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.
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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...
Defense Firms Must Be More Strategic About M&A
Following years of growth, analysts are predicting flattening or declining defense budgets. This environment demands a balance of modernization, sustenance of legacy equipment, and preservation of force structure. The DoD’s strategic acquisition priorities will inform...
When the Merger is Complete, Will It Realize its Full Potential?
Acquirers consistently pursue deals that can address their desire to add new capabilities; either to enhance their existing capabilities portfolio, attract new customers, or enter entirely new end-markets. Done well, these deals can create value and offer greater...
The Effects of COVID on A&D M&A
The financial and human toll of COVID is difficult to overstate. Businesses have shifted from growth mode to goals of survival. Deals have slowed a lot. While last year marked a banner M&A year for aerospace and defense, 2020 will look quite different. While the...
Strategies for Determining Business Market Value
As you prepare for your next step—whether it’s financing your retirement with a business sale or graduating to your next business venture—a premium sale price can help you make your dreams for the future a reality. Too often, however, owners have unrealistic...
Defense Companies Thriving Despite COVID-19
While the Raytheon and United Technologies merger had gotten most of the media’s attention, M&A activity for family and private equity-owned defense supply-chain participants has stayed consistent despite COVID-19 challenges. This blockbuster deal may temporarily...
Aerospace M&A in the Post-COVID World
The economic disruption of COVID has had impacts in various A&D sectors. In commercial aerospace, the effects are immediate and dramatic, while defense remains mostly untouched. We don’t know yet what all of this will mean over the long-term, but as with previous...
The Dynamic State of Aerospace and Defense M&A
Given today’s environment, M&A activity in the aerospace and defense industry seems to be evolving on a daily basis. Since we last released our Quarterly Industry Review (March 2020), there has been a substantial improvement in key underlying metrics that drive...
December 2, 2019 Update
M&A Spotlight KKR & Co., Inc. to Acquire Novaria Group from Rosewood Private Investments and Tailwind Advisors Novaria Group is a independent supplier of complex, highly-engineered components and specialty processes for the A&D industry. The company is...
September 25, 2019 Update
Private Equity's Aftermarket Spree Continues... The KAL Capital team advised STS Aviation Group on their equity partnership with Greenbriar Equity Group and following the transaction the STS and Greenbriar team has made two additional acquisitions. Earlier this week,...
September 12, 2019 Update
Composites M&A Overview Commercial and defense platform backlogs have driven optimistic forecasts for composite suppliers in the A&D supply chain. Defense has buoyed much of the supplier momentum and increased M&A appetite in 2019. DoD spending highlights...
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