Acquisition Criteria

We seek to acquire manufacturers of highly engineered, proprietary products, parts or components.   Our ideal targets are sole-source providers of mission-critical parts with significant aftermarket tailwinds and the potential for industry-leading EBITDA margins.   Our primary markets of expertise lie in the Aerospace, Defense & Government space, though we do invest in other industries.

Acquisition targets must own the design authority (e.g., design IP, patent, government or customer certifications or approvals, etc.).  The target should be a sole-source or limited-source provider of its products or have the potential to achieve this status. 

Niche markets are preferred, where the target’s products have low share-of-wallet, yet are critical to the customers’ mission.   A long tail of recurring aftermarket sales is ideal, but not an absolute requirement.

Company Size:

• Total Enterprise Value: up to $500 million

• Gross Margin: potential >25%

Ownership:

• Majority ownership

Company Characteristics:

• Experienced, capable management team

• United States, Europe, Asia

Industries of Particular Interest:

• Aerospace Components

• Aerospace Maintenance, Repair & Overhaul

• Aviation Distribution

• Proprietary Products and Processes

• Value Added Manufacturing

Special Situations:

• Will consider bankruptcy / turnarounds

• Spin-offs from public companies