $467 0.5 x NA

12/4/2019 1/7/2020 AVIC Airborne Systems Co., Ltd. Shaanxi Baocheng Aviation Instrument Co., Ltd. Defense $68 1.0 x NA

12/3/2019 12/3/2019 AVIC Electromechanical Systems

Co.,Ltd.

Nanjing Hangjian Aviation Equipment Technology

Service Co., Ltd.








12/3/2019 Pending Beijing Hengyi Yongsheng Enterprise

Management Center

XiNing Special Steel Co., Ltd. Defense $2,582 2.2 x NA

12/2/2019 Pending Avia Prime S.A. Jat Tehnika d.o.o. Aerospace $12 NA NA

12/2/2019 11/29/2019 SDI Group plc Chell Instruments Limited Aerospace $8 1.3 x NA

12/2/2019 12/2/2019 STMicroelectronics N.V. Norstel AB Defense $137 NA NA

12/2/2019 1/15/2020 Cadence Design Systems, Inc. AWR Corporation Defense $160 NA NA

12/2/2019 11/28/2019 Moog Inc. Gat Gesellschaft Fur Antriebstechnik Mbh Aerospace $54 NA NA

12/2/2019 Pending Standex International Corporation Torotel, Inc. Aerospace $56 2.3 x 26.8 x

12/2/2019 12/2/2019 Tenable, Inc. Indegy Ltd. Government

Services

$78 NA NA

11/28/2019 12/24/2019 China Academy of Space Technology Beijing Ctrowell Technology Corporation Limited Aerospace $785 NA NA

11/27/2019 Pending Kyocera Corporation AVX Corporation Defense $2,612 1.6 x 7.6 x

11/26/2019 11/26/2019 Joyson Safety Systems International

Finance B.V

Takata CPI Singapore Pte Ltd Aerospace $8 NA NA

11/26/2019 1/2/2020 Curtiss-Wright Corporation 901 D LLC Defense $132 NA NA

11/25/2019 Pending Chongqing Yujingao Education

Technology Co. Ltd.

Anhui Sky-Aviation International Flight Academy

Co., Ltd

Aerospace $28 NA NA

11/22/2019 11/27/2019 Kin and Carta plc SpireMedia, Inc. Defense $35 3.7 x NA

11/21/2019 Pending Nammo AS Chemring Ordnance, Inc. Defense $17 NA NA

11/21/2019 Pending Glenwood Private Equity SKCKOLONPI, Inc. Aerospace $1,009 5.7 x 22.0 x

11/20/2019 Pending Cubic Corporation PIXIA Corp. Defense $250 NA NA

11/20/2019 11/20/2019 Albany International Corp. CirComp GmbH Aerospace $43 NA NA







11/19/2019 Pending Vista Equity Partners LLC Accelya Solutions India Limited Aerospace $191 3.1 x 8.2 x

11/19/2019 11/19/2019 Regional Express Holdings Limited Aviation Training Academy Australia Pty Ltd. Aerospace $6 NA NA

11/18/2019 12/31/2019 Sonoco Plastics, Inc. Thermoform Engineered Quality LLC/Plastique

Holdings Ltd.


11/19/2019 1/7/2020 TT Electronics plc Aerospace And Defence Power Supply Business Of

Excelitas Technologies Corp

Defense $18 1.9 x 10.4 x

11/16/2019 Pending Aerosun Corporation Nanjing Chenguang Dongluo Bellows Co., Ltd. Aerospace $20 NA NA

11/14/2019 Pending Wireless Telecom Group, Inc. Holzworth Instrumentation, Inc. Defense $17 NA NA

11/14/2019 11/14/2019 nLIGHT, Inc. Nutronics, Inc. Defense $18 NA NA

11/13/2019 12/12/2019 Guorong Hanze - Tianyi No.1 Private

Securities Investment Fund

Chongqing Mas Sci.&Tech. Co., Ltd. Defense $241 6.4 x NA

11/13/2019 Pending Apollo Global Management, Inc. Tech Data Corporation Government

Services

$5,937 NA 8.1 x

11/13/2019 Pending Forever Opensource Co.,Ltd. Intelligent Aviation System Co., Ltd. Aerospace $18 NA NA

11/13/2019 Pending EEStor Corporation FWG Ltd. Defense $2 NA NA

11/13/2019 11/13/2019 The Marley Company, LLC Harsco Industrial Patterson-Kelley Defense $60 NA NA

11/13/2019 1/28/2020 WestStar Industrial Limited Alltype Engineering Pty LTD Defense $8 0.4 x 6.0 x

11/12/2019 Pending Mirae Asset Daewoo Co., Ltd. Asiana Airlines, Inc. Aerospace $5,938 1.0 x 31.3 x

11/12/2019 Pending Master Sistemas Automotivos Ltda. Ferrari Indústria Metalúrgica Ltda. Aerospace $3 NA NA

11/11/2019 Pending Yageo Corporation KEMET Corporation Defense $1,779 1.3 x 5.9 x

11/11/2019 11/11/2019 IndigoVision Group plc Agorasys, S.A. Defense $3 2.3 x NA

11/11/2019 Pending Latécoère S.A. Certain Assets of EWI System Business of

Bombardier Aviation Segment of Bombardier Inc.

Aerospace $50 NA NA







11/11/2019 11/11/2019 Xuzhou Qianshuncheng Technology

Development Co., Ltd.

Tianma Bearing Group Co.,Ltd Aerospace $388 2.0 x NA

11/8/2019 11/6/2019 Alpine 4 Technologies Ltd. Deluxe Sheet Metal, Inc. Aerospace $8 NA NA

11/8/2019 12/23/2019 Lomon Billions Group Co., Ltd Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd. Aerospace $897 NA NA

11/7/2019 Pending SIRVA Worldwide, Inc. Cartus Corporation Government

Services

$400 NA NA

11/7/2019 12/20/2019 NV5 Global, Inc. Quantum Spatial, Inc. Government

Services

$311 NA NA

11/7/2019 12/13/2019 Digi International Inc. Opengear, Inc. Government

Services

$155 NA 8.0 x

11/7/2019 Pending Acerinox, S.A. VDM Metals GmbH Aerospace $588 NA 5.5 x

11/6/2019 Pending Marubeni Corporation Aircastle Limited Aerospace $7,381 7.7 x NA

11/5/2019 1/7/2020 Sierra Wireless, Inc. M2M Connectivity Pty Ltd. Defense $18 1.0 x NA

11/5/2019 11/5/2019 Denholtz Deerfield LLC Two Industrial Properties in Deerfield Beach Government

Services

$28 NA NA

11/5/2019 12/6/2019 Konoike Transport Co., Ltd. MacroAsia Airport Services Corporation Aerospace $107 3.9 x NA

11/5/2019 1/3/2020 Kaman Aerospace Group, Inc. Bal Seal Engineering, Inc. Aerospace $330 NA 12.5 x

11/5/2019 Pending MacroAsia Corporation Japan Airport Service Co.,Ltd. Aerospace $56 NA NA

11/5/2019 11/5/2019 Chengdu Yunda Technology Co., Ltd. Xi'an Vader Aviation Simulator Co.,Ltd. Aerospace $7 1.1 x NA

11/5/2019 1/3/2020 Olympus Partners Soliant Health, Inc. Government

Services

$612 1.8 x 11.3 x

11/4/2019 Pending IBERIA LAE SA Air Europa Lineas Aereas, S.A.U. Aerospace $1,114 0.5 x NA

11/4/2019 11/4/2019 RF Industries, Ltd. Schroff Technologies International, Inc. Defense $6 NA NA

11/4/2019 11/1/2019 Vishay Precision Group, Inc. Dynamic Systems Inc. Aerospace $44 NA NA







11/2/2019 11/1/2019 Cochin Shipyard Limited Hooghly Cochin Shipyard Limited Defense $3 NA NA

11/1/2019 Pending Gores Holdings III, Inc. Pacific Architects and Engineers Inc. Government

Services

$1,490 NA NA

11/1/2019 10/31/2019 CynergisTek, Inc. Backbone Enterprises, Inc. Defense $11 NA NA

11/1/2019 11/1/2019 LCGC Bioanalytic Solution LLP Locuz Enterprise Solutions Ltd. Defense $4 NA NA

10/31/2019 Pending Spirit AeroSystems, Inc. Short Brothers plc/Bombardier Aerospace North

Africa SAS/Assets Of Business In Dallas

Aerospace $1,090 NA NA

10/30/2019 Pending Clayton, Dubilier & Rice, LLC Anixter International Inc. Defense $4,536 0.5 x 9.0 x

10/29/2019 12/20/2019 Eaton Corporation plc Souriau SAS/Souriau USA Inc./Sunbank Family of

Companies LLC


10/28/2019 12/16/2019 PPK Group Limited Craig International Ballistics Operations Pty. Limited Defense $8 NA NA

10/26/2019 Pending 0 Silver Express International Limited Aerospace $10 NA NA

10/25/2019 10/25/2019 Hy-Tech Machine, Inc. Substantially all the Assets of Blaz-Man Gear, Inc.

and Gear Products & Manufacturing, Inc.

Aerospace $4 NA NA

10/24/2019 11/1/2019 ANSYS, Inc. DYNARDO Aerospace $33 NA NA

10/23/2019 1/8/2020 Netlinkz Limited SSI Pacific Pty Ltd. Government

Services

$7 NA NA

10/22/2019 Pending Carlisle Companies Incorporated Draka Fileca SAS Defense $81 1.7 x 14.6 x

10/21/2019 11/14/2019 Teradyne, Inc. AutoGuide Mobile Robots Defense $165 NA NA

10/20/2019 11/5/2019 Shanghai Zhongyida Co., Ltd. Chifeng Ruiyang Chemical Co., Ltd. Aerospace $107 0.7 x NA

10/18/2019 Pending Cerner Corporation AbleVets LLC Government

Services

$75 NA NA

10/18/2019 10/16/2019 GCF - Generale Costruzioni

Ferroviarie S.p.A.

Trace Trans Ltd Government

Services

$2 NA NA

10/17/2019 10/17/2019 Bridge Development Partners, LLC Industrial Assets and Development Rights of AVE

Aviation & Commerce Center








10/17/2019 Pending HNA Aviation Group Co.,Ltd. Tianjin Airlines Co., Ltd. Aerospace $2,960 1.5 x 14.1 x

10/17/2019 10/17/2019 discoverIE Group plc Xi-Tech Ltd Defense $90 4.7 x NA

10/16/2019 10/16/2019 Sabre Corporation Radixx International, Inc. Aerospace $110 NA NA

10/16/2019 10/15/2019 SailPoint Technologies Holdings, Inc. OverWatch ID, Inc. Government

Services

$21 NA NA

10/16/2019 10/15/2019 SailPoint Technologies, Inc. Orkus, Inc. Government

Services

$17 NA NA

10/14/2019 1/31/2020 American Securities LLC AECOM Management Services Inc. Government

Services

$2,405 0.7 x NA

10/14/2019 Pending Thoma Bravo, LLC Sophos Group plc Government

Services

$3,925 5.4 x 43.2 x

10/10/2019 11/22/2019 Tosei Engineering Corp. Schmitt Europe Limited/Schmitt Dynamic Balance

Systems Business Line of Schmitt Industries, Inc.

Aerospace $11 NA NA

10/9/2019 11/15/2019 AMG Advanced Metallurgical Group

N.V.

Assets of International Specialty Alloys, Inc. Aerospace $24 NA NA

10/9/2019 10/8/2019 Ducommun LaBarge Technologies,

Inc.

Nobles Worldwide, Inc Defense $77 NA NA

10/9/2019 10/9/2019 FormFactor, Inc. FRT GmbH Defense $33 NA NA

10/8/2019 12/20/2019 Serendipity Konekt Limited Government

Services

$56 0.9 x 10.3 x

10/7/2019 10/4/2019 Qorvo, Inc. Cavendish Kinetics, Inc. Defense $203 NA NA

10/7/2019 11/27/2019 Moog Inc. Substantially All Assets of Surefly, Inc. Aerospace $4 NA NA

10/4/2019 10/4/2019 Astronics Corporation Diagnosys Holdings, Inc./Diagnosys Ferndown

Limited/Diagnosys Electronics

Defense $20 NA NA

10/2/2019 10/2/2019 RPS Group plc Reservoir Imaging Limited Government

Services

$3 NA NA

10/2/2019 12/20/2019 QinetiQ Group plc Manufacturing Techniques, Inc. Defense $125 0.7 x 11.0 x

10/1/2019 10/17/2019 Electro Optic Systems Holdings Limited EM Solutions Pty Ltd. Defense $23 NA NA







10/1/2019 10/1/2019 Alithya Group Inc. Matricis Informatique Inc. Government

Services

$6 NA NA

10/1/2019 Pending QIC Limited Hobart International Airport Pty. Ltd. Aerospace $574 NA NA

10/1/2019 9/30/2019 Back Porch International, Inc. Electromechanical Components Business of CUI,

Inc.


10/1/2019 12/3/2019 Huber+Suhner AG BKtel Group Defense $50 1.1 x NA

9/30/2019 11/25/2019 BioNovelus Inc. Corvus Consulting, LLC Defense $9 0.9 x NA

9/30/2019 9/30/2019 PrimeFlight Aviation Services, Inc. Global Aviation Services, LLC Aerospace $25 NA NA

9/29/2019 10/17/2019 Taj SATS Air Catering Limited Taj Madras Flight Kitchen Private Limited Aerospace $8 NA NA

9/27/2019 10/29/2019 AMETEK, Inc. Gatan, Inc. Defense $925 5.1 x NA

9/25/2019 9/25/2019 Diploma PLC DMR Seals Aerospace $9 2.0 x NA

9/25/2019 10/4/2019 DWS Limited Certain assets of the software services and products

business of Object Consulting Pty Ltd

Government

Services

$3 NA NA

9/24/2019 11/8/2019 Advance Publications, Inc. HawkEye 360, Inc. Government

Services

$161 NA NA

9/24/2019 12/2/2019 Montagu Private Equity LLP IHS Global Limited Government

Services

$470 NA 15.0 x

9/23/2019 12/19/2019 Greenbriar Equity Group, L.P. Arotech Corporation Defense $103 1.1 x 21.4 x

9/19/2019 12/1/2019 0 Forgings Business in United Kingdom of Arconic Inc. Aerospace $62 NA NA

9/18/2019 Pending Oryx International Growth Fund Limited APC Technology Group PLC Defense $26 1.1 x 15.1 x

9/18/2019 9/17/2019 Commercial Vehicle Group, Inc. Substantially All Assets and Certain Liabilities of First

Source Electronics, LLC


9/17/2019 9/17/2019 iDirect Government, LLC Glowlink Communications Technology, Inc. Defense $20 NA NA

9/16/2019 12/18/2019 Nolato AB Ja-Bar Silicone Corporation Aerospace $10 0.6 x 4.5 x







9/16/2019 11/1/2019 The Timken Company Baier + Köppel GmbH + Co. KG Aerospace $165 NA NA

9/11/2019 11/1/2019 ANSYS, Inc. Livermore Software Technology Corporation Aerospace $765 NA NA

9/9/2019 12/5/2019 TC Skyward Aviation U.S., Inc. Aviation Capital Group LLC Aerospace $10,851 9.6 x 10.6 x

9/9/2019 9/9/2019 Allison Transmission Holdings, Inc. Walker Die Casting, Inc./C&R Tool and

Engineering, Inc.


9/9/2019 9/6/2019 Patriot One Technologies Inc. Xtract Technologies Inc. Defense $17 NA NA

9/5/2019 9/13/2019 Ceridian HCM Holding Inc. RITEQ Pty Ltd Government

Services

$19 NA NA

9/4/2019 9/4/2019 AMETEK, Inc. Pacific Design Technologies, Inc. Aerospace $122 3.1 x NA

9/3/2019 8/30/2019 Emerson Process Management

Regulator Technologies, Inc.

Substantially all of the Assets of Steam Equipment

Regulation Product Lines of Spence and Leslie

Aerospace $85 NA NA

9/3/2019 10/1/2019 J2 Acquisition Limited APi Group Inc. Government

Services

$2,317 NA NA

9/3/2019 8/30/2019 Teledyne Digital Imaging, Inc. Micralyne, Inc. Defense $19 NA NA

9/3/2019 8/30/2019 Eastern Engineered Systems, Inc. Big 3 Precision Mold Services, Inc./ Big 3 Precision

Products, Inc.

Aerospace $82 1.1 x 6.1 x

9/2/2019 9/2/2019 AB Dynamics plc Dynamic Research, Inc. Defense $25 1.8 x NA

9/2/2019 9/2/2019 TSA Investments, Inc. S.A. Varig de Mexico SA Aerospace $3 NA NA

8/29/2019 11/5/2019 CAE Inc. SimCom International, Inc. Aerospace $170 NA NA

8/28/2019 12/31/2019 WSP Global Inc. Ecology & Environment, Inc. Government

Services

$51 0.6 x 41.0 x

8/27/2019 1/6/2020 China Merchants Industry Investment

Limited

AVIC International Maritime Holdings Limited Defense $415 5.3 x 20.5 x

8/26/2019 8/23/2019 Perella Weinberg Partners LP,

Investment Arm

Alloy Die Casting Company Aerospace $39 NA NA

8/24/2019 Pending Anhui Fengxing Wear Resistant

Materials Co., Ltd.

Kungfu Sci-Tech Co.,Ltd. Defense $42 1.7 x 10.7 x







8/22/2019 10/7/2019 VMware, Inc. Carbon Black, Inc. Government

Services

$2,060 9.0 x NA

8/15/2019 8/15/2019 Schaublin SA Swiss Tool Systems AG Aerospace $34 3.0 x NA

8/15/2019 8/15/2019 Schaublin SA Swiss Tool Systems AG Aerospace $34 3.0 x NA

8/14/2019 6/26/2019 CAE Inc. Luftfartsskolen AS Aerospace $3 NA NA

8/14/2019 4/26/2019 CAE Inc. Pelesys Learning Systems Inc. Aerospace $10 NA NA

8/10/2019 10/24/2019 Groupe Siparex Sintex NP SAS Aerospace $174 0.5 x NA

8/9/2019 1/9/2020 Pattonair Limited Wesco Aircraft Holdings, Inc. Aerospace $1,904 1.1 x 13.8 x

8/8/2019 11/4/2019 Broadcom Inc. Enterprise Security assets Of Symantec Corporation Government

Services

$10,700 4.6 x 3057%

8/7/2019 1/2/2020 Avon Rubber p.l.c. Advanced Ballistic Protection Business of 3M Defense $116 1.4 x 10.7 x

8/7/2019 9/20/2019 KPS Capital Partners, LP Esterline Interface Technologies Limited Defense $190 1.0 x NA

8/7/2019 8/7/2019 James Fisher and Sons plc Serviços Marítimos Continental S.A. Defense $13 NA NA

8/6/2019 6/27/2019 Cubic Corporation PIXIA Corp. Defense $250 NA NA

8/6/2019 11/1/2019 Femsa Comercio S.A. de C.V. Raízen Conveniências Ltda. Aerospace $282 NA NA

8/5/2019 8/5/2019 PCB Group, Inc. Assets of Endevco Corporation Defense $70 NA NA

8/2/2019 10/11/2019 Guidehouse LLP Navigant Consulting, Inc. Government

Services

$1,143 1.6 x 16.2 x

8/1/2019 7/31/2019 Perspecta Inc. Knight Point Systems, LLC Government

Services

$265 NA NA

8/1/2019 8/1/2019 Everbridge, Inc. NC4, Inc. Government

Services

$87 NA NA

7/30/2019 11/1/2019 CVC Capital Partners Limited Ontic Engineering and Manufacturing, Inc. Aerospace $1,321 NA 19.5 x






7/30/2019 Pending Volex plc Servatron, Inc. Defense $29 0.8 x NA

7/29/2019 9/16/2019 Parker-Hannifin Corporation Exotic Metals Forming Company LLC Aerospace $1,725 NA NA

7/25/2019 7/25/2019 Advent International Corporation Cobham plc Defense $5,112 2.1 x 15.4 x

7/24/2019 7/31/2019 Geomni, Inc. Keystone Aerial Surveys, Inc. Aerospace $30 1.6 x NA

7/23/2019 10/30/2019 BC Partners Garda World Security Corporation Defense $3,957 1.7 x 14.4 x

7/22/2019 7/31/2019 Parsons Corporation QRC, LLC Defense $215 NA NA

7/22/2019 7/19/2019 CEVA, Inc. Hillcrest Laboratories, Inc. Defense $11 NA NA

7/18/2019 7/18/2019 IDEX Corporation Velcora Holding AB Defense $130 3.5 x 17.2 x

7/17/2019 10/1/2019 XTEK Limited HighCom Armor Solutions, Inc. Defense $3 0.3 x 2.6 x

7/16/2019 Pending Beta Dynamic Limited Gridsum Holding Inc. Government

Services

$211 4.7 x NA

7/15/2019 7/15/2019 AGIC Capital Farsound Aviation Limited Aerospace $144 NA NA

7/12/2019 11/21/2019 Hillenbrand, Inc. Milacron Holdings Corp. Aerospace $2,051 1.7 x 12.5 x

7/11/2019 7/11/2019 Diploma PLC VSP Technologies, Inc. Defense $80 1.8 x NA

Aerospace Median 1.7 x 12.5 x

Aerospace Mean 2.3 x 13.5 x

Defense Median 1.7 x 12.1 x

Defense Mean 2.1 x 12.3 x

Government Services Median 1.7 x 13.2 x

Government Services Mean 3.0 x 19.0 x

SECTION 4: RECENT CONTRACTS



Top 50 Signed Contracts – January 2020


Date Signed Contractor Name Funding Agency Value ($mm) Description of Services

1/16/2020 Raytheon Co. Dept of The Air Force $442.3 Design, Development, Testing, Integration, and Logistical Support of A Fet

System That Will Transition The B-52 and Rc-135 Hardened Communication

Terminals

1/21/2020 Bae Systems Land & Armaments Lp Dept of The Army $400.9 Procurement of 160 Armored Multi-Purpose Vehicles

1/10/2020 General Electric Aviation Dept of The Air Force $318.0 Engine Component Improvement Program

1/15/2020 F3Ea Inc. Dept of The Army $245.0 Special Operations Forces Requirements Analysis, Prototyping, Training,

Operations and Rehearsal Iv

1/21/2020 Techtrans International Inc. Dept of The Army $231.3 Non-Personal Services To Provide Event Planning, Coordination and Logistical

Support For Training Requirements

1/13/2020 Agustawestland Philadelphia Corp. Dept of The Navy $176.5 Production and Delivery of 32 Th-73A Aircraft, Initial Spares, Peculiar Support

Equipment, Flyaway Kits, Hoists, Sling Loads, Data In Excess of Commercial

Form Fit Function/Operations Maintenance Instructional Training Data

1/2/2020 Bae Systems Ship Repair Dept of The Navy $175.0 Combination of Maintenance, Modernization and Repair of Uss Vicksburg (Cg

69)

1/10/2020 International Business Machines Dept of The Army $145.8 Full Range of Services and Solutions Necessary To Support and Maintain The

Army'S General Fund Enterprise Business System

1/10/2020 Vectrus Systems Corp. Dept of The Army $134.5 Kuwait Base Operations and Security Support Services

1/15/2020 Rogers, Lovelock & Fritz Dept of The Army $100.0 Architecture and Engineering Design Services

1/9/2020 Dignitas Technologies Jv, Llc Dept of The Navy $99.0 Total Life Cycle Support For The Multipurpose Reconfigurable Training System

3D® and The Virtual Interactive Shipboard Instructional Tour 3D™ Programs To

Include Development, Production, Integration, Evaluation and Delivery

1/2/2020 General Dynamics National Steel And Shipbuilding Co.

(Nassco)

Dept of The Navy $98.1 Maintainence, Modernization and Repair Uss Harpers Ferry (Lsd 49)

1/9/2020 Mts Advantage Llc (Mtsa) Dept of The Navy $90.8 Cyber Red Team and Operational Test Support Services and Provides For

Information Assurance, Cyber Defense, Cyber Systems Security and Network

Infrastructure Program Management

1/3/2020 Science Applications International Corp. Defense Logistics Agency $90.0 Facilities Maintenance, Repair and Operations ITems

1/2/2020 Aecom + Tetra Tech Joint Venture Dept of The Army $90.0 Professional Architectural Or Engineering Services In Support of The Saudi

Missile Program

1/15/2020 Wolff & Müller Government Services Gmbh & Co. Dept of The Air Force $70.8 Broad Range of Design-Build, Sustainment, Maintenance, Repair, Alteration,

Renovation and Minor Construction Projects Throughout Germany

1/15/2020 &J Worldwide Services Dept of The Air Force $70.8 Broad Range of Design-Build, Sustainment, Maintenance, Repair, Alteration,


1/15/2020 Bb Government Services Gmbh Dept of The Air Force $70.8 Broad Range of Design-Build, Sustainment, Maintenance, Repair, Alteration,


1/15/2020 Mickan Gmbh & Co. Dept of The Air Force $70.8 Broad Range of Design-Build, Sustainment, Maintenance, Repair, Alteration,


1/15/2020 Ske Support Services Gmbh Dept of The Air Force $70.8 Broad Range of Design-Build, Sustainment, Maintenance, Repair, Alteration,


1/15/2020 F.K. Horn Gmbh & Co. Dept of The Air Force $70.8 Broad Range of Design-Build, Sustainment, Maintenance, Repair, Alteration,


1/6/2020 Ace Electronics Defense Systems Llc Dept of The Navy $64.4 Production and Delivery of Manufacturing Kits, Spare Parts and First Article

Testing For The Hardware Component Refresh of The Tactical Tomahawk

Weapons Control System (An/Swg-5(V)6)

1/8/2020 Aurora Industries Defense Logistics Agency $53.6 Coats and Trousers

1/8/2020 Bae Systems Information And Electronic Systems

Integration Inc.

Dept of The Air Force $49.6 Continued Maintenance and Sustainment Activities, Ongoing Development

Activities, Increased Onsite Support Requirements and Required Modifications

To Air Vehicle Planning System (Aps) For New and Modified Weapons

1/9/2020 The Boeing Co. Dept of The Navy $42.3 Integrated Logistics Services and Site Activation Support of P-8A Aircraft For

The Navy and The Government of Australia

1/16/2020 Loc Performance Products Dept of The Army $41.4 Procurement of Manufactured T-161 Double Pin Track Which Is Comprised of

Molded Track Pads, Rubberized Pins and Forged Track Shoe Bodies With

Bonded Rubber Backings



Top 50 Signed Contracts – January 2020 (Continued)

Date Signed Contractor Name Funding Agency Value ($mm) Description of Services


1/2/2020 The Haskell Co. Dept of The Navy $40.7 Repair and Renovation of Hangar 101 Fleet Readiness Center Southeast

Located At Naval Air Station Jacksonville, Florida

1/21/2020 Am General Llc Defense Logistics Agency $40.5 Transmission Hydraulics

1/13/2020 Airbus Helicopters Inc. Dept of The Navy $37.7 Ground and Repair Maintenance of Five Uh-72 Aircraft, Sustaining Engineering

Required To Maintain Uh-72 Faa Certification, The Incorporation of U.S. Navy

Test Pilot School Specific Modifications

1/16/2020 Raytheon Co. Dept of The Air Force $36.8 Software Encryption Platform (Sep) Engineering Change Effort, Under The

Family of Advanced Beyond Line-of-Sight Terminals (Fab-T) Production

1/6/2020 Conmed Corp. Defense Logistics Agency $36.0 Hospital Equipment and Accessories

1/15/2020 Bechtel National Inc. Dept of The Army $35.7 Equitable Adjustment At Pueblo Chemical Agent Destruction Pilot Plant As A

Result of Additional Work In The Sample Management office, Waste Plan

Analysis and Odor Monitoring

1/6/2020 Ioei-Eqm Jv Dept of The Army $35.0 Emergency, Immediate Or Rapid-Response Environmental Remediation

Services At Contaminated Sites

1/14/2020 Lockheed Martin Corp. Dept of The Air Force $32.9 Logistics Support, Repair and Return and Diminishing Manufacturing Source

Management Services For Taiwan F-16S Active Electronically Scanned Array

Radar Phoenix Rising Program

1/21/2020 Arcadis U.S. Inc. Dept of The Army $32.0 Architect and Engineering Services

1/10/2020 Lockheed Martin Corp., Missiles And Fire Control Defense Advanced Research

Projects Agency (Darpa)

$31.9 Operational Fires Integrated Weapon System Phase 3 Program, Which Will

Enable Capabilities For A Mobile, Ground-Launched Tactical Weapon Delivery

System Capable of Carrying A Variety of Payloads To A Variety of Ranges

1/17/2020 Raytheon Integrated Defense Systems Dept of The Navy $30.4 Dual Band Radar Design Support Efforts

1/14/2020 Noble Sales Co. Inc. Dept of The Navy $30.0 Procurement of Supplies and Provide Related Store Operation Services

Required By Naval Supply Systems Command Fleet Logistics Center, Norfolk,

For Two Commercial Retail Stores

1/17/2020 Phillips Corp. Dept of The Army $28.6 Procurement of Computer Numeric Control Mill and Lathe Assemblies

1/7/2020 Ensign-Bickford Aerospace & Defense Dept of The Navy $28.3 Mk 150 Mod 0 4.0 Second Delay Detonator, and The Mk 164 Mod 0 Non Electric

Dual Detonator

1/3/2020 L3 Technologies Inc. Dept of The Air Force $28.0 F-16 Training System Upgrade To Existing Hellenic Air Force F-16 Aircrew

Training Devices (Atd) To The F-16V Configuration

1/2/2020 L3 Technologies Inc. Dept of The Air Force $28.0 F-16 Training System Upgrade To Existing Hellenic Air Force F-16 Aircrew

Training Devices (Atd) To The F-16V Configuration

1/1/2020 Cerner Government Services Inc. Department of Veterans Affairs $26.4 IT and Telecom- Integrated Hardware/Software/Services Solutions,

Predominantly Services

1/17/2020 Honeywell International, Dba Honeywell Aerospace-

Tucson

Defense Logistics Agency $25.7 Helicopter Generators

1/1/2020 Bmc Software Inc. Social Security Administration $22.5 Information Technology Software

1/3/2020 Dyncorp International Llc Dept of The Navy $21.9 Organization, Selected Intermediate, Limited Depot Level Maintenance and

Logistics Services In Support of The Naval Aviation Warfighting Development

Center'S F/A-18 Hornet and Super Hornet Aircraft

1/16/2020 Carter Enterprises Defense Logistics Agency $21.1 Coats and Trousers

1/16/2020 Crowley Government Services Dept of The Navy $20.8 Continued Operation and Maintenance of Five Tactical Auxiliary General Ocean

Surveillance (T-Agos) Vessels; and Two Missile Range Instrumentation Ships

(T-Agm)

1/7/2020 Dyncorp International Llc Dept of The Army $19.8 Aviation Maintenance Services

1/1/2020 Mapp Biopharmaceutical Inc. Office of Assistant Secretary For

Preparedness and Response

$19.7 R&D- Medical: Biomedical (Advanced Development)

Total Top 50 $4,224.0

Total Other Signed in January $721.2



Contract Overview by Agency and NAICS Code – January 2020*

Top 20 Agencies Ranked by Total Contract Value Signed in January

Top 20 NAICS Codes Ranked by Total Contract Value Signed in January

* Only includes contracts with value greater than $150,000

Rank Funding Agency Contract Value ($mm) # of Contracts

1 Department of Energy 9,236$ 193

2 Dept of The Navy 7,537 87

3 Dept of The Army 4,485 67

4 Dept of The Air Force 3,096 49

5 Defense Logistics Agency 1,060 33

6 National Aeronautics and Space Administration 940 421

7 Federal Acquisition Service 854 324

8 Department of Veterans Affairs 829 780

9 Agency For International Development 470 112

10 Centers For Disease Control and Prevention 450 64

11 Federal Aviation Administration 422 267

12 Department of State 335 265

13 Department of Education 328 46

14 Centers For Medicare and Medicaid Services 294 50

15 National Institutes of Health 235 210

16 Office of Procurement Operations 224 133

17 United States Mint 213 32

18 U.S. Citizenship and Immigration Services 185 23

19 U.S. Marshals Service 182 137

20 Internal Revenue Service 165 107

Total Top 20 by Funding Agency 31,539$ 3,400

Rank NAICS Code Description Contract Value ($mm) # of Contracts

1 Facilities Support Services 7,336$ 219

2 Other Support Activities For Air Transportation 3,522 46

3 Engineering Services 2,036 303

4 Research And Development In The Physical, Engineering, And Life Sciences 1,747 20

5 Computer Systems Design Services 1,460 452

6 Commercial And Institutional Building Construction 1,362 195

7 Ship Building And Repairing 1,211 36

8 Architectural, Engineering, And Related Services 1,161 22

9 Other Computer Related Services 888 494

10 Other Commercial And Service Industry Machinery Manufacturing 885 5

11 Administrative Management And General Management Consulting Services 660 364

12 Research And Development In The Physical, Engineering, And Life Sciences (Except Biotechnology) 620 131

13 Electronic Computer Manufacturing 564 37

14 Security Guards And Patrol Services 522 287

15 Military Armored Vehicle, Tank, And Tank Component Manufacturing 494 5

16 Aerospace Product And Parts Manufacturing 491 8

17 All Other Miscellaneous General Purpose Machinery Manufacturing 474 2

18 Commercial And Industrial Machinery And Equipment (Except Automotive And Electronic) Repair And Maintenance 466 20

19 Remediation Services 418 55

20 Process, Physical Distribution, And Logistics Consulting Services 380 21

Total Top 20 by NAICS Code Description 26,697$ 2,722

SECTION 5: KEY AEROSPACE & DEFENSE STATS



Key Aerospace & Defense Stats

ASM – Global (in thousands) # of Passengers - Global

RSM – Global (in thousands) Load Factor % - Global

Commercial Aerospace Orders

Source: FAA

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

160,000,000

180,000,000

200,000,000

ASM MoM Growth %

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

80,000,000

90,000,000

100,000,000

MoM Growth % # of Passengers

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

160,000,000

Sep

-18

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Feb

-19

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

RPM MoM Growth %

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

Sep

-18

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Feb

-19

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

Load Factor % MoM Growth %

LTM as of 11/2019 11/2019 10/2019 9/2019 8/2019 7/2019 6/2019 5/2019 4/2019 3/2019 2/2019 1/2019 12/2018

Narrowbody Unit Orders 130 20 -18 -1 -3 0 -3 -71 -4 3 1 25 181

Boeing 130 20 -18 -1 -3 0 -3 -71 -4 3 1 25 181

737 130 20 -18 -1 -3 0 -3 -71 -4 3 1 25 181

Airbus 0 0 0 0 0 0 0 0 0 0 0 0 0

A320 1,042 142 403 20 16 -37 145 1 0 3 -21 -5 375

Widebody Unit Orders 157 -2 25 20 14 6 59 9 -1 0 77 -60 10

Boeing 106 -2 -9 8 2 6 31 9 -1 0 40 4 18

787 82 -2 32 5 -14 2 21 1 -1 0 20 0 18

777 -3 0 -41 2 0 4 10 2 0 0 20 0 0

767 26 0 0 0 16 0 0 6 0 0 0 4 0

747 0 0 0 0 0 0 0 0 0 0 0 0 0

Airbus 51 0 34 12 12 0 28 0 0 0 37 -64 -8

A350 32 -33 46 0 0 0 20 0 0 3 37 -41 0

A380 -70 0 -39 0 0 0 0 0 0 0 0 -23 -8 A330 89 33 27 12 12 0 8 0 0 -3 0 0 0



Key Aerospace & Defense Stats

Global Business Jet Traffic

(Flights in Thousands)

12/2019 Global Business Jet Traffic

by Type (375K Flights)

Global Business Jet Deliveries2018 Global Business Jet Deliveries

By Market (798 Deliveries)

U.S. Defense Budget

* Base Budget Request

Source: GAMA, Office of the Under Secretary of Defense

518592

750

887

1,137

1,317

874767

696 672 678 722 718667 676

798

0

200

400

600

800

1,000

1,200

1,400

60.0%20.0%

10.2%

5.8%4.0%

North America Europe Asia-Pacific Latin America Middle East & Africa

FY 2019 vs FY 2020

By Appropriation Title ($ in billions) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020* Dollar Δ % Δ

Military Personnel $ 135.3 $ 135.4 $ 141.7 $ 150.7 $ 155.8 $ 5.0 3.3%

Operation and Maintenance 197.5 197.1 223.3 278.8 292.7 13.9 5.0%

Procurement 110.7 110.7 115.0 147.3 143.1 (4.2) -2.9%

RDT&E 68.8 69.6 82.7 95.3 104.3 9.0 9.5%

Military Construction/Family Housing 6.9 6.5 8.4 11.3 21.1 9.8 87.4%

Other 2.5 2.4 3.5 1.7 1.4 (0.2) -12.7%

Total $ 521.7 $ 521.8 $ 574.5 $ 685.0 $ 718.3 $ 33.4 19.2%

FY 2019 vs FY 2020

By Military Department ($ in billions) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020* Dollar Δ % Δ

Army $ 123.3 $ 122.9 $ 137.1 $ 178.9 $ 191.4 $ 12.5 7.0%

Navy 159.3 159.1 171.5 195.6 205.6 9.9 5.1%

Air Force 145.7 146.5 165.5 192.9 204.8 11.8 6.1%

Defense Wide 93.4 93.3 100.4 117.6 116.6 (0.9) -0.8%

Total $ 521.7 $ 521.8 $ 574.5 $ 685.0 $ 718.3 $ 33.4 19.2%

84%

16%

Domestic International

375367

402

373

384

370369

393389395

354361

387

-10%

-5%

0%

5%

10%

15%

320330340350360370380390400410

# of Flights MoM Growth %

SECTION 6: ABOUT SCOTT-MACON



Overview

Michael Papazis has over 15 years of investment banking experience. Prior to joining Scott-Macon, Mr. Papazis

was a Vice President of Aerospace & Defense Investment Banking at Oppenheimer & Co. Before Oppenheimer,

Michael was a Senior Associate within the Aerospace & Defense Investment Banking Group at Jefferies & Company.

Mr. Papazis began his career as an Analyst at Deutsche Banc Alex Brown in Baltimore, Maryland. Throughout his

career, Mr. Papazis has worked on several M&A, equity and debt financing transactions for various Aerospace &

Defense clients including Lockheed Martin, Kratos Defense & Security and Essex Corporation.

Mr. Papazis is a graduate of Dartmouth College with a B.A. in Economics and Government, Cum Laude. He also

holds an M.A. in International Affairs from the Johns Hopkins University School of Advanced International Studies

(SAIS).

Michael N. PapazisManaging Director


Scott-Macon, Ltd.

Office: (212) 755-8200

Fax: (212) 583-9262

[email protected]

www.scott-macon.com

Selected Transaction Experience

Undisclosed Undisclosed $8,000,000 Undisclosed $80,000,000 $590,000,000

Sale to Sale to Senior Secured Notes & Sale to Initial Public Sale to

Preferred Shares with Offering

Joint Bookrunner

£115,000,000 $38,000,000 Undisclosed $61,000,000 $268,000,000 $270,000,000

a portfolio company of

Acquisition of Hastings Equity Partners Sale to Equity Financing for Debt Financing for Acquisition of

and Admiralty Partners, Inc. Acquisition of Acquisition of

Sale to

Undisclosed £80,000,000 $66,000,000 $380,000,000 Undisclosed Undisclosed

Sale of Securement Sale to Sale to Acquisition of Sale to

Division to Strategic Advisory



Scott-Macon, Ltd. is one of the oldest independent investment banks in the United States focused on middle market

transactions in the range of $10 million to $500 million. The firm is comprised of senior professionals who have had extensive

transaction experience in the areas of mergers and acquisitions, debt and equity financing, valuations and fairness opinions and

general corporate financial consulting.

Founded in 1973 by Alfred L. Scott, Scott-Macon has remained unique in its commitment to provide clients with senior level

advisors who have had significant investment banking experience as well as, in many cases, direct operating experience. The

firm's philosophy of providing advice, ideas and solutions tempered by the perspective of actual operating experience has

benefited clients over the firm's long history.

Another cornerstone of Scott-Macon’s operating philosophy is a client-oriented approach to investment banking services, in

contrast to today’s transaction-oriented environment. Scott-Macon professionals strive to understand the unique aspects of

each client's operations and will not hesitate to counsel against a transaction if it does not appear to be in the long-term best

interests of a client. The firm’s ownership by its own management team enables and encourages a truly unbiased and

independent perspective; free from the inherent conflicts and cross-selling that can occur when advisory services are integrated

into broader financial services platforms incorporating banking, securities or accounting. The success of Scott-Macon’s client-

oriented approach has been validated over the firm’s history by the high percentage of repeat engagements which the firm has

experienced from its clients.

About Scott-Macon

Aerospace

OEM

Structures

Components

MRO / Aftermarket

Defense

Defense Electronics

Homeland Security

Defense Systems

C4ISR

Government Services

Intelligence

Civil / Non-Defense

SETA / Engineering

IT Services

Aerospace Defense & Government Services Coverage

About Scott-Macon

Over 40 Years of Senior Level Experience, Attention & Execution in Investment Banking

M&A ADVISORY | VALUATION SERVICES | ADVISORY …...% of 52 Market Total Enterprise TEV / % Change...

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