Quarterly Report - Janes Capital · and customer service Extensive intranet for information-sharing between member firms Countries with Oaklins Firms Australia Austria Belgium Brazil

Aerospace & DefenseQuarterly Report

Q2 2018Not affiliated with Jane’s Information Group

Quarterly UpdateQ2 2018

Aerospace & Defense

1 Executive Summary

2 About Janes Capital Partners

3 About Oaklins

4 Top 5 M&A Deals

5 M&A Deal Volume

6 A&D Transaction Multiples

7 Public Valuation Summary

9 Deal Spotlight

10 Buyer Spotlight

11 Platform Overview

12 Country Spotlight

13 All M&A Transactions

There were 92 A&D deals announced in Q2 2018, which was adecrease from the number of deals announced during Q1 2018.Year-over-year quarterly transaction volume decreased by 16.4%compared to the 110 deals announced during Q2 2017.

Average disclosed deal size during the quarter decreased to $574million compared to $1.1 billion during Q1 2018.

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

– Government Services, IT Services and Software (19 deals)

– Components & Subsystems (16 deals)

– Machined & Cast Parts (12 deals)

– MRO & Logistics (10 deals)

– Sensors & C4ISR (5 deals)

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

– Satellite, Satellite Services & Space Systems ($5,880 million)

– Distribution ($4,250 million)

– MRO & Logistics ($2,021 million)

Number of Deals by Quarter

In this issue EXECUTIVE SUMMARY

23 25 25 3022

34 3729 24

3625 33 26

47 4835

35 52

82 74

6186 69

81 6566

70 73

6065

74

116111

90

110105 106

9892

0

20

40

60

80

100

120

140

15-2Q 15-4Q 16-2Q 16-4Q 17-2Q 17-4Q 18-2Q

Num

ber

of D

eals

Disclosed Not Disclosed

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Aerospace & Defense

Contact Information

Stephen Perry Managing Director & CEOOffice: (949) 769-3323 Ext. 302Direct: (949) [email protected]

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

Ilana GermaineVice PresidentOffice: (949) 769-3323 Ext. 308Direct: (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 2018, 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. 315Direct: (949) [email protected]

Ken FukumotoVice PresidentOffice: (949) 769-3323 Ext. 314Direct: (831) [email protected]

John DoughertyAssociateOffice: (949) 769-3323 Ext. 305Direct: (949) [email protected]

Chris ReineckeAnalystOffice: (949) 769-3323 Ext. 312Direct: (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 of 18


Aerospace & Defense

Founded: 1966

Location: Dublin, Ireland

Professionals: 15+

Completed Transactions: 180+

IBI Deal Spotlight

OaklinsJanes Capital Partners is a member firm of Oaklins, a global alliance of mid-market investment banks.Established in 1985, the alliance includes over 700 M&A professionals, with 60+ member firms in 40 countriesaround the globe. The alliance has closed over 1,500 transactions totaling more than $75 billion in transactionvalue in the past five years. Janes Capital Partners serves as Oaklins’ Global Aerospace & DefenseIndustry Group Practice Leader.

In each Quarterly Publication, a fellow member firm of Oaklins and a M&A transaction completed by an Oaklinsmember firm will be profiled.

Oaklins Overview

World’s leading M&A alliance, founded in 1985

700+ investment banking professionals

60+ offices located around the globe

Specializes in middle-market companies

Operating in 40 countries

Highest standards of professionalism, integrity and customer service

Extensive intranet for information-sharing between member firms

Countries with Oaklins Firms

Australia Austria Belgium Brazil Canada Chile China Colombia Croatia Czech

Republic Denmark Estonia Finland France Germany

Ireland Israel Italy Japan Latvia Lithuania Mexico Morocco Netherlands Norway Peru Poland Romania Russia Saudi Arabia Serbia

Singapore Slovakia Slovenia South Africa South Korea Spain Sweden Switzerland Thailand Turkey UK USA

Represented Countries

Five-Year Transaction Snapshot

1,500+ closed transactions

Closed transactions valued at over $75 billion

312+ cross-border deals

IBI Corporate Finance advised Arconics on its saleto Viasat (July 2016)Arconics, a private company headquartered in Dublin, offers varioussoftware solutions to the aerospace industry. The company’s softwareproducts cover in-flight entertainment, electronic flight bag, airlinedocument management and cabin management applications. Majorcustomers of the company include Qatar Airways, Cathay Pacific, Ryanairand other airlines. The CEO of Arconics, Niall O’Sullivan explained that“ViaSat offers Arconics a strategic match – both culturally andtechnologically” and that “the complementary nature of the technologies andproducts of Arconics and ViaSat will enhance the combined company’s abilityto deliver exceptional end-to-end experiences across the entire aircraftvalue-chain.”

Buyer DescriptionViasat (NasdaqGS: VSAT) provides broadband and other technology servicesto consumers, airlines and the government. The firm breaks down its corebusiness into three segments: 1) government systems, 2) commercialnetworks and 3) satellite services. The acquisition was a natural step forViasat to make, as they have worked on several partnerships with Arconicsin the past. As a result of the acquisition, Viasat expects to bolster itsabilities to offer airlines real-time insights through customizable aircraftoperations tools.

Target Country

Oaklins Member Firm Spotlight

OverviewIBI Corporate Finance, a subsidiary of the Bank of Ireland Group,advises clients across a full suite of services including mergers andacquisitions, divestitures, growth capital, debt advisory,restructuring and strategic advisory. IBI Corporate Finance becamean Oaklins member firm in 2001. Through its focus on successfuldeal execution, IBI has maintained market leadership, which hasbeen consistently proven through its number one ranking in theMergermarket Irish league table of financial advisors for 12 of thelast 13 years.

Select Recent Transactions IBI advised Fitzwilton Limited on its sale of Rennicks Group

Limited, a distributor of retro-reflective materials in theautomotive industry, to its management team backed by RenatusCapital Partners (December 2017)

IBI advised Athlone Extrusions Ltd, a thermoplastic supplier, onits sale to Schweiter Technologies (July 2017)

IBI advised Inver Energy, an independent supplier of fuel andenergy solutions, on its sale to Brookfield Asset Management(July 2017)

Tom GodfreyChief Executive

Ted WebbManaging Director

Ireland

Buyer Country

United States

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Aerospace & Defense

Valuation Metrics

Target Target Description AcquirorAnnounced

DateImplied TEV

($M)TEV/

RevenueTEV/

EBITDADeal Type(s)

PU I

PU

PS PB I

PS I

PS I

VDM Metals is an industrial metals company that develops,manufactures and supplies metal products across various

industries, including automotive, oil and gas, aerospace and energy,among others. Key products include alloys, strips, sheets, plates,

rods and bars. The company works across a variety of metalsincluding nickel, titanium, steel, aluminum and copper. VDM Metals

also provides services such as melting, forging, rolling, grinding, andturning services for various applications.

04/11/18

$740.0 1.8x

Pulse Electronics is an electric component manufacturer thatoperates in three business segments, which are Power, Network,

and Wireless. The Power segment manufactures transformers,sensors, coils, A&D products and magnetic products. The Network

segment offers passive components including connectors andfilters. The Wireless segment produces antennas, as well as modules

and components for connectivity solutions. Pulse Electronics sells its products and services directly to major original equipment

manufacturers.

05/22/18

$738.0 na 7.4x

na

WFS Global provides logistical services and cargo handling services

to the airline industry. WFS Global's cargo handling capabilitiesinclude receive and delivery, cargo logistics, facilities management,

documentation, training, tracking and capacity management. Inaddition to cargo handling services, WFS Global provides customer

support services such as concierge, ticket management, visa

application, HR planning, equipment rentals and foreign currencyexchange.

06/19/18 $1,389.2 1.0x na

4.1x 8.4x

KLX is a premier distributor of aerospace fasteners, consumables

and logistics services for commercial and defense markets. KLXoperates through two reporting segments, KLX Aerospace Solutions

Group and KLX Energy Services Group, which provides oilfieldservices and rental equipment. Aerospace Solutions Group accounts

for over 82% of revenue. KLX Aerospace Solutions distributes abroad range of products, including fasteners, chemicals, bearings,

lightings, motion and control products. KLX also offers services suchas technical support, data services and shipping services.

05/01/18 $4,250.0 3.0x

Inmarsat provides mobile satellite communications services forgovernment, aviation and commercial markets. Inmarsat operates

through five business segments, which include Maritime, USGovernment, Enterprise, Aviation and Global Government. The

company offers broadband services, mobile voice services, dataconnectivity services and safety systems, among others. Imarsat's

communication solutions connect to a fleet of 13 active satellitesusing a variety of equipment including satellite phones, terminals and

antennas.

06/08/18 $5,852.7

15.7x

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

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Aerospace & Defense

M&A Deal Volume

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

Number of Deals by Segment(Q1 2018)

Average deal size decreased over last quarter from $1.1B to $574M

– Total disclosed deal volume totaled $15.5B, a decrease of more than

$22.3B from Q1 2018

There were 92 A&D deals announced in Q2 2018, which was a decrease

from the 98 deals announced during Q1 2018 and a year-over-year

decrease of 16.4% from Q2 2017

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

– Government Services, IT Services and Software

– Components & Subsystems

– Machined & Cast Parts

– MRO & Logistics

Volume of Deals by Segment(Q1 2018)


Number of Deals by Quarter (last 13 quarters)

23 25 25 30 2234 37 29 24

3625 33 26

47 4835

35 52

82 74

6186 69

81 6566

70 73

6065

74

116111

90

110105 106

9892

0

20

40

60

80

100

120

140

15-2Q 15-4Q 16-2Q 16-4Q 17-2Q 17-4Q 18-2Q

Num

ber

of D

eals

Disclosed Not Disclosed

––––––

1 1 1 1 1

2 3 3 3 3

4 4 4

5 10

12 16

19

0 6 12 18 24

Prime Defense Contractors

Land Systems

Engines & Engine Systems

Engineering and Project Management

Electronics Manufacturing (EMS) & Harnessing

Connectors

Unmanned Vehicles

Simulation & Training Systems

Navy/Maritime

Distribution

Aerostructures

Specialty Defense Systems and Services

Satellite, Satellite Services & Space Systems

Defense Electronics

Controls & Systems

Aircraft Interiors

Test & Measurement

Cybersecurity, Intel ligence Services and Homeland Defense

Composites

Sensors & C4ISR

MRO & Logistics

Machined & Cast Parts

Components & Subsystems

Government Services, IT Services and Software

Number of Deals

-------------$75 $80 $86 $133 $290 $371

$864 $1,441

$2,021 $4,250

$5,880

$0 $10,000

Unmanned Vehicles

Test & Measurement

Sensors & C4ISR


Navy/Maritime

Land Systems




Cybersecurity, Intelligence Services and Homeland Defense

Controls & Systems

Connectors

Aerostructures

Aircraft Interiors

Defense Electronics


Composites





MRO & Logistics

Distribution


Total Disclosed Volume ($M)

$22

8

$2,

318

$13

4

$28

5 $52

7

$25

5 $45

2

$58

1

$11

9

$1,

367

$40

1

$1,

146

$57

4

$0

$10

$20

$30

$40

$50

$60

$70

$0

$500

$1,000

$1,500

$2,000

$2,500

15-2Q 15-4Q 16-2Q 16-4Q 17-2Q 17-4Q 18-2Q

Tota

l Dis

clos

ed V

olum

e ($

BN

)

Ave

rage

Dea

l Siz

e ($

M)

Average Deal Size Total Disclosed Value

5 of 18


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 10.9x

Of the over 1100 deals tracked by Janes Capital Partners over this period, only 88 reported TEV / EBITDA multiples

As expected, multiples vary widely by segment with Cybersecurity, Intelligence Services and Homeland Defense (14.7x), Government Services, IT Services and Software (11.0x) and Sensors & C4ISR (8.6x) 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

10.3x

11.2x

10.3x

14.4x

9.8x

8.3x

13.5x

12.5x

10.8x

9.5x

10.6x

11.9x

9.7x

6

10

9

5

7

8

9

4

2

10

5

7

6

0x 4x 8x 12x 16x

15-2Q

15-3Q

15-4Q

16-1Q

16-2Q

16-3Q

16-4Q

17-1Q

17-2Q

17-3Q

17-4Q

18-1Q

18-2Q

TEV / EBITDANumber of Deals with Reported TEV / EBITDA MultiplesN

-

-

-

-

8.6x

8.6x

9.1x

9.3x

9.5x

10.0x

10.0x

10.3x

10.7x

11.0x

11.0x

11.7x

11.7x

11.8x

12.0x

12.1x

12.3x

13.0x

13.3x

14.7x

0

0

0

0

3

2

9

6

3

1

6

2

9

8

9

1

1

5

3

8

1

1

8

2

0x 5x 10x 15x 20x


Navy/Maritime

Land Systems

Connectors

Sensors & C4ISR


MRO & Logistics

Controls & Systems

Distribution

Aircraft Interiors







Unmanned Vehicles

Aerostructures

Composites

Defense Electronics

Test & Measurement



Cybersecurity, Intelligence Services and HomelandDefense

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

N

6 of 18


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 $79 13.1% $94 89.4% $127 12.2x Arconic $13,213 13.3% $8,213 54.6% $13,431 7.6x

Ducommun 572 8.8% 377 92.2% 585 11.6x ATI 3,638 10.3% 3,156 83.0% 4,763 12.7x

FACC 927 10.7% 856 65.9% 1,079 10.9x Barnes Group 1,461 20.8% 3,098 80.8% 3,514 11.6x

Hexcel 2,035 23.0% 5,939 90.4% 6,730 14.4x Lisi 1,973 15.9% 2,012 68.2% 2,382 7.6xKaman 1,833 9.4% 1,945 92.8% 2,264 13.2x Senior 1,383 11.8% 1,675 92.7% 1,885 11.5x

Latécoère 783 5.2% 506 76.3% 536 13.2x SIFCO 111 1.9% 31 68.2% 58 NM

Magellan 749 15.5% 711 73.3% 766 6.6x Median 12.3% 10.2x

Spirit AeroSystems 7,025 10.5% 9,775 81.7% 10,482 14.3xTriumph 3,199 7.9% 975 56.7% 2,377 9.5x MRO

Median 11.6% 11.7x AAR $1,902 7.5% $1,578 94.8% $1,748 12.2x

BBA Aviation 2,371 18.8% 4,632 92.2% 5,804 13.0x

Commercial Airframes HAECO 1,862 10.6% 1,448 98.3% 1,995 10.1xAirbus $80,626 7.5% $90,747 94.1% $90,817 15.1x HEICO 1,648 24.7% 8,731 93.7% 9,594 23.6x

Boeing 94,813 13.5% 195,462 89.6% 198,099 15.4x KLX Inc. 1,829 16.4% 3,648 87.2% 4,535 15.1x

Bombardier 16,641 4.9% 9,342 97.0% 17,708 21.6x MTU Aero Engines 6,047 14.5% 9,890 97.6% 11,079 12.6x

Embraer 5,650 9.1% 4,619 87.2% 6,114 11.9x ST Engineering 5,156 12.2% 7,531 85.5% 7,547 12.0x

Textron 14,334 10.8% 16,875 95.0% 20,105 13.0x Wesco Aircraft 1,479 8.9% 1,119 94.1% 1,969 15.0xMedian 9.2% 15.4x Median 14.2% 14.2x

Components & Subsystems Defense Electronics, Sensors & C4ISR

Ametek $4,465 26.0% $16,711 91.0% $18,360 15.8x AeroVironment $271 13.8% $1,684 97.0% $1,427 NMCIRCOR 792 9.7% 733 60.4% 1,425 18.5x Cubic 1,520 4.5% 1,748 88.6% 1,968 NM

Cobham 2,774 14.1% 4,038 85.6% 4,558 11.6x Elbit 3,447 12.2% 5,017 79.9% 5,476 13.0x

Crane 2,912 17.6% 4,784 78.1% 5,556 10.8x Esterline 2,032 13.8% 2,172 73.4% 2,596 9.2x

Meggitt 2,740 26.1% 5,027 93.1% 6,330 8.8x FLIR 1,833 21.3% 7,131 93.3% 7,137 18.2xRBC Bearings 675 24.3% 3,105 92.0% 3,224 19.6x Harris 6,058 23.8% 17,161 84.8% 20,937 14.5x

Teledyne 2,733 18.2% 7,119 92.9% 8,067 16.2x Kongsberg Gruppen 1,826 8.8% 2,540 84.7% 2,621 16.3x

Timken 3,183 15.1% 3,379 78.3% 4,361 9.1x Kratos 763 6.0% 1,191 82.6% 1,357 NM

TransDigm 3,603 47.2% 18,096 99.3% 28,819 17.0x KVH Industries 160 2.4% 235 98.9% 241 NM

Woodward 2,174 16.9% 4,728 86.1% 5,259 14.3x L3 Technologies 9,623 14.0% 15,093 87.9% 18,135 13.5xMedian 21.5% 14.2x Mercury Systems 456 19.2% 1,834 69.2% 1,985 2271.7%

OSI Systems 1,054 15.7% 1,398 80.0% 1,681 10.1x

Controls & Systems QinetiQ 1,169 18.0% 1,990 96.5% 1,611 7.6x

Astronics $651 11.0% $1,009 72.7% $1,269 17.8x Smiths 4,562 19.1% 8,867 93.8% 10,253 11.8xCurtiss-Wright 2,295 19.9% 5,262 83.0% 5,680 12.5x Thales 18,967 12.0% 27,339 97.6% 24,075 10.6x

Eaton 20,807 17.0% 32,684 83.2% 39,811 11.3x Ultra 1,048 16.6% 1,614 76.1% 1,715 9.8x

Heroux-Devtek 300 14.1% 418 90.6% 449 10.7x Median 13.8% 13.1x

Honeywell 41,434 20.5% 107,595 87.2% 115,786 13.6xISSC 16 NM 49 64.4% 26 NM Prime Defense Contractors

Moog 2,592 12.7% 2,787 83.0% 3,438 10.5x BAE $24,764 10.9% $27,234 98.0% $28,475 10.6x

Parker-Hannifin 13,981 16.9% 20,722 73.2% 25,411 10.8x General Dynamics 31,067 14.7% 55,370 81.0% 57,517 12.6x

Rockwell Collins 8,478 21.3% 22,119 96.5% 28,824 16.0x Huntington Ingalls 7,591 14.5% 9,647 78.4% 10,399 9.4x

Median 16.6% 12.9x Leonardo 14,312 12.6% 5,674 52.7% 10,343 5.7xLockheed Martin 51,471 13.8% 84,354 81.4% 96,255 13.5x

Engines & Engine Systems Northrop Grumman 26,128 15.0% 53,658 85.3% 58,549 14.9x

General Electric $115,450 4.8% $118,207 49.3% $252,151 NM Raytheon 25,615 15.1% 55,491 84.1% 58,286 15.1x

Rolls Royce 22,041 11.5% 24,229 97.8% 24,997 9.9x Median 13.8% 11.7xSafran 20,341 21.7% 52,922 98.8% 51,098 11.6x

UTC 61,264 16.9% 100,031 89.8% 121,804 11.7x

Median 13.7% 11.1x

Aerospace & Defense Public Valuations

Note: Trading metrics as of 6.30.18. 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

7 of 18


Aerospace & Defense

Top 10 Bottom 10

NYSE:HEI 23.6x BIT:LDO 5.7x

NasdaqGS:

MRCY22.7x TSX:MAL 6.6x

TSX:BBD.B 21.6x ENXTPA:FII 7.6x

NasdaqGS:ROLL

19.6x LSE:QQ. 7.6x

NYSE:CIR 18.5x NYSE:ARNC 7.6x

NasdaqGS:F

LIR18.2x LSE:BAB 8.2x

NasdaqGS:A

TRO17.8x NYSE:KBR 8.4x

NYSE:TDG 17.0x LSE:CHG 8.6x

OB:KOG 16.3x LSE:MGGT 8.8x

NYSE:TDY 16.2x NYSE:TKR 9.1x

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, Satel lite Services and Space Systems Engineering and Construction

Aerojet Rocketdyne $1,964 10.0% $2,226 81.4% $2,388 12.2x AECOM $19,120 4.6% $5,296 82.8% $8,601 9.7x

Ball Corporation 11,295 16.5% 12,415 82.2% 19,511 10.5x Babcock 6,540 13.4% 5,444 89.6% 7,208 8.2x

Comtech 551 12.4% 754 92.1% 892 13.1x Fluor 19,509 2.9% 6,858 78.6% 6,799 12.0x

Gilat Satellite 286 9.8% 504 98.8% 438 15.6x Jacobs Engineering 11,854 6.8% 9,002 88.0% 10,773 13.4x

Intelsat 2,154 75.5% 2,270 79.1% 16,245 10.0x Median 6.9% 10.8x

Maxar Technologies 1,815 23.3% 2,831 75.1% 5,952 14.1x

ViaSat 1,595 8.3% 3,871 81.9% 4,835 NM Government, IT Services & Software

Median 22.3% 12.6x Booz Allen $6,172 9.5% $6,271 95.4% $7,882 13.5x

CACI 4,435 9.2% 4,163 96.4% 5,190 12.7x

Specialty Systems and Services CGI Group 8,695 16.6% 17,652 98.7% 18,866 13.1x

American Outdoor $607 13.1% $654 53.4% $792 10.0x Engility 1,923 9.2% 1,132 86.0% 2,067 11.7x

Axon Enterprise 366 8.5% 3,680 89.0% 3,583 NM ICF 1,236 9.2% 1,336 93.3% 1,548 13.7x

CAE 2,195 20.3% 5,556 97.0% 6,113 13.7x KBR 4,103 7.9% 2,520 82.6% 2,733 8.4x

Chemring 726 15.0% 822 97.2% 938 8.6x KEYW 499 8.9% 431 88.9% 698 15.7x

MSA Safety 1,257 20.9% 3,691 99.0% 4,043 15.4x Leidos 10,033 10.2% 8,955 84.2% 11,838 11.5x

SAAB 3,785 8.4% 4,444 84.3% 4,734 14.9x ManTech 1,772 7.9% 2,121 86.2% 2,176 15.5x

Median 14.4% 12.5x MAXIMUS 2,457 14.9% 4,052 85.4% 3,803 10.4x

SAIC 4,526 7.0% 3,435 89.1% 4,299 13.5x

Serco Group 3,992 2.8% 1,423 81.8% 1,667 15.0x

Vectrus 1,145 3.7% 346 74.3% 394 9.4x

VSE 740 10.5% 520 79.8% 701 9.1x

Median 9.1% 12.4x

Aerospace & Defense Public Valuations (continued)

TEV / EBITDA Valuation Trend by Sector(last 5 years)

Performance Dashboard(by TEV / EBITDA Valuation)

Market Performance Summary

Note: Trading metrics as of 6.30.18. 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)

13.0x 12.6x 12.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Jun-

12

Dec

-12

Jun-

13

Dec

-13

Jun-

14

Dec

-14

Jun-

15

Dec

-15

Jun-

16

Dec

-16

Jun-

17

Dec

-17

Jun-

18

TEV

/ E

BIT

DA

Commercial Aerospace Defense Government & IT

8 of 18


Aerospace & Defense

Transaction SummaryOn April 30, 2018, Boeing (NYSE: BA), a premier aircraft OEM forboth commercial and defense markets, entered into a definitiveagreement to acquire KLX (NASDAQGS: KLXI), a leading provider ofaerospace fasteners, consumables and logistics services. KLX’sAerospace Solutions Group (ASG) will be fully integrated into Avialland is expected to accelerate the expansion of Boeing GlobalServices, which was founded in December of 2016. KLX’s Energyservices

Deal Spotlight

Headquarters Miami, FL

Employees ~2,000

FY17 Revenue $1.4B

FY17 EBITDA $270M

Chairman and CEO Amin Khoury

President and COO Thomas McCaffrey

Boeing to Acquire KLX

Commentary from the CEOsStan Deal, CEO of Boeing Global Services, stated: “This acquisition is the next step in our services growthstrategy, with a clear opportunity to profitably grow our business and better serve our customers in a $2.6trillion, 10-year services market. By combining the talent and product offerings of Aviall and KLX Inc., we willprovide a one-stop-shop that will benefit our supply chain and our various customers in a meaningful way.“Amin Khoury, Chairman and CEO of KLX, stated: “Our customers have long desired a supplier who could offeressentially 100 percent of their requirements for fasteners, consumables and expendables. The combination ofAviall and KLX Aerospace facilitates the broadest scope of parts and products to support all customer fleettypes for the commercial, military and defense and business and general aviation markets. This businesscombination will enable us to deliver industry-leading value-added service solutions for our customers, andoutstanding growth opportunities for our suppliers.”

Deal Rationale

KLX ASG OverviewKLX was founded by B/E aerospace, but was successfully spun-off in 2014 in order to increase the ability of thefirm to specialize in the areas of distribution, logistics and technical services. KLX operates through tworeporting segments, KLX Aerospace Solutions Group and KLX Energy Services Group. Key product linesdistributed include fasteners, chemicals, bearings, lightings, motion and control products and proprietaryparts under an exclusive 20-year license with Honeywell and is the largest independent distributor offasteners, consumables and chemicals to aerospace OEMs and aftermarket. ASG also offers logistic servicesincluding kitting solutions and inventory management.

Sources: DACIS, CapIQ, company websites, market research

Strategic Rationale

Benefits from Acquiring KLX

Total Enterprise Value $4.25B

FY17 Revenue Multiple 3.0x

FY17 EBITDA Multiple 15.7x

Announced Date May 1, 2018

Expected Close Date Q3 2018

Highly Complementary

Acquisition

Limited overlap in both geographic presence and product offering allows for robust expansion of relationships with customers

Establishes Boeing as “one-stop-shop” enabling cross-selling opportunities for aerospace parts and services

Accelerates Service Revenue Growth Strategy

Captures the largest independent distributor in the A&D industry Clear fit with Boeing Global Services and strategy to increase service revenue Positions Boeing to compete in the aerospace services market worth $2.6 trillion

over the next 10 years

Services Group will be spun-off and is a transaction condition. KLX reportedly plans to spin off the division toshareholders. Boeing will acquire KLX for approximately $4.25 billion with financing primarily coming fromexisting cash reserves. KLX shareholders will receive $63.00 in cash for each share of KLX stock, implying anequity value of approximately $3.25 billion. Standard closing conditions such as KLX shareholder approval andregulatory approval must also be met.

Cost Synergies

Boeing has identified $70 million in cost synergies which are expected to be realized by 2021 with potential for even greater synergies over time

Significant opportunity to leverage KLX into supply chain benefits for Boeing production programs

KLX ASG Sales Breakdown

Deal Summary

KLX ASG Key Figures

FY25Revenue Mix

Boeing Long-Term Strategy

FY17 Revenue Mix

End MarketGeography

Europe23%

Americas53%

Other18%

Commercial48%Aftermarket

40%

Defense8%

Business Jet4%

Services Revenue

40%

Product Revenue

60%

Services Revenue16%

Product Revenue

84%

9 of 18


Aerospace & Defense

0

0.5

1

1.5

2

2.5

0

50

100

150

200

250

300

350

400

Jun-17 Sep-17 Dec-17 Mar-18 Jun-18

Sh

are

Pri

ce

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

($ in Millions) FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Revenue $1,924 $2,373 $2,707 $3,171 $3,504

EBITDA $900 $1,073 $1,234 $1,495 $1,711

EBITDA Margin 46.8% 45.2% 45.6% 47.1% 48.8%

TEV / LTM Revenue 6.5x 6.9x 7.0x 7.6x 6.7x

TEV / LTM EBITDA 15.1x 15.9x 16.0x 16.9x 15.0x

Cash & ST Investments $565 $820 $714 $1,587 $651

Headquarters Cleveland, OH

Founded 1993

Employees ~9,200

Acquisitions 64

Market Cap $18,246

Net Debt $11,736

Revenue $3,602

EBITDA $1,698

EV / EBITDA 15.4x

Price / Earnings 25.5x

(1) Market data as of 6.30.18; LTM financial data as of 3.31.18

Note: Fiscal year ends September 30th; market data as of 6.30.18

Sources: CapIQ, Dacis, company presentations and website

Share Price Performance

TransDigm Group Highlights ($M)

Key Management

-[space

Notable Recent Acquisitions

Date Target TEV Description

Mar ’18 $50MKirkhill is a leading supplier of highly engineered aerospace elastomers for A&D markets

Feb ’17 $260MYoung & Franklin Inc.manufactures engineered aircraft components

Sep ’16 $1BData Device Corp provides data networking solutions withvarious applications

Jul ’15 $325MPneuDraulics manufactureshydraulic components for the aerospace industry

Buyer Spotlight TransDigm Group, Inc. (NYSE:TDG)

DescriptionTransDigm Group produces highly-engineered aerospace componentsacross military and commercialapplications. It operates a decentralizedstructure of 34 operating units primarilyselling proprietary aerospace parts withsignificant aftermarket. Its businessstrategy is driven by focused anddisciplined acquisitions, as evidenced byits 64 acquisitions since its founding in1993. TransDigm, through itssubsidiaries, sells an extremely widerange of products. Its diverse portfolioincludes ignition systems, engine sensors,

TransDigm Financial History

Nicholas Howley is Founder and recently elected Executive Chairman of TransDigm Group. Mr. Howley served as CEO from 2003-2018

Dr. Kevin M. Stein was recently elected as President and CEO at TransDigm Group in April 2018. Dr. Stein joined TransDigm in 2014 as the COO of the Power Group Business

Revenue Segmentation

Transaction Highlight

TransDigm Acquires ExtantOn March 19th, 2018, TransDigm announced the acquisition of Extant Components Group Holdings, Inc.representing a total transaction value of $525 million. Extant Components manufactures mission criticalelectronics and avionics in military, aviation and commercial markets. The firm’s commercial offering includescollision avoidance systems, display systems and satellite communication products. The acquisition aligns withTransDigm’s strategy, as Extant’s sole sourced positions and highly engineered products have high pricingleverage and barriers to entry. Nicholas Howley, Executive Chairman and then-CEO of TransDigm, commented,"Extant has an unusual and attractive business model, with significant opportunities for growth. This uniquemodel fits well with our proprietary and aftermarket-focused value generation strategy. As usual, weanticipate attractive private equity type returns on this acquisition."

Vol

ume

(in

mill

ions

)

pumps, valves, motors, actuators, batteries, connects, audio systems and cargo handling systems, amongothers. TransDigm’s unique portfolio of niche aerospace and defense products allow the firm to have majorfootholds in the global aerospace market.

10 of 18


Aerospace & Defense

DescriptionThe A330neo is a wide-body commercial jet airliner developed by Airbus and based on the Airbus A330program. The A330neo still shares over 95% of the same components as the previous A330 models. However,with the inclusion of the larger Rolls-Royce Trent 7000 turbofan jet engines, the A330neo promises 14% betterfuel economy per seat, 400 nautical miles of additional range, and lower maintenance costs. Re-twisted wings,optimized slats, A350 XWB styled winglets, and improved engine pylons will improve aerodynamics by 4%. Fuelefficiency has been improved by over 14% due to the 11% more efficient Rolls-Royce Trent 7000 engine andimproved aerodynamics. The A330neo is an impressive aircraft at a relatively low price point for wide-body,long haul aircraft at US$296M. The A330neo captures optimal long-haul market share due to being specificallydesigned to maximize economics on the more common 4,000 nmi or less long-haul markets. The Airbus A330platform provides a delivery rate of 66 aircraft per year and has a combined backlog of 214 aircraft betweenits 800 and 900 models. A global market share presence bolsters the A330neo backlog in various geographies,with a high concentration in Southeast Asia, making up over 38% of its current A330neo demand.

Platform Overview

Type Commercial Jet Airliner

Manufacturer Airbus SE

First Flight October 19, 2017

Max Air Speed .74 Mach (570 mph)

Max Takeoff Weight 534,000 lbs

Max Landing Weight 421,000 lbs

Length 208 ft. 10 in. (63.6m)

Unit Cost US$296.4 million

Passenger Seating v800 257

Passenger Seating v900 287

Airbus A330neo Overview

HistoryDesign and development of the A330neo began in 2006 asAirbus looked to improve its A330 model after majorclients responded negatively to various functions. Afterthe initial success of the A320neo launch, Airbus decidedto begin a major modification program to improve its A330model and fill in some whitespace in its under-4000 nmilong-haul flight space, as well as the 250-300 seatmarket. The newest Rolls-Royce Trent 7000 enginerelease coupled with improved aerodynamic technologyproved critical for Airbus’ decision to launch the modifiedA330neo platform in mid-2014. Lower capital costs let theA330neo compete as one of the most cost-efficient wide-body aircraft on the market. Sales since 2016 havedrastically slowed due to competition with the Boeing 787.Airbus has 214 A330-900neo orders in the pipeline andexpects to produce 10 A330-900neo aircraft per month.

Sources: Airbus, Aviation Week, Rolls-Royce, Leeham News

A330neo Suppliers

Current A330neo Customers

A330neo Overview

Platform OutlookThe outlook for A330-900 primarily revolves around deliveries to its diverse client list and the possibility ofincreasing sales on the platform. Since Q1 2018, Airbus has struggled with A330-900neo sales. Airbus looks tooptimize deliveries in order to bolster sales, gain market share, and better compete with the Boeing 787.Although the cost per unit of the A330-900neo is lower than the 787, Boeing’s superior performance and longstanding relationships with various clients in the wide-body aircraft sector is proving detrimental to futureA330-900neo sales. After losing a bid to Boeing to supplement American Airlines’ wide body fleet in March2018, the future of the A330 family is highly dependent on the delivery and reliability of the aircraft.

A330-900neo Design and Features

Rolls-Royce Trent 7000 Engines10 to 1 bypass ratio72k thrust per engine14% fuel burn improvement330 minutes of ETOPS capacity

Redesigned WingComposite fairings and sharkletsNew flat track and underbelly fairings Reshaped first slats dog-tooth3D optimized wing twist

A350 XWB Styled Sharklets64 meter wingspan 4% fuel burn improvementHigher pressure distribution3.7m increase to reduce drag

Optimized Airspace CabinsSpace-Flex cabin design+10 seats from A330Airbus SB and SFE material257/287 seats for v800/900

Supplier Description

Safran supplies harnesses, doors, landing gear, pressure monitors, wheels, APUs, compressors, fuel tanks and transmissions

Thales supplies display units, transmitters, flight management systems, radar, navigation, and in-flight entertainment

Honeywell supplies brake systems, wheels, flight management systems, weather mapping radar, MMR components and APUs

Rolls-Royce provides twin Trent 7000 turbofan engines, as well as component supplies for regular maintenance

Zodiac supplies cabin lighting, galleys, interiors, storage bins, furniture, closets, dividers, and various galley inserts

Rockwell provides passenger seating, lavatories, oxygen systems, transceivers, tracking systems, receivers and antennas

Country Customer # Ordered Date

United States Delta Air Lines 25 19 Nov 2014

United States CIT Group 15 3 Dec 2014

Malaysia AirAsia X 66 15 Dec 2014

Ireland Avolon 15 23 Dec 2014

United States Air Lease Corp 29 9 Mar 2015

Portugal TAP Air 10 13 Nov 2015

Indonesia Garuda 14 19 Apr 2016

Israel Arkia Israeli 2 11 Jun 2016

France Aircalin 2 29 Nov 2016

Iran Iran Air 28 22 Dec 2016

Iceland WOW Air 4 21 Sep 2017

Undisclosed N/A 4 21 Sep 2017

Senegal Air Senegal 2 15 Dec 2017

Singapore BOC Aviation 2 14 Dec 2017

Total 214**All orders are for the A330-900neo

11 of 18


Aerospace & Defense

F/A-18 Program

In April 2018, Boeing announced its partnership with HAL and Mahindra to locally manufacture its F/A-18 Super Hornet. The partnership comes as India has expressed a desire to purchase 110 fighter jets, with at least 94 being made in India. Ultimately, the jets would be worth approximately $15 billion, representing a unique opportunity for rapid growth of both HAL and the Indian defense market.

Sales $1.47B Manufactures and supplies electronic

products for the defense sector Products include radars, naval systems,

opto-electronics and electronic warfare systems

Sales: $145M Offers missile solutions for naval, land

and air platforms Products include supersonic cruise

missiles

Sales: $204M Offers airframe structures and precision

aerospace components Products include wing and rear fuselages,

ailerons, wing flaps and flap track beam assemblies

Sales: $13.5B Offers aerospace components,

assemblies, and aircrafts Products include utility aircraft, heat

treatment service and surface treatments

Sales: $98.7B Offers variety of power and defense

solutions through its subsidiaries Products include radar, unmanned aerial,

aero-structures and command and control solutions

Business Description

Founded in 1940, Hindustan Aeronautics (HAL)produces various aircraft, helicopters and engines.Currently, HAL is India’s only company that iscapable of manufacturing military combat fighters.In addition to this capability, the company providesvarious MRO services to its customers. The firmwent public in 2017, but was previously owned bythe Government of India, giving the firm strong tiesto the Indian Government.

Sources: CapIQ, Export.gov, SKF, Business Insider and company websitesNote: Financial data as of 07/09/18

DescriptionAerospace and Defense in India

Select Recent M&A Activity in Indian A&D

Country Spotlight

Select Company Profiles

Select Public Comparable Companies

Date Target AcquirerTEV ($M)

TEV / Sales

TEV / EBITDA

05/03/18 Defense Business of Tata Motors Limited

Tata Advanced Systems Limited (Tata Sons Limited)

$277 - –

05/03/18 TAL Manufacturing Solutions Limited


$94 - –

03/29/18 Strategic Engineering Division of Tata Power


$343 4.2x –

11/10/16 SasMos – HET Technologies Lumipol International B.V. $14 - –

09/04/15 Mahindra Telephonics Integrated Systems Limited Telephonics Corporation – – –

08/14/15 India Aviation Training Institute

AXISCADES Engineering Technologies

$41 1.3x –

06/26/14 Thales Software India L&T Technology Services – – –

FirmLTM

RevenueMarket

CapTEV

TEV / EBITDA

HindustanAeronautics Limited

$2,697M $4,036M $2,893M 9.0x

Bharat Electronics $1,466M $3,932M $2,780M 9.6x

DynamaticTechnologies

$204M $151M $236M 12.9x

Taneja Aerospace and Aviation

$5M $14M $17M 14.3x

Sika Interplant Systems

$5M $8M $8M 15.8x

High EnergyBatteries

$9M $9M $14M 9.0x

$ in US Millions

Hindustan Aeronautics Limited (HAL) Spotlight

The Indian aerospace and defense (A&D) industry is one of the fastest growing A&D industries worldwide.Valued at approximately US$16 billion, the market is projected to become the third largest aviation market by2026 and is currently in the top ten. As the global A&D market continues to increase, India is expected torequire 1,850 new commercial aircraft worth US$265 billion over the next two decades. The effects of thisgrowth will expand into different subsectors of the A&D supply chain, including the maintenance, repair andoverhaul (MRO) market. The Indian government has taken steps to facilitate the growth of the local MROs byoffering exemptions on paying customs duties, airport royalties, value-added taxes and ensuring adequateland available for MRO service centers.

The Indian defense industry also continues to expand quickly. In 2017, the Indian defense sector budget(US$52.5 billion) became the fifth largest budget in the world and is expected to continue to grow in the futureas the country seeks to expand its military. With several policy initiatives aimed at strengthening the localdefense industry, the government has shown its commitment to making India a key A&D manufacturing hub.One example of this occurred in 2016 as the government removed regulations barring foreign A&D firms fromholding more than a 49.0% stake in local ventures. The easing of regulations has played a large role in Boeing’sannouncement that it plans to invest in a factory to produce the F/A-18 Super Hornet fighter jet in India.Additionally, Lockheed Martin agreed to shift some of their F-16 production to India in June 2017. As morefavorable regulations are put in place, large A&D firms will continue to invest in India’s burgeoning A&Dindustry.

TEV:Market Cap:LTM Revenue:LTM EBITDA:

$2,893$4,036$2,697$318

Key Financials ($M)

12 of 18


Aerospace & Defense


All Transactions – Value Disclosed


Valuation Metrics

Announced

DateTarget Acquiror

Implied TEV

($M)

TEV/

Revenue

TEV/

EBITDASegment Deal Type(s)

PU PB I

PR I

PS I

PR

PU

PR

PU

PR

PS I

PU PB I

PS I

PU

PU PB

PU I

PR I

PU I

PU I

PR

04/03/18 Avon Engineered Fabrications, Inc. Performance Inflatables Co., LLC $9.3 na na Composites

04/10/18 Plymouth Rock Technologies Inc. Alexandra Capital Corp. $1.2 na na Defense Electronics

04/11/18 VDM Metals GmbH Aperam S.A. $738.0 na 7.4x Machined & Cast Parts

04/12/18All Assets Of Worthington Aviation Parts,

Inc.Air T, Inc. $3.4 na na MRO & Logistics

04/12/18 STG Group Holdings, Inc. SOS International, LTD $83.0 na naGovernment Services, IT

Services and Software

04/18/18 Socrata, Inc. Tyler Technologies, Inc. $150.0 6.0x naGovernment Services, IT


04/19/18Cubic Global Defense, Inc. and Omega

Training Group, Inc.Valiant Integrated Services LLC $138.0 0.4x nm

Government Services, IT


04/23/18 Certified Thermoplastics Co., Inc.Ducommun Structural Systems Segment

$30.5 na na Components & Subsystems

na Machined & Cast Parts

04/24/18 E.I.S. Aircraft Operations of E.I.S. Group QinetiQ Group plc $85.5 3.5x

na Composites

13.0xSimulation & Training

Systems

04/24/18 Precision Micro Ltd. LDC (Managers) Limited $31.4 1.5x

04/26/18 Carbures Europe, S.A. Inypsa Informes y Proyectos, S.A. $123.7 1.3x

05/01/18 KLX Inc. Aviall Inc. $4,250.0 3.0x 15.7x Distribution

05/01/18L-3 Communications Vertex Aerospace LLC and Related Assets

American Industrial Partners $540.0 na na MRO & Logistics

05/02/18MTI Computers and Software Services (1982) Ltd.

M.T.I Wireless Edge Ltd. $17.4 0.5x 6.7x Defense Electronics

05/02/18 ASCO Spirit AeroSystems Holdings, Inc. $650.0 na na Components & Subsystems

05/03/18 Defense Business of Tata Motors Limited Tata Advanced Systems Limited $277.1 na naSpecialty Defense Systems

and Services

05/03/18 TAL Manufacturing Solutions Limited Tata Advanced Systems Limited $93.6 na na Machined & Cast Parts

05/04/18 VIEVU LLC Axon Enterprise, Inc. $12.9 na naSpecialty Defense Systems

and Services

13 of 18


Aerospace & Defense

All Transactions – Value Disclosed (continued)



Valuation Metrics

Announced Date

Target AcquirorImplied TEV

($M)TEV/

RevenueTEV/

EBITDASegment Deal Type(s)

PS I

PR I

PS I

PR I

PR I

PU I

PU I

PS PB I

PR I

05/22/18 Pulse Electronics Corporation Yageo Corporation $740.0 1.8x na Components & Subsystems

05/23/18 EPIC Aviation, LLC BBA Aviation plc $88.1 na na MRO & Logistics

05/23/18 Acro Aircraft Seating Ltd. Zhejiang Tiancheng Controls Co., Ltd. $75.2 na na Aircraft Interiors

06/01/18 MRSI Systems, LLC Mycronic AB (publ) $60.9 2.0x na Defense Electronics

06/04/18 Precision, Inc. TT Electronics plc $27.5 1.3x naSatellite, Satellite Services &

Space Systems

06/06/18Inticore VJP Advance Systems Private

Limited

Vee J Pee Aluminium Foundry Private

Limited$0.5 na na Machined & Cast Parts

06/08/18 Inmarsat Plc EchoStar Corporation $5,852.7 4.1x 8.4xSatellite, Satellite Services &

Space Systems

06/19/18 WFS Global SAS Cerberus Capital Management, L.P. $1,389.2 1.0x na MRO & Logistics

06/28/18 Alga Microwave Inc. Baylin Technologies Inc. $20.4 1.7x 7.3x Components & Subsystems

14 of 18


Aerospace & Defense

All Transactions – Value Not Disclosed



Announced Date Target Acquiror Segment Deal Type(s)

PR PB I

PS PB I

PU PB

PR PB

PR

PR PB I

PR

PR PB

PS I

PS I

PU I

PS PB I

PR I

PR I

PR PB

PR PB

PR I

PR


04/20/18 Syncom Group BCS, Inc.Government Services, IT Services and

Software

04/17/18Business and Assets of the Emergency Locator

Transmitter Beacon Product Line of Instrumar Limited

Dukane Seacom, Inc.

Government Services, IT Services and

Software

04/17/18 B&B Tritech, Inc. Vantage Specialty Chemicals, Inc. Components & Subsystems

04/16/18 Fourth Dimension Engineering LLC Polaris Alpha

04/12/18 Elit'Avia d.o.o. OJets Pte Ltd. MRO & Logistics

04/10/18 MGRM Net Limited Hitachi India Private LtdGovernment Services, IT Services and

Software

ORBIT/FR Inc. Microwave Vision S.A.


04/05/18 Airline Services Limited Menzies Aviation plc Aircraft Interiors

04/05/18 MEN Mikro Elektronik GmbH duagon Holding AG

Cybersecurity, Intelligence Services and Homeland Defense

04/03/18 AeroCision, LLC Bromford Industries Limited Machined & Cast Parts

04/03/18 SBD Advisors LLC (nka:ITC Global Advisors) ITC Global Security Ltd.

TPG Capital, L.P.

Orolia SASatellite, Satellite Services & Space

Systems

04/03/18

Talen-X, Inc.

Government Services, IT Services and

Software

04/03/18 Azuga, Inc. Sumeru Equity Partners, Inc.Government Services, IT Services and

Software

04/03/18 Wind River Systems, Inc.

Test & Measurement

04/09/18 Stirling Dynamics Limited

American Cooler Service, Inc. Aviation Technical Services, Inc.

MRO & Logistics

04/03/18

Sunrise Beach Corporation (M2 Services Corporation)

The Day & Zimmermann Group, Inc.

MRO & Logistics

04/04/18 Client Network Services, Inc. A&M Capital Advisors, LLCGovernment Services, IT Services and

Software

04/04/18

Assystem Technologies Groupe Components & Subsystems

04/06/18

15 of 18


Aerospace & Defense


All Transactions – Value Not Disclosed (continued)



PR PB

PR

PR PB I

PU PB I

PU

PS

PS I

PR I

PR

PR

PR I

PR

PU

PU PB

PU PB I

PR I

PR I

PR I

Test & Measurement

05/15/18 Technology Management Associates Incorporated SAP National Security Services, Inc. Sensors & C4ISR

05/15/18 NEXTSENSE GmbH Hexagon AB (publ)


05/14/18 QualityPark AviationCenter GmbH AERTEC Solutions S.L. Aircraft Interiors

05/14/18APU Repair Product Line of Triumph Aviation Services

Asia, Ltd.TurbineAero


05/14/18Triumph Structures - Los Angeles, Inc. and Triumph

Processing, Inc.Valence Surface Technologies, Inc. Aerostructures

05/14/18 Triumph Structures-Long Island, LLC Aero Structures Long Island, Inc.


05/14/18 BittWare, Inc. Molex, LLCGovernment Services, IT Services and

Software

05/10/18 FluiDyna GmbH Altair Engineering Inc.

Unmanned Vehicles

05/09/18 Fusion PPT LLC Quality Technology, Inc.Government Services, IT Services and

Software

05/08/18 Passenger Drone Astro Aerospace Corp.


05/07/18 M2M Eddyfi Technologies Test & Measurement

05/07/18 Space Time Insight, Inc. Nokia Corporation


05/01/18 IOTA Engineering, L.L.C. Acuity Brands, Inc. Components & Subsystems

04/30/18Facet Filtration Business of Parker Hannifin Corporation

Filtration Group Corporation


04/25/18 RAI Government Services LLC Ian, Evan & Alexander Corporation Government Services, IT Services and

Software

04/23/18 Avignon Ceramic SAS Ouest Croissance SCR; Adaxtra Capital

MRO & Logistics

04/23/18 ThinkSmart LLC Mitratech Holdings, Inc.Government Services, IT Services and

Software

04/20/18 Blue Sky Industries, Inc. Fastener Distribution Holdings LLC

16 of 18


Aerospace & Defense





PR PB I

PR PB

PS

PR

PS I

PR I

PR PB

PR

PR I

PR

PR PB I

PR PB

PR I

PR PB I

PR PB

PR

PR

PS PB I

06/01/18 PlastiComp, LLC PolyOne Corporation Composites

06/08/18 Zemax Software Holdings EQT Partners ABGovernment Services, IT Services and

Software

06/06/18 Napa Jet Center, Inc. Lynx FBO Network MRO & Logistics

Sensors & C4ISR

06/04/18 Patricomp Oy Patria Aerostructures Oy Machined & Cast Parts

06/07/18 Analytic Strategies LLC Culmen International, LLCCybersecurity, Intelligence Services and

Homeland Defense

06/05/18 Flight Data Systems Pty. Ltd. ACR Electronics, Inc. MRO & Logistics

06/06/18 American Fuel Cell LLC Plug Power Inc. Components & Subsystems

06/01/18 Marstrom Composite AB TBS Group AB Composites

06/01/18 Mountain Secure Systems, Inc. Cache Creek Industries, LLC

05/29/18 Applied Fusion Inc Integrated Manufacturing Group, LLC Machined & Cast Parts

05/31/18 Cathelco Ltd Evac Oy Navy/Maritime


05/22/18 SOTEP SARL Mannesmann Stainless Tubes GmbH Machined & Cast Parts

05/25/18 O.R. Lasertechnologie GmbH Coherent, Inc. Machined & Cast Parts

05/18/18 HGH Systèmes Infrarouges SAS The Carlyle Group L.P. Sensors & C4ISR

05/18/18 MAG DS Group New Mountain Partners Sensors & C4ISR

05/21/18 Polaris Alpha Parsons CorporationCybersecurity, Intelligence Services and

Homeland Defense

05/21/18 Haystax Technology, Inc. Fishtech Group, LLCCybersecurity, Intelligence Services and

Homeland Defense

05/29/18 LinQuest Corporation Madison Dearborn Partners, LLC

17 of 18


Aerospace & Defense





PR PB

PR PB

PR I

PR I

PS I

PR PB

PR I

PR I

PS I

PS PB I

PU I

06/13/18 Horsebridge Defence & Security Ltd. ViaSat UK LimitedGovernment Services, IT Services and

Software

06/15/18 BeAM S.A.S AddUp, SAS Machined & Cast Parts

06/12/18 Mid-America Precision Products, LLC TGP Investments, L.L.C. Machined & Cast Parts

06/11/18 Integrated Network Cable, Inc. Infinite Electronics, LLC Components & Subsystems

06/18/18 Tryo Communication Technologies S.L. SENER Grupo de Ingeniería, S.A. Components & Subsystems

06/18/18 North American Surveillance Systems, Inc. MAG Aerospace Corp. Sensors & C4ISR

06/19/18 SPRING Technologies S.A.S. Hexagon AB (publ)Government Services, IT Services and

Software

06/19/18 Tenencia, Ltd. Carlisle Interconnect Technologies Inc. Controls & Systems

06/25/18 Powerbox International AB Cosel Co., Ltd. Controls & Systems

06/27/18 SA RAFAUT Étoile ID Controls & Systems

06/28/18Subsea Cameras and Harsh Environment CCTV Systems Business of Kongsberg Maritime AS

(nka:Imenco UK Ltd.)

Imenco AS Components & Subsystems

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Documents

Quarterly Report - Janes Capital · and customer service Extensive intranet for information-sharing between member firms Countries with Oaklins Firms Australia Austria Belgium Brazil