Harris Williams ADG Transaction Spotlight

screen_shot_2019-02-12_at_4.51.00_pm.png1/28/19: Harris Williams Advises Aeryon Labs Inc. on its sale to FLIR Systems

  • Harris Williams announces that it advised Aeryon Labs Inc., a portfolio company of Summit Partners, on its sale to FLIR Systems, Inc. for $200 million
  • Aeryon is a leading developer of unmanned aerial systems (UAS), imaging and delivery payloads and flight management software for military, public safety and critical infrastructure markets

View the full press release.

What We’re Reading

Opinion: MROs Beware Of A Retirement Tsunami On The Horizon

“One of the positive characteristics of the MRO sector is its perceived lack of cyclicality compared to aircraft production…Fast-forward to today, and the MRO sector is in a period of robust growth. Global air travel growth averaged 7% over the last two years, aircraft retirements are down, MRO spending is strong, and—in contrast to 2012—there are spot shortages of USM. Yet there is a storm cloud on the horizon that could drive the next MRO downturn.”

MRO Network

The Biggest Private Jet Stories for 2019 Predicted

“Private jets were already in the news this year when reports that as many as 1,500 would descend on the World Economic Forum in Davos drove a number of stories highlighting one of the agenda items was global warming. We asked a variety of leaders from business aviation what they believe will be the biggest headlines for the industry in 2019.”

Forbes

The US Navy’s New, More Lethal Frigate is Coming into Focus

“The U.S. Navy is zeroing in on a cost and the shape of its new frigate as it prepares to launch an open competition this summer. Through the conceptual design phase, which kicked off last year, the Navy asked for feedback from the five competitors in the competition. The result was more than 300 suggestions for ways to evolve the design and save money, Naval Sea Systems Command’s FFG(X) program head, Regan Campbell, told an audience at the annual Surface Navy Association Symposium.”

Defense News

CFIUS in the Face of a Prolonged Government Shutdown: What It Means for Deals

“As has been widely reported, the U.S. federal government partially shut down at midnight on December 22, 2018. While the shutdown continues to impact numerous government agencies and related constituencies, a key shutdown for dealmakers has been the offices within the Department of Treasury (Treasury) that chair the Committee on Foreign Investment in the United States (CFIUS). With no clear end in sight, global companies, strategic investors and their outside counsel must carefully consider the ongoing impact of the shutdown on deals at all stages.”

Skadden

Perspective on Public Marketsa,b,1

Stock Price Performance – Last Twelve Months

screen_shot_2019-02-12_at_4.58.16_pm.png

screen_shot_2019-02-12_at_5.00.41_pm.png

Recent M&A Transactions2

picture1_127.png

 

 

a.Current stock prices in USD as of 1/31/19

b.Aircraft OEMs: BA, BBD.B, EADS, ERJ

         Aerospace Supply Chain & Aftermarket Support: AIR, ARNC, ATRO, B, BBA, DCO, ESL, HEI, HRX, HXL, KAMN, MAL, MGGT, MOG.A, ROLL,
         SAF, SNR, SPR, TDG, TGI, WAIR, WWD

         Diversified Industrial: AME, CR, CW, ETN, GE, HON, PH, RR, TXT, UTX

         Defense Prime Contractors: BA, BAE, EADS, GD, HO, HII, LMT, NOC, RTN

         Defense Technologies: AVAV, CHG, CMTL, COB, CUB, ESLT, FLIR, HRS, KTOS, LLL, MRCY, TDY, ULE

         Government Services: BAH, CACI, EGL, KEYW, LDOS, MANT, SAIC, VEC

         Diversified Services: ACM, BAB, FLR, GIB, ICFI, JEC, KBR, SRP

 

1. FactSet

2. Mergermarket

 

The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.