News & Updates
We welcome you to review our recent deal announcements as well as our quarterly and annual reports for updates on the latest trends within M&A.
Our team focuses on industry trends and notable market activity, and encourages you to share what you find insightful.
Deal Announcements
Quarterly & Annual Reports
A&D News
Tradeshows
KAL Capital Advises International Water-Guard
SURREY, British Columbia, June 13, 2023 – Arcline Investment Management (“Arcline”), today announced that it has acquired International Water-Guard (“IWG” or the “Company”), expanding Arcline’s...
KAL Advises Fregata Systems Transaction
FR Capital has acquired Fregata Systems, LLC, a Saint Louis, Missouri-based provider of innovative C5ISR technologies solving vital needs of the defense and intelligence communities. Fregata's...
KAL Capital Advises Kittyhawk, Inc.’s Acquisition by Trive Capital
Trive Capital ("Trive"), the Dallas-based private equity firm, is excited to announce its recent investment into Kittyhawk, Inc. ("Kittyhawk" or the "Company"), a leading provider of Hot Isostatic...
KAL Capital Advises Airport Terminal Services, A Ground Handling Leader
KAL Capital is excited to announce its role as M&A advisor to Airport Terminal Services (ATS) in its acquisition by Alliance Ground International (AGI), a portfolio company of Greenbriar and...
KAL Capital Acts as Sole Sell-Side Advisor to Stroco Manufacturing
Novaria Group, a leading manufacturer of specialty hardware for the aerospace and defense industries, announced today it has signed an agreement to acquire Stroco Manufacturing, Inc. Upon closing,...
KAL Capital Advises Hitemco Acquisition by Lincotek
Global contract manufacturer Lincotek is announcing today that it has closed the acquisition of Hitemco, emphasizing the strong focus of Lincotek on the US market. The scope of the transaction is a...
KAL Capital Advises Custom Microwave’s Acquisition by Vitesse Systems
Trive Capital announced that it has acquired Custom Microwave, Inc. (CMi), which will join the Vitesse Systems platform. Vitesse Systems was launched in 2018 following the acquisition of...
KAL Capital Advises Vanguard Electronic’s Sale to iNRCORE, LLC
iNRCORE, LLC, a premier Family of Brands supplying high reliability magnetics and other components to power the world’s next-generation systems, is pleased to announce the acquisition of Vanguard...
Kemco Aerospace Manufacturing Acquired by Crestview Aerospace
KAL Capital Markets (“KAL”) is pleased to announce its role as sell-side investment banking advisor to Kemco Aerospace Manufacturing (“Kemco” or the “Company”) in its acquisition by Crestview...
KAL Capital Advises Karman Missile & Space’s Acquisition of Systima Technologies
The senior leadership team of Systima Technologies, Inc. (“Systima”) has partnered with Karman Missile & Space Systems (“Karman” or the “Company”) backed by Trive Capital...
KAL Capital Advises Forrest Machining’s Acquisition by Endeavour Capital
Based in Valencia, CA, FMI Aerostructures is a leading manufacturer of critical structural components and assemblies for the aerospace and defense industry. With 230,000 square feet under roof and...
KAL Capital Advises Sentek Global Transaction
Deloitte announced today it has acquired substantially all the assets of Sentek Consulting, Inc. (Sentek Global), a San Diego-based systems engineering and cybersecurity firm primarily...
KAL Capital Q4 2021 A&D Review
Click Here to See the PDF Dear Friends, Happy New Year! We hope everyone had a great holiday with their friends and family. For KAL, we were fortunate to celebrate the five-year anniversary of the firm with a tremendous 2021. The year marked several important...
KAL Capital Q3 2021 A&D Review
Click Here to See the PDF Dear Friends, Unreal. That is simply the only way to describe the M&A market at this point. Just whenwe thought there could not be more activity and valuations could not be stretched anyhigher, we continue to see non-stop new transaction...
KAL Capital Q2 2021 Newsletter
Click Here to see the PDF Dear Friends, Hope everyone’s summer is off to a great start with some rest and recovery in your near-term future. For us at KAL, our summer vacations (thankfully, no complaints here!) have been deferred to next-year as the M&A...
KAL Capital Newsletter: 2020 in the Rearview
Click here to see the PDF Dear Friends, Happy belated New Year As we reflect back on 2020 the year was obviously filled with unprecedented challenges to the aerospace and defense sector. However, the more nuanced perspective on the M&A market would be to emphasize...
KAL Capital Q3 in Review
Please view our Full Q3 Report Here. Dear Friends, Hope you are well. As the general economy and other aspects of everyday life slowly start to begin to ease towards normalcy (depending on where you are); the M&A market has orientated itself to a post-Covid...
KAL Capital 2020 Q2 in Review
Please Review our Full Q2 Report Here. Dear Friends, Despite it almost being cliché at this point, we hope that you are staying safe and healthy. The past quarter has been a wild ride as we saw COVID-19 emerge as the most important global event of many of our...
KAL Capital A&D 2019 in Review
Dear Friends, Happy New Year! KAL Capital Markets finished the year with six closed transactions; each of the businesses were well received by an aggressive set of strategic and financial buyers. We are set to embark on our fourth year, and we are proud to say that...
KAL Capital Q3 Quarter in Review
Please see the full Q3 report here. Dear Friends, As we get started in the fall season, the aerospace/defense M&A market remains highly dynamic with several notable developments. That said, two main topics dominate nearly every conversation and serve as key...
KAL Capital Q2 Quarter in Review
We are extremely pleased to have represented Valence Surface Technology, a portfolio company of Trive Capital, in their sale to ATL Partners this past quarter. The transaction marked another sale in an important sub-vertical for us (metal finishing). It was terrific...
KAL Capital Q1 Aerospace and Defense Review
Dear Friends, Suffice to say, 2019 is off to an interesting start! For our firm, despite the first quarter traditionally being a slower time, we had two closed transactions that both represented strong achievements for the practice. We were thrilled to represent...
KAL Capital Year in Review 2018
Dear Friends, We are pleased to present you with our 2018 Year in Review report. KAL Capital Markets finished the year with four closed transactions, all staying true to our core competency of exclusively advising firms within the greater aerospace and defense supply...
2023 Aerospace and Defense M&A Outlook
As inflation continues to reduce the value of each dollar and fears of a recession loom, many sectors are already seeing retractions in the mergers and acquisitions marker. In aerospace and defense M&A, things are more complicated. A&D is its own unique world,...
Strategies for Ensuring Your A&D M&A Deal Successfully Closes
It’s no secret that aerospace and defense have seen significant disruptions in recent years, thanks to political turmoil, shifting administrations, international conflicts, and the ongoing aftershocks of the COVID-19 pandemic. As the industry consolidates, mergers and...
A&D Investment Banking: Questions to Ask Before Hiring an Investment Banker
Aerospace and defense investment banking continues to boom thanks to industry consolidation. But also, increased regulatory oversight and market contractions in anticipation of a recession loom large in the background. This makes hiring the right A&D investment...
5 Considerations for A&D Principals Considering M&A
A&D M&A is a massive undertaking, but there are plenty of opportunities for profit and increased synergies. Whether you’re planning retirement, hoping to grow your business, or planning to jump to your next venture, planning is key to successful mergers and...
How Aerospace and Defense Firms Can Overcome Supply Chain Bottlenecks
The world of A&D M&A is facing a number of pressures: increased consolidation that has led to increased regulatory oversight, as well as supply chain shortages and bottlenecks with the capacity to impact production and profitability. This, coupled with skilled...
Technology Due Diligence for A&D M&A: What You Need to Know
Technology is central to aerospace and defense businesses, even when a company does not perceive itself as a tech company. In aerospace and defense M&A tech due diligence is more than just good business. It may also be a matter of national security. The aerospace...
KAL Capital Acts as Sole Sell-Side Advisor to Stroco Manufacturing
Novaria Group, a leading manufacturer of specialty hardware for the aerospace and defense industries, announced today it has signed an agreement to acquire Stroco Manufacturing, Inc. Upon closing, the acquisition will be Novaria’s ninth since June 2020. Founded in...
Is European Aerospace and Defense the Next Hot Sector?
The A&D M&A bonanza in the United States has greatly consolidated the industry. This has attracted the attention of the Department of Defense, which recently announced its intent to provide greater regulatory oversight. As a result, A&D firms and...
Looking Ahead: Defense Spending and Opportunities for the Lower Middle Market
The Russian invasion of Ukraine has set in motion a chain of events unprecedented in the contemporary defense landscape. The West is reassessing its military might, and Europe is accelerating defense spending. The aerospace and defense sector stands to reap the...
New DoD Report Outlines State of Competition in A&D
DoD recently announced its intent to crack down on consolidation in aerospace and defense. A new report supports this plan, highlighting significant concerns about lack of competition in the defense industrial base—a challenge that industry experts say could...
KAL Capital 2022 Q1 Newsletter
Click Here to Download Report Dear Colleagues – The end of Q1 is here and we couldn’t be more excited about the rest of the year, we hope you all share a similar sentiment. We couldn’t ask for a better start to our year with several new team members and record setting...
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