The proliferation of AI and advanced computing is driving an expansion in data center capacity, creating a critical bottleneck: reliable, immediate power. As power demand continues to accelerate, the gas turbine and reciprocating engines market is evolving from a relatively quiet sector into a compelling investment opportunity.

Data Centers: Power Demand and the Gas Turbine Opportunity

Aerospace, Defense & Government Services

Industrials

Natural gas turbine power plant at sunset

ADG IND Article Gas Turbines Web Media

The fundamentals underlying the commercial aerospace aftermarket have never been stronger with global air travel demand at record levels and climbing. To meet this demand, operators are keeping aircraft in service longer—a trend compounded by nearly a decade of new delivery shortfalls and ongoing reliability issues with latest-generation engines.

Aero Aftermarket: Structural Tailwinds, Sustained M&A

ADG Article Aero Aftermarket Web Media

The dynamic aerospace, defense, and government services industries offer many areas primed for M&A activity. From ramping commercial aircraft production, to continued growth in aviation aftermarket services, to the evolving defense landscape, these trends offer numerous opportunities for investors.

Outlook 2026 | Aerospace, Defense & Government Services

Outlook-2026-ADG Media-Thumbnail

Missiles and Munitions: Modernization to Drive Rapid Growth

ADG Report Arnovia Missiles and Munitions Web Media

Aerospace and Defense: A Broader Buyer Landscape

ADG Infographic Web Media

Aviation Aftermarket Services: West Star Aviation

An aircraft engineer repairing and maintaining jet airplane.

ADG Article West Star Aviation Services Header

Government Technology Q3 2025

Technology

TECH ADG Sector Brief GovTech Q3 2025 LI web-media

Defense Technology: Growing Opportunities in Counter-Drone Systems

ADG Report Counter Drones and Defense Tech with Arnovia LI web-media

Raptor Scientific: Growth via M&A in Test & Measurement

ADG IND Article Raptor Scientific LI web-media (1)

Outlook 2025 | Aerospace, Defense & Government Services

Overhead view of jet airplane takeoff against blue sky.

ADG web-media

Jet Parts Engineering and Victor Sierra Aviation Acquired by TransDigm

Mergers & Acquisitions

Aerospace Technology & Products

7213 Jet Parts NT

Aeromed Group Completes Capital Raise

Private Capital Solutions

Aviation Services

7091 PCS Aeromed NT

APP Jet Center Acquired by Bain Capital Real Estate 

6486 APP Jet Center NT

Consolidated Boring Acquired by Applied Aerospace & Defense

Consolidated Boring Tombstone Updated NO Tinicum

Ventus Industrial Partners Completes Equity Placement for Aeron Defense

6736 PCS Aeron Defense - Ventus Industrial Partners NT

Tex Tech to be Acquired by Michelin

Chemicals & Specialty Materials

7085 Tex Tech Industries NT PENDING

Stellant Systems to be Acquired by TransDigm Group

Defense and Space

7257 Stellant Systems NT PENDING

Aero 3 Acquired by VSE Corporation

Airport and Aviation Services

6896 Aero 3 NT

ATL Partners Acquires SkyMark Companies and Rampmaster

Engineered Equipment, Products & Components

7260 SkyMark Companies - ATL Partners NT SP

Harris Williams advised West Star Aviation, a portfolio company of Norwest Equity Partners, on its sale to The Sterling Group. West Star Aviation is a leading independent provider of MRO services to the business aviation industry.

West Star Aviation Acquired by Greenbriar Equity Group

6609 West Star Aviation NT

Select Aerospace and Defense Electronics Businesses of Excelitas Acquired by Teledyne

6394 Excelitas Technologies Corp NT

Eastern Communications, Ltd. Acquired by Dunes Point Capital, LP

Business Services

Government Technology and Services

Specialty Distribution

6510 Eastern Communications NT SP

AE Industrial Partners Completes Capital Raise For Global Cybersecurity Solutions Platform​

6740 PCA AE Industrial Partners NT

Aeronix Technologies Group Receives Strategic Investment from Tinicum

6352 Aeronix Technologies Group NT

Harris Williams Advised Mott Corp. on Sale to IDEX Corp.

Industrial Technology

6274 Mott Corporation NT SP

Raptor Scientific Acquired By TransDigm Group

6016 Raptor Scientific NT

CPI's Electron Device Business Acquired by TransDigm Group

6033 CPI High Power Microwave Technology NT

Modern Aviation Receives Majority Investment from Apollo-Managed Infrastructure Funds

5809 Modern Aviation NT

L Squared Capital Partners Acquires ERA Industries

6498 L Squared Capital Partners - ERA Industries NT SP

Forensic Technology Acquired by LeadsOnline

Technology and Data Services

5899 Ultra FT NT

Whitcraft

United States

5919 Whitcraft NT

International Aerospace Coatings (IAC)

5830 International Aerospace Coatings (Project Basel) NT

Communications & Power Industries (CPI)

5497 CPI International Communications and Power Industries

FDH Aero Receives A Significant Minority Investment From Neuberger Berman

5915 FDH Aero NT

Harris Williams advised Summit Interconnect, a portfolio company of HCI Equity Partners, on its sale to Lindsay Goldberg. Summit is a leading provider of complex printed circuit boards focused on defense, space and high-performance commercial sectors in the North American market.

Summit Interconnect

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Harris Williams advised Ross Aviation, a portfolio company of KSL Capital, on its merger with Atlantic Aviation, a portfolio company of KKR. Ross Aviation is a premier nationwide network of fixed-base operators (FBOs) serving the business aviation sector.

Ross Aviation

5310 Ross NT

Harris Williams advised Lynx FBO Network, a portfolio company of The Sterling Group, on its sale to Atlantic Aviation, a portfolio company of KKR. Lynx is a rapidly growing network of fixed-base operators (FBOs) serving the business aviation sector.

LYNX FBO

5309_lynx_fbo.png

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Serving a global base of leading aerospace, defense, and government clients with differentiated strategic advice and seamless transaction execution.

Aerospace & Defense Investment Banking | M&A Advisory | Harris Williams

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We are a global investment bank specializing in M&A and private capital advisory services. Clients worldwide rely on us to help unlock value in their business and turn ambitious goals into reality.

About Us

Our Capabilities

We have eight dedicated Industry Groups led by senior professionals who have deep knowledge and experience across sectors, service offerings, and geographies.

Our Industries

Access our latest insights on evolving industry dynamics and marketplace trends.

Our Insights

Our momentum as a firm is strong. We carry this momentum forward by hiring people who are smart, driven, and principled. If you are a team player who thrives on collaborating with colleagues and clients, we invite you to learn more about our career opportunities. 

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Leadership

Frank Mountcastle is a managing director and co-head of M&A at Harris Williams, with more than 30 years of experience advising clients on mergers and acquisitions and strategic advisory assignments. Since joining the firm in 2012, he has served in a variety of leadership roles.

As co‑head of M&A, he works across the firm’s eight Industry Groups to foster collaboration, strengthen engagement, and help ensure exceptional outcomes for Harris Williams clients. Frank is also a member of our Transportation & Logistics Group, where he has extensive expertise working with clients across the third‑party logistics, automotive and heavy‑duty aftermarket, and transportation infrastructure sectors.

Frank is based in our Richmond office.

__Education:__ M.B.A. from The Darden School of Business Administration at the University of Virginia and B.A. in History from the University of Virginia

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Co-Head of M&A, Managing Director

Thierry Monjauze is a managing director at Harris Williams, serving as head of Europe and co-head of the firm’s global Technology Group.

With more than 30 years in the industry, Thierry has led a wide range of mergers and acquisitions and strategic advisory engagements, including divestitures, financings, and capital raisings.

As head of Europe, he works across the region to strengthen connectivity, support client engagements, and ensure the firm delivers a consistent, high quality experience in international markets.

He joined the firm in 2009 and is based in our London office.

__Education:__ B.A. in Economics from Stanford University; attended the London School of Economics

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Head of Europe, Group Head, Managing Director

Bruce Kelleher is a managing director at Harris Williams and serves as head of financial sponsor coverage, working across all of the firm’s Industry Groups to strengthen relationships within the private equity community.

He has more than 30 years of experience advising clients on mergers and acquisitions and debt and equity financings. Bruce is based in our Richmond office.

__Education:__ M.B.A. from the Darden Graduate School of Business Administration at the University of Virginia and B.S. from the University of Virginia's McIntire School of Commerce

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Head of Financial Sponsor Coverage, Managing Director

Stephen is a managing director and co-leads the Primary Fund Placement Group, bringing nearly 20 years of experience in the financial services industry. He co-leads the firm’s primary fund placement efforts, advising private equity, private credit, and real asset managers on capital formation strategies. 

He currently serves on the Board of Directors for Summit Golf Brands, whose portfolio includes Fairway & Greene, Zero Restriction, EP Pro, and B. Draddy. 

__Education:__ B.A. in History from the University of Richmond

Harris-Williams Bio-Crop Stephen Lessing

Head of Primary Fund Placement

Jason Bass is a managing director at Harris Williams, serving as co‑head of M&A as well as co‑head of the firm’s Industrials Group and Transportation & Logistics Group.

As co‑head of M&A, Jason works across the firm’s eight Industry Groups to encourage collaboration, strengthen engagement, and support effective execution for Harris Williams clients. He has broad experience working with global clients across a variety of sectors, with significant involvement in the automotive and heavy‑duty aftermarket, industrials, and third‑party logistics sectors.

Jason has nearly 30 years of experience advising clients on a wide range of mergers and acquisitions and strategic advisory assignments. He joined the firm in 2012 and is based in our Richmond office.

__Education:__ B.S. with a concentration in Finance from the University of Virginia's McIntire School of Commerce

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Co-Head of M&A, Group Head, Managing Director

Hiter Harris is the founder of Harris Williams. Since founding the firm in 1991, he has worked with his partners to build the firm into a leading global investment bank.

With more than 35 years of transactional experience, Hiter continues to provide strong leadership across the firm, exemplifying and upholding the guiding principles on which the firm was founded. Hiter is based in our Richmond office.

__Education__: M.B.A. from Harvard Business School; B.S. in Mathematics and Economics from Hampden-Sydney College, cum laude

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Founder

Ned Valentine is a managing director and chairman at Harris Williams. Working in collaboration with all Harris Williams leaders, Ned steers the firm’s strategic priorities and exemplifies our commitment to excellence and partnership, internally and externally. 

Ned, who joined the firm in 1996, leverages his longstanding tenure with the firm to develop the next generation of leaders and cultivate an organic talent model that fosters the distinct, unified culture for which Harris Williams is known.

Ned has over 35 years of experience advising clients on a broad range of mergers and acquisitions and strategic advisory assignments, including divestures, capital raisings, and financings. He is based in our Richmond office. 

__Education__: M.B.A. from the Darden Graduate School of Business Administration at the University of Virginia; B.A. in History from the University of Virginia


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Chairman, Managing Director

Kevin Rosato is a vice president at Harris Williams in the firm’s Industrials Group. He has experience advising clients across sectors, including industrial technology, building products, chemicals, transportation and logistics, and services. 

Kevin has over eight years of experience advising clients on mergers and acquisitions, strategic advisory assignments, and capital raises. He is based in our Richmond office.  

__Education__: B.A. in Mathematics and Economics from the University of North Carolina at Chapel Hill


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Vice President

Ian Walters is a vice president at Harris Williams in the firm’s Energy, Power & Infrastructure Group. He has experience advising service- and product-based businesses across a range of sectors.  

Ian has five years of experience advising clients on mergers and acquisitions, strategic advisory assignments, and capital raises. He is based in our New York office. 

__Education:__ M.B.A. from the NYU Stern School of Business and a B.A. in Classics from Union College 

Harris-Williams Bio-Crop Ian Walters

Paul Poggi is the chief operating officer of Harris Williams. For over 25 years, he has led operational and legal teams across multiple industries and business sizes, with significant experience at financial institutions.

He has over 15 years of experience at Harris Williams, where he oversees the strategic initiatives of our business operations, finance, information technology, compliance, and marketing teams. He is focused on bringing these teams together to create strategic edges and  operational efficiencies that continue to drive Harris Williams forward as a world-class M&A advisory firm. Paul is based in our Richmond office.

__Education__: J.D. from Vanderbilt Law School; B.A. in English from Cornell University


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Chief Operating Officer, Managing Director

Frank is a managing director at Harris Williams. He co-leads the Primary Fund Placement Group, advising private equity, private credit, and real asset managers on capital formation strategies. 

Frank brings more than 30 years of experience in investment management and client advisory. He founded Aqueduct Capital, which was acquired by Harris Williams in 2025, and has held leadership roles throughout his career focused on raising institutional capital and building long-term investor relationships. 

Frank began his career at a global, bulge bracket investment bank where he eventually led one of their largest private credit teams. Frank is based in our Charlotte office. 

__Education:__ B.A. in Management from the University of North Carolina at Chapel Hill

Harris-Williams Bio-Crop Frank Edwards

Peter Creech is a vice president at Harris Williams in the firm’s Primary Fund Placement Group, where he focuses on distribution. He brings nearly a decade of experience advising clients on mergers, acquisitions, capital raising, and strategic advisory assignments. 

Peter is based in our San Francisco office.

Harris-Williams Bio-Crop PeterCreech

Lane is a managing director and the chief talent officer of Harris Williams. She leads the firm in talent management, long term business planning, executive coaching, organization growth and development, change management, diversity and inclusion, risk management and recruiting.

Before joining Harris Williams in 2016, Lane spent nearly 20 years at Capital One, which included serving as the chief diversity and inclusion officer and senior vice president of Enterprise Human Resources, among other positions. Lane is based in our Richmond office.

Ausbildung: M.A. in Human Resource Development from The George Washington University; B.A. in International Studies and Political Science from the University of North Carolina at Chapel Hill

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Chief Talent Officer, Managing Director

John Neuner is a managing director at Harris Williams and has served in a variety of leadership positions during his 20-year tenure with the firm.

As co-chief executive officer, John is accountable for the strategic direction, life, and performance of the firm. Working in collaboration with all Harris Williams leaders, he helps ensure we deliver an exceptional experience for our people as well as unmatched expertise and execution capabilities for our clients. 

John has extensive experience advising clients on a broad range of mergers and acquisitions and strategic advisory assignments including divestures, capital raisings, and financings. He is based in our Richmond office. 

__Education:__ B.A. in Economics from Hampden-Sydney College


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Co-Chief Executive Officer, Group Head, Managing Director

Jason Hart is a managing director in the finance department at Harris Williams. He leads the firm’s finance team, including financial operations, financial planning and analysis, audit and regulatory reporting and financial information systems.

Jason has worked in accounting for more than 20 years, with experience across a range of industries and company sizes. Prior to joining Harris Williams, Jason spent 10 years in the audit practice of Keiter. He is based in our Richmond office.

__Education__: M.A. in Taxation from Virginia Commonwealth University; B.A. in Accounting from The University of Lynchburg; Certified Public Accountant; Certified Fraud Examiner.


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Managing Director

Andrew Gulotta is a managing director in the Harris Williams Capital Solutions Group, focused on leading a full range of secondary liquidity and private capital solutions as Head of Private Capital Solutions.

Andrew has over 15 years of investment banking experience. In addition to private equity secondaries, he has experience in fund placement and debt capital markets, specifically bond offerings for electric utilities and environmental services companies. He is based in New York.

__Education:__ B.A. in Politics and Classics from Washington & Lee University; M.B.A from Columbia Business School

HW-Sixpoint Bio-Crop AndrewGulotta

Head of Private Capital Solutions

Bob Baltimore is a managing director and co-chief executive officer at Harris Williams. During his 20-year history with our firm, Bob has advised hundreds of clients, helped build a successful industry practice, and served in a variety of leadership roles.

As co-chief executive officer, Bob is accountable for the strategic direction, life, and performance of the firm. Working in collaboration with all Harris Williams leaders, he helps ensure we deliver an exceptional experience for our people as well as unmatched expertise and execution capabilities for our clients.

Bob has extensive experience advising clients on a broad range of mergers and acquisitions and strategic advisory assignments, including divestures, capital raisings, and financings. He is based in our Richmond office.

__Education:__ M.B.A. from the Kenan-Flagler Business School at the University of North Carolina and B.A. in English from Boston College

Harris-Williams Bio-Crop 0084 0982 BobBaltimore

Co-Chief Executive Officer, Managing Director

Tiff Armstrong is a managing director at Harris Williams. Having joined the firm in 1993, Tiff is a champion for the firm’s collegial and collaborative culture, commitment to excellence, and “one firm” mentality that have been quintessential to our success for more than 30 years.  He works across Industry Groups to ensure these core values are central to every interaction internally and externally. He advises the firm on deal selection and ensuring we engage on compelling opportunities. Tiff provides insight and guidance to the leaders at Harris Williams to ensure our people are well-positioned to provide the highest-quality service to our clients. 

Tiff has over 30 years of experience advising clients on mergers and acquisitions and strategic advisory assignments, including divestitures, financings, and capital raising. Tiff is based in our Richmond office.

__Education:__ B.S. with concentration in Finance from the University of Virginia's McIntire School of Commerce,  Chartered Finance Analyst designation

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Pawan is a managing director in the Harris Williams Primary Fund Placement Group. Pawan works across the firm to deepen our relationship with the investor community. He brings a multidisciplinary background and over 20 years of experience in portfolio management, investment strategy, and due diligence across private markets. 

Before joining the firm, Pawan held senior investment leadership roles at UCLA Investment Company and Altius Associates (now Mercer). Earlier in his career, he was a business development manager at Sprint, and an Assistant Professor in radiology and adjunct faculty in electrical engineering at the University of Kansas. He is listed as an inventor on seven patents in telecommunications and medicine. 

__Education:__ M.B.A., The Wharton School, University of Pennsylvania; Ph.D. in Electrical Engineering, University of Kansas; M.Sc. in Physics, Indian Institute of Technology (New Delhi)

Harris-Williams Bio-Crop Pawan Chaturvedi

Kevin is a managing director in the Harris Williams Primary Fund Placement Group. He brings more than 20 years of experience in marketing and distribution across the financial services industry. 

Before joining the firm, Kevin led institutional equity efforts across the Midwest for a national investment firm, following earlier roles in institutional equity sales and national retail account management. His career spans a broad range of client-facing and strategic distribution functions. 

__Education:__ B.A. in Business Administration, Providence College

Harris-Williams Bio-Crop Kevin Magner

Jen is a managing director in the Harris Williams Primary Fund Placement Group, leading project management and operations. She brings over 25 years of experience in alternative assets and investment management. 

Jen began her career in private wealth management, supporting an entrepreneurial advisory team as a client analyst at a global, bulge bracket investment bank. She also founded and led a successful event planning company for eight years. Jen is based in our New York office. 

__Education:__ B.S. in Finance, Binghamton University – School of Management

Harris-Williams Bio-Crop Jennifer Sonenklare

Scott is a managing director in the Harris Williams Primary Fund Placement Group. He brings more than 30 years of experience in the finance industry, with a focus on distribution, origination, and business development. 

Before joining Harris Williams, Scott held senior roles across several investment firms, where he specialized in institutional fundraising and client engagement. He began his career in equity research and has built a broad perspective across asset classes and investor segments. 

__Education:__ B.A. in Political Science, Gettysburg College

Harris-Williams Bio-Crop Scott Lamond

Ted is a managing director in the Harris Williams Primary Fund Placement Group. He focuses on investor coverage across the Asia Pacific region and brings over 20 years of experience building and managing relationships.  

Before joining the firm, Ted held senior leadership roles in business development and distribution, with a focus on institutional investor engagement and regional growth strategy across the Asia Pacific region. He began his career in private client services at a global, bulge bracket investment bank and has developed deep expertise in cross-border capital formation throughout his career. Ted is based in our New York office. 

__Education:__ M.B.A. Hong Kong University of Science & Technology; B.A., University of Virginia

Harris-Williams Bio-Crop Ted Holland

Ashley Van der Waag is a managing director of Harris Williams. She leads strategic and operational initiatives and our business optimization, compliance, operating support staff, and marketing teams. She is focused on creating efficiencies and differentiation across the firm and continuing to drive Harris Williams forward as a world-class M&A and private capital advisory firm.

Prior to joining Harris Williams in 2018, Ashley spent nearly 20 years at Credit Suisse, which included serving as the chief operating officer of global markets research. Ashley is based in our Richmond office.

__Education:__ B.S. in Commerce from the McIntire School of Commerce at the University of Virginia with concentrations in Finance and Marketing 


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Ignacio Martín-Chocano is a managing director in the Harris Williams Primary Fund Placement Group.

Ignacio has over 10 years of experience in investment banking. Prior experience includes executing debt private placement transactions globally across the consumer, real estate, healthcare and energy industries. He also has experience in project and infrastructure finance transactions. He is based in London. 

__Education:__ B.S. in Finance from The Carroll School of Management at Boston College

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Rob Crampton is a director at Harris Williams in the firm's Healthcare & Life Sciences Group. He has experience advising clients across a range of focus areas, including pharma services, payor services, HCIT, and healthcare providers.

Rob has advised clients on mergers and acquisitions and strategic advisory assignments, including divestitures, financings, and capital raises. He is based in our Richmond office.

__Education:__ M.B.A from the Tuck School of Business at Dartmouth and a B.A. in Economics and Political Sciences from Bates College

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Director

Zarek Stafford is a director at Harris Williams in the firm's Industrials Group. He has experience advising clients in the industrial technology, diversified industrials, packaging, building products and services sectors.

Zarek has over nine years of experience advising clients on mergers and acquisitions and strategic advisory assignments, including divestures, financings, and capital raisings. He is based in our Richmond office.

__Education:__ B.S. in Finance from Virginia Polytechnic Institute and State University 

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John Chase is a director at Harris Williams in the firm's Business Services Group. He has experience advising clients in the professional and tech-enabled services, IT services, commercial and industrial services, and specialty distribution sectors.

He brings 15 years of experience to his work, beginning his career in management consulting before transitioning into mergers and acquisitions and strategic advisory assignments. John is based in our Richmond office.

__Education:__ M.B.A. from the Darden School of Business Administration at the University of Virginia and B.A. in History and Spanish from the University of Richmond 

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Jeremy Zucker is a director at Harris Williams in the firm's Consumer Group. He has experience advising clients in multiple sectors across the consumer landscape, including health and beauty, apparel, footwear and accessories, home furnishings, pet food, and multi-site leisure.

Jeremy has over 10 years of experience advising clients on mergers and acquisitions, strategic advisory assignments, and capital raises. He is based in our London office. 

__Education:__ Masters in Management from ESCP Business School and B.A. in Economics from the University of Manchester

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