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Janes Capital Partners Quarterly Report

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Janes Capital Partners Quarterly Report Aerospace & Defense Quarterly Report Q1 2021 Not affiliated with Jane’s Information Group Aerospace & Defense Quarterly Update Q1 2021 In this issue EXECUTIVE SUMMARY 1 Executive Summary There were 141 A&D deals announced in Q1 2021, which was an increase from the number of deals announced during Q4 2020. 2 About Janes Capital Partners Year-over-year quarterly transaction volume increased by 38.2% 3 Top 5 M&A Deals compared to the 102 deals announced during Q1 2020. 4 M&A Deal Volume Average disclosed deal size during the quarter increased to $1256 5 A&D Transaction Multiples million compared to $463 million during Q4 2020. 6-7 Public Valuation Summary The most active segments in terms of number of M&A deals were: 8 Buyer Spotlight – Government Services, IT Services and Software (20 deals) 9 Deal Spotlight – Cybersecurity, Intelligence Services and Homeland Defense (18 deals) 10-18 All M&A Transactions – Defense Electronics (18 deals) – Components & Subsystems (14 deals) – MRO & Logistics (12 deals) The top 3 segments in terms of disclosed transaction values were: – Government Services, IT Services and Software ($13,522 million) – Defense Electronics ($12,087 million) – Sensors & C4ISR ($7,987 million) Number of Deals by Quarter 160 141 135 140 118 115 120 109 109 107 110 101 102 94 100 82 77 100 80 68 87 73 74 77 63 74 79 60 64 75 Number of Deals 62 40 58 53 20 38 38 41 30 35 31 36 28 36 27 10 15 0 18-1Q 18-3Q 19-1Q 19-3Q 20-1Q 20-3Q 21-1Q Disclosed Not Disclosed Note: Disclosed deals shown include transactions that disclose price, multiple or both 1 Aerospace & Defense Quarterly Update Q1 2021 Contact Information About Janes Capital Partners Janes Capital Partners specializes in Mergers & Acquisitions (M&A) for middle market Stephen Perry Aerospace & Defense companies. Our clients are Aerospace & Defense companies with Managing Director & CEO enterprise values between $25 million and $500 million. The team at Janes Capital Office: (949) 769-3323 Ext. 6901 Partners has completed over 75 transactions within the Aerospace & Defense Mobile: (949) 233-0665 industry. Through this M&A experience, we provide our clients with unparalleled access [email protected] to potential acquirers in the aerospace and defense industry along with in-depth knowledge of the industry and its dynamics. Our clients receive high touch service from accomplished professionals with extensive A&D transaction and industry experience. Jason Kimball Director Janes Capital Partners is a member of Oaklins, the world’s most experienced mid- Office: (949) 769-3323 Ext. 6903 market M&A advisor, with over 850 professionals globally and dedicated industry Mobile: (949) 632-1704 teams in more than 45 countries. We have closed 1,700 transactions in the past five [email protected] years. Recent Transactions Ken Fukumoto Director Acted as Financial Advisor to ActedActed as as Financial Financial AdvisorAdvisor to to Acted as Financial Advisor to Office: (949) 769-3323 Ext. 6904 Mobile: (831) 920-7667 [email protected] on its sale to on its sale to on its sale to Chris Reinecke a platform formed by Vice President Office: (949) 769-3323 Ext. 6905 GC Atlas Holdings Mobile: (714) 856-9989 [email protected] Acted as Financial Advisor to ActedActed as as Financial Financial AdvisorAdvisor to to Acted as Financial Advisor to on its sale to on its sale to on its acquisition of Janes Capital Partners gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completeness of the information provided within this publication. The material presented reflects information known to the authors at the time this presentation was prepared, and this information is subject to change. Janes Capital Partners makes no 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; Member FINRA 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 2021, Janes Capital Partners, Inc. All rights reserved. 19200 Von Karman Avenue, Suite 340, Irvine, California 92612 T: (949) 769-3323 F: (949) 769-3327 www.janescapital.com 2 Aerospace & Defense Quarterly Update Q1 2021 Top 5 M&A Deals this Quarter Valuation Metrics Announced Implied TEV TEV/ TEV/ Target Target Description Acquiror Deal Type(s) Date ($M) Revenue EBITDA FLIR Systems designs, develops, markets and distributes advanced sensors and integrated sensor systems that enable the gathering, measurement and analysis of critical information through a wide variety of applications in industrial, government and commercial markets. The Company offers a broad range of infrared, also known 01/04/21 $7,986.8 4.2x 17.1x PU as thermal, imaging solutions, with products ranging from professional-use thermal camera smartphone accessories to highly advanced aircraft-mounted imaging systems for military and search and rescue applications. Perspecta is a provider of end-to-end enterprise IT services to government customers. The Company's enterprise offerings and solutions help government customers implement modern collaborative workplaces, hybrid cloud platforms and integrated 01/27/21 $7,273.7 1.6x 11.3x PU PB digital systems of engagement with their enterprise management systems. Reportable segments for the Company are Defense and Intelligence as well as Health Care. Coherent designs, manufactures, services and markets lasers, laser tools, precision optics and related accessories. The Company's products are used in microelectronics, materials processing, 02/12/21 $7,008.8 5.7x nm PU original equipment manufacturer components and instrumentation and scientific research as well as government programs. Signature Aviation provides flight support services to the business and general aviation markets. The Company operates a fixed base operation network that offers service support for business and general aviation travel, including fueling, ground handling, passenger 02/05/21 $5,580.0 2.5x 16.0x PU PB I and pilot services, storage and technical support including line and heavy maintenance, inspection and aircraft on ground services. The Company was formerly known as BBA Aviation and changed its name to Signature Aviation in November 2019. McAfee's Enterprise business is a provider of device-to-cloud cybersecurity solutions. The business provides endpoint and cloud security and threat intelligence via its MVISION suite. The Enterprise 03/08/21 $4,000.0 3.1x na PS PB business is a trusted partner for 86% of the Fortune 100 firms around the world and realized $1.3 billion in net revenue in fiscal year 2020. PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal Source(s): CapIQ, Dacis, Company reports, press releases 3 Aerospace & Defense Quarterly Update Q1 2021 M&A Deal Volume . Average deal size increased over last quarter from $463M to $1,256M . The most active segments ranked by total – Total disclosed deal volume totaled $51.5B, a increase of more than number of deals were: $33.9B from Q4 2020 – Government Services, IT Services and Software . There were 141 A&D deals announced in Q1 2021, which was an increase – Cybersecurity, Intelligence Services and from the 115 deals announced during Q4 2020 and a year-over-year Homeland Defense increase of 38.2% from Q1 2020 – Defense Electronics – Components & Subsystems Number of Deals by Quarter Number of Deals by Segment (last 13 quarters) (Q1 2021) Government Services, IT Services and… 20 160 Cybersecurity, Intelligence Services and… 18 141 Defense Electronics 18 135 Components & Subsystems 14 140 MRO & Logistics 12 118 Satellite, Satellite Services & Space… 10 115 Specialty Defense Systems and Services 7 120 109 109 107 110 101 102 Unmanned Vehicles 7 94 Electronics Manufacturing (EMS) &… 6 100 Machined & Cast Parts 6 82 77 100 Distribution 4 Aerostructures 3 80 68 87 77 Connectors 3 63 74 73 74 79 75 Engineering and Project Management 3 60 64 Sensors & C4ISR 3 Number of Deals Composites 2 62 40 Test & Measurement 2 58 Controls & Systems 1 53 Land Systems 1 41 Simulation & Training Systems 20 38 35 31 36 36 38 1 30 28 27 Aircraft Interiors – 10 15 0 Engines & Engine Systems – Navy/Maritime – 18-1Q 18-3Q 19-1Q 19-3Q 20-1Q 20-3Q 21-1Q Prime Defense Contractors – Disclosed Not Disclosed 0 6 12 18 24 Number of Deals Average Size of Disclosed Deals and Total Disclosed Volume Volume of Deals by Segment (last 13 quarters) (Q1 2021) Government Services, IT Services and… $13,522 $4,500 $80 Defense Electronics $12,087 Sensors & C4ISR $7,987 $4,000 $70 MRO & Logistics $5,837 Cybersecurity, Intelligence Services and… $4,037 $3,500 $60 Controls & Systems $2,830 Satellite, Satellite Services & Space… $2,224 $3,000 Simulation & Training Systems $1,050 $50 Unmanned Vehicles $457 $2,500 Land Systems $400 $2,094 $40 Engineering and Project Management $380 $2,000 Specialty Defense Systems and Services $324 Electronics Manufacturing (EMS) &… $272 $30 Machined & Cast Parts $86 $1,278 $1,500 $1,256 Connectors $9 $1,026 $20 Distribution $4 Average Deal Average Deal Size ($M) $1,000 Aerostructures - $546 $544 $540 $463 Total Volume Disclosed ($BN) Aircraft Interiors - $390 $331 $10 $249 $500 $241 Components & Subsystems - $91 Composites - $0 $0 Engines & Engine Systems - 18-1Q 18-3Q 19-1Q 19-3Q 20-1Q 20-3Q 21-1Q Navy/Maritime - Prime Defense Contractors - Test & Measurement - Average Deal Size Total Disclosed Value $0 $4,000 $8,000 $12,000 $16,000 Source(s): CapIQ, Dacis, Company reports, press releases Total Disclosed Volume ($M) 4 Aerospace & Defense Quarterly Update Q1 2021 Quarterly TEV / EBITDA Transaction Multiples .
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