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The McLean Group | 7900 Westpark Drive A320 | McLean, VA 22102 | www.mcleanllc.com | 877.843.0997
Aerospace, Defense and Government Services
Quarterly Industry Update
Second Quarter 2013
1
Second Quarter 2013
% Change
Q1 2013 Q2 2013 YTD
Defense Prime Index 3.3% 12.6% 16.3%
Government Services Index 15.6% (0.4%) 15.0%
Defense Systems Index 3.7% 7.3% 11.3%
Middle Market D&G Services Index 12.9% 10.8% 25.1%
Large Cap Aerospace Index 12.0% 7.8% 20.7%
Mid Cap Aerospace Index 13.0% 7.8% 21.8%
Small Cap Aerospace Index 9.5% 17.8% 29.0%
S&P 500 10.0% 2.4% 12.6%
Quarterly Industry Snapshot
Source: Public Filings; Capital IQ as of 06/28/13
Notable Quarterly M&A Activity Capital Markets
TransDigm agreed to acquire Arkwin Industries for
$286 million (05/15/13)
PAE agreed to acquire CSC’s Applied Technology
Division (ATD) for $175 million (05/29/13)
Ultra Electronics acquired Varisys Limited (06/06/13)
Precision Castparts agreed to acquire Permaswage
(06/26/13)
Raytheon acquired Visual Analytics (06/27/13)
Industry News Quarterly Summary
Booz Allen Hamilton technician, Edward Snowden, leaked to The Guardian newspaper top secret information exposing PRISM, the
US government’s top secret defense program. The leaks revealed the US government’s interception of audio and video chats,
photographs, emails, documents and connection logs from US Service Providers.
The US Navy's X-47B became the first unmanned craft to fully execute both a catapult launch and a landing from an aircraft carrier
flight deck. The demonstrations took place aboard the USS George H.W. Bush off the Virginia coast.
Defense Secretary Chuck Hagel announced that the DoD would be implementing 11 furlough days for most civilian employees, one
day a week, starting July 8 and continuing through the September 30 fiscal year end. The DoD furloughs, while significantly less
severe than the 22 days originally planned, will save the department $1.8 billion.
IBM prevailed in its protest of the 10-year, $600 million CIA contract awarded to Amazon Web Services in January. The Government
Accountability Office (GAO) found that the CIA failed to evaluate prices comparably under one of the solicitation’s pricing scenarios,
waiving a requirement in the Request For Proposal only for Amazon. The GAO has advised that negotiations be reopened.
Orbital Sciences successfully launched its Antares rocket in a test flight, setting the stage for it to become the second commercially-
built spacecraft to transport supplies and astronauts to the International Space Station.
The first flight of Bombardier's new C-Series jet was delayed by a month to late July.
The next generation Airbus 350 made its maiden flight on June 14.
2
Second Quarter 2013
31
28
40
28
32
29
Q2 2013Q1 2013Q4 2012Q3 2012Q2 2012Q1 2012
53 42 4829
4746 45
30
4543
52
5951
74
2010 2011 2012 2013
Q1 Q2 Q3 Q4
Quarterly Aerospace Transaction Activity
M&A Analysis
TMG tracked 30 announced Defense and Government Services sector
transactions and 31 announced Aerospace sector transactions during
Q2 2013. Transaction activity in the Defense and Government
Services sector remains sluggish compared to prior years’ second
quarters. The M&A “hangover” experienced after a strong Q4 2012
continued into Q2 2013 and along with ongoing market uncertainty
dampened deal volume vs. prior quarters. However, signs of increased
activity began to surface in late Q2 2013. The number of announced
transactions increased monthly throughout the quarter with June
accounting for nearly double the announced transaction activity as
April (13 vs. 7). The tail end of Q2 2013 also saw increased M&A
activity from large primes, such as Raytheon and Ultra Electronics,
who had remained on the sidelines up until that point. During Q2 2013,
financial buyers accounted for 33% of Defense and Government
Services M&A activity vs. 38% in Q1.
Aerospace transactions in Q2 2013 were consistent with previous
quarters (not including Q4 2012) and occurred steadily throughout the
quarter. There were eight divestitures in Q2 2013 (26% of total
transaction activity). TransDigm continued its strong M&A activity with
three more acquisitions worth a combined $475 million, including a
$286 million purchase of Arkwin Industries. TransDigm spent $785
million in 2012 on its purchases of Amsafe and Aero-Instruments.
Arlington Capital’s newly acquired platform company, MB Aerospace,
made its first acquisition in June, purchasing aero-engine component
manufacturer Delta Industries for an undisclosed amount. In July,
Precision Castparts turned heads with its $600 million all-cash
purchase of Permaswage, a French designer and manufacturer of
aerospace fluid fittings. Notable transactions in the composite arena
included Triumph Group acquiring Primus Composites from Precision
Castparts and Rolls Royce acquiring Hyper-Therm HTC.
Defense and Government Services Transaction Activity
Source: InfoBase; Capital IQ as of 06/28/13
???
3
Second Quarter 2013 Industry Trends (Defense and Gov. Services)
Source: Public Filings; Industry Newswires and Capital IQ as of 06/28/13
Company Leadership Change
Andrew Teich succeeded Earl Lewis as
President & CEO of FLIR Systems.
Dave Schmitz was appointed as
President of Cubic Corporation.
QinetiQ North America appointed Gary
Slack as President, COO and Interim
CFO.
Lou Von Thaer was named President of
SAIC’s National Security Sector.
Former COO of BAE Systems, Larry
Prior, joined CSC as VP & GM of the
defense and intelligence group.
Sotera appointed Deborah Alderson as
President & CEO.
Significant Leadership Changes
The Snowden Effect
Following the signing of the Continuing Resolution (CR) by President Obama, contractors have
enjoyed improved visibility and accelerated contracting activity compared to the murky
uncertainty that highlighted Q1. While contractors have largely reported feeling insulated from
the sequester thus far, government officials maintain that firms will encounter the full effects of
the spending cuts. Defense Secretary Chuck Hagel warned a Senate subcommittee that
government contractors will shoulder some of the burden of sequestration in the near future, and
predicted a “sharp drop” in the number of contractors by the end of 2013. This follows Hagel’s
recent requirement to subtract an additional $37 billion from the DoD budget for the remainder of
fiscal year 2013. Due in part to improved visibility, 2013’s second quarter played host to a number of leadership
changes amongst the nation’s largest government contracting firms. Most notably, Sotera
Defense Solutions appointed Deborah Alderson as President & CEO, and Cubic Corporation
named Dave Schmitz the successor to Brad Feldmann as president of Cubic Defense
Applications. The multitude of leadership changes is due to a number of factors; however, the
turnover of executives largely signals the need for firms to adjust their strategic positioning to
adapt to federal spending cuts.
Likely the most publicized event of Q2 was Booz Allen
Hamilton technician Edward Snowden’s leak of top-secret
NSA documents to The Guardian newspaper. The leak
revealed the interception of US and European telephone
metadata and the PRISM and Tempora Internet surveillance
programs. The long-term impact of Snowden’s disclosures on national
security and government contractors within the Intelligence
Community (IC) remains unclear. However, Intelligence
agencies have detected that members of targeted militant
organizations have begun altering communications patterns
in what is believed to be a direct response to Snowden.
Meanwhile, despite fear that Snowden's disclosures could
create momentum on Capitol Hill to review the use of
contractors, attention has instead been directed at the
processes used to issue security clearances. -8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
Jun 3, 2013 Jun 8, 2013 Jun 13, 2013 Jun 18, 2013 Jun 23, 2013 Jun 28, 2013
Booz Allen Hamilton S&P 500 TMG Defense & Government Servies Index
Wed, Jun 5: The Guardian publishes Snowden's leak.
Thur, Jun 6: A second story reveals the
existence Prism.
Sat, Jun 8: Snowden's leaks details of NSA tool Boundless Informant.
Sun, Jun 9: Snowden goes public with a
video interview.
Wed, Jun 12: South China Morning Post publishes the first interview with Snowden
since he revealed his identity.
Fri, Jun 14: The Home Office prohibits Snowden from boarding any flights to
the UK.
Thur, June 20: Top secret documents published show how the NSA makes use of information "inadvertently" collected from
domestic US communications without a warrant.
Fri, Jun 21: The US files espionage charges against Snowden.
Sun, Jun 23: Snowden leaves Hong Kong on a
flight to Moscow.
TMG Custom Index
4
Second Quarter 2013 Industry Trends (Aerospace)
Source: Public Filings; Industry Newswires and Capital IQ as of 06/28/13
6/30/2013 A320 Family A330/A340/A350 A380
5,109 4,014 938 157
Company as of Unfilled Orders by Aircraft Model Totals
6/30/2013 737 747 767 777 787
4,757 3,445 53 56 339 864
The Aerospace industry’s focus is shifting to commercial markets, driven by defense budget cuts and an improving commercial growth
forecasts. In June the International Air Transport Association (IATA) increased its 2013 profit forecast for the global airline industry from
$10.6 billion to $12.7 billion, representing a 67% jump from 2012 profit of $7.6 billion. Faced by improved growth prospects and recent
mergers, airlines around the globe are looking to invest in more energy and cost efficient aircraft. In June, Boeing announced new
investments in its Commercial Airplanes business, including the planned establishment of engineering design centers in Washington, South
Carolina, and Southern California. Boeing also released commercial aviation projections of 34,000 new airplanes estimated at $4.5 trillion
over the next 20 years. Meanwhile, squadrons of military aircraft were grounded through most of Q2 and the F-35 faces added delays and
potential cuts. Aircraft backlog for both Airbus and Boeing continued to expand and Airbus saw its backlog climb by 161 planes in Q2, driven by demand for
its A320 family. Boeing’s backlog grew by 312 aircraft, boosted by 320 new 737 orders. A growing demand for wide-body planes means
Boeing’s 787-10X and 777-8X/9X and Airbus’ A350 will likely benefit the most from the upcoming wave of orders for long-haul capacity.
Aircraft operators’ demand for greater cost and energy efficiency is increasingly being met by advances in propulsion and composite
materials. Innovations are creating stronger, lighter, and more fuel-efficient components offering overall efficiencies that encourage operators
to retire older aircraft and equipment earlier than scheduled. At the Paris Air Show (PAS) Pratt & Whitney’s new Geared Turbofan Advanced
(GTF) added 1,000 engines to its order backlog. The GTF burns 15% less fuel, 5% of which is due to the new gear and the other 10% due to
materials and component efficiency. CFM International, a joint venture by General Electric and Snecma, is utilizing carbon-fiber, ceramic-
matrix composites and other advanced materials to create fuel-burn improvements in conventional turbofans. At PAS CFM announced that
its Leap-1A engine has up to 3% lower specific fuel consumption than the GTF due to advances such as 3-D woven composite fan blades,
compressor variable bleed valves, and an uncooled ceramic matrix composite turbine shroud. Likewise, OEMs are developing lighter and stronger airframes with composite materials. Composite have quickly overtaken metallic
applications on commercial aircraft, growing from just an average of 4-6% composite content by weight in the 1980s to 50+% on both the
Airbus 350 XWB and the Boeing 787. The Airbus 350’s fuselage panels, frames, window frames, clips, and door are made from carbon fiber
reinforced plastic (CFRP), with a hybrid door frame structure consisting of CFRP and titanium. Boeing’s 787’s airframe is nearly 50% carbon
fiber reinforced plastic and other composites, resulting in 20% less weight than the conventional aluminum design. On the defense side,
Lockheed Martin’s F-35 Joint Strike Fighter is manufactured with 40+% composite materials. Overall, the aerospace market for composite
materials is projected to continue its expansion from an estimated $2.3 billion in 2013 to $4.1 billion in 2016.
A350 XWB 787 F-35
50+% Composites* 50+% Composites* 40+% Composites*
*Percent composite estimated as ratio of the aircrafts’ structural weight.
5
Second Quarter 2013
Company Quarter
Ending Revenue EPS
3/31/2013 -1.8% 8.0%
3/29/2013 6.2% 8.2%
3/31/2013 7.2% 14.2%
3/31/2013 2.4% 18.7%
3/31/2013 3.3% 21.9%
3/31/2013 2.1% 8.8%
3/31/2013 -2.7% 0.0%
3/29/2013 -3.8% 60.2%
3/31/2013 0.1% -6.9%
5/3/2013 4.8% -8.0%
3/31/2013 9.0% 59.4%
3/31/2013 -1.9% 4.5%
3/31/2013 -4.0% -2.8%
3/29/2013 -0.4% 0.0%
3/31/2013 3.6% 8.1%
3/31/2013 0.1% 0.0%
3/31/2013 2.4% 8.5%
3/31/2013 3.5% 100.0%
3/31/2013 6.7% -125.0%
3/31/2013 11.7% 87.5%
3/31/2013 -10.5% -13.2%
Most Recent Quarterly Financial Results (Defense and Gov. Services)
Most Recent Quarterly Earnings Suprise1
Source: Public Filings; Capital IQ as of 06/28/13
Defense Prime IndexDefense Systems IndexGovernment Services IndexMiddle Market Index
Most Recent Quarterly Earnings Suprise1
1Earnings Surprise is calculated as the difference of a Company’s most recent
quarterly financial results from Capital IQ analyst consensus estimates
GD
Raytheon
Teledyne
Harris
Northrop
L-3Booz
CACI
FLIR
DRCO
ManTech
ICFExelis
SAIC
-25.0%
25.0%
-7.0% 7.0%
EPS
Revenue
VSE
CSC
KEYW
Kratos
Lockheed
Cubic
NCIT
-25.0%
25.0%
-7.0% 7.0%
EPS
Revenue
VSE
CSC
KEYW
Kratos
Lockheed
Cubic
NCIT
-25.0%
25.0%
-7.0% 7.0%
EPS
Revenue
VSE
CSC
KEYW
Kratos
Lockheed
Cubic
NCIT
-25.0%
25.0%
-7.0% 7.0%
EPS
Revenue
VSE
CSC
KEYW
Kratos
Lockheed
Cubic
NCIT
-25.0%
25.0%
-7.0% 7.0%
EPS
Revenue
VSE
CSC
KEYW
Kratos
Lockheed
Cubic
NCIT
-25.0%
25.0%
-7.0% 7.0%
EPS
Revenue
VSE
CSC
KEYW
Kratos
Lockheed
Cubic
NCIT
-25.0%
25.0%
-7.0% 7.0%
EPS
Revenue
6
Second Quarter 2013
PCP
Boeing
Gilat
Hexcel
Spirit AeroSystems
B/E
Triumph
LMI
Rockwell Collins
HEICO
UTCAmetek
Esterline
Curtis-Wright
Textron
Bombardier
Moog
-20.0%
20.0%
-5.0% 5.0%
EPS
Revenue
Company Quarter
Ending Revenue EPS
3/31/2013 1.6% 6.3%
3/31/2013 4.3% 8.7%
3/31/2013 0.4% 17.7%
3/31/2013 4.5% 0.0%
3/31/2013 0.0% 2.5%
3/31/2013 0.2% 0.0%
3/30/2013 -1.1% -11.1%
3/31/2013 -3.5% 6.9%
5/31/2013 NA NA
3/31/2013 4.6% -2.2%
4/26/2013 -1.6% -10.4%
3/31/2013 -0.1% 2.4%
3/31/2013 -0.3% -2.4%
3/31/2013 -5.0% 32.0%
3/28/2013 2.4% 18.8%
3/31/2013 4.6% 5.7%
4/30/2013 5.5% -42.9%
3/30/2013 6.6% 33.3%
2/28/2013 20.7% NA
3/31/2013 -7.4% -88.2%
3/31/2013 -3.7% 0.0%
4/30/2013 3.8% 10.0%
3/31/2013 -1.7% -9.1%
3/31/2013 5.8% 14.8%
Most Recent Quarterly Financial Results (Aerospace)
Most Recent Quarterly Earnings Suprise1 Most Recent Quarterly Earnings Suprise1
1Earnings Surprise is calculated as the difference of a Company’s most recent
quarterly financial results from Capital IQ analyst consensus estimates Source: Public Filings; Capital IQ as of 06/28/13
Digital Globe
Orbital
AeroVironment
Wesco
Astronics
-20.0%
20.0%
-5.0% 5.0%
EPS
Revenue
Digital Globe
Orbital
AeroVironment
Wesco
Astronics
-20.0%
20.0%
-5.0% 5.0%
EPS
Revenue
Digital Globe
Orbital
AeroVironment
Wesco
Astronics
-20.0%
20.0%
-5.0% 5.0%
EPS
Revenue
Digital Globe
Orbital
AeroVironment
Wesco
Astronics
-20.0%
20.0%
-5.0% 5.0%
EPS
Revenue
Digital Globe
Orbital
AeroVironment
Wesco
Astronics
-20.0%
20.0%
-5.0% 5.0%
EPS
Revenue
Large Cap Aerospace IndexMid Cap Aerospace IndexSmall Cap Aerospace Index
7
Second Quarter 2013
PCP AME BEAV UTX BA COL TXT BBD.B HXL MOG.A ESL TGI CW ORB AIR SPR AVAV DGI WAIR HEI ATRO GY LMIA
12.2x 11.2x12.7x 9.6x 8.6x9.2x 7.7x 7.6x 10.7x 7.9x7.9x 6.6x7.3x7.4x 6.0x 5.6x 38.9x 14.2x 11.5x11.7x 11.0x 9.6x 7.4x
LLL RTN LMT GD NOC SAI BAH CACI MANT CSC TDY FLIR CUB HRS XLS KEYW KTOS ICFI DRCO VSEC NCIT
7.6x 7.1x 7.1x 6.7x 6.4x 7.2x 7.1x 6.6x 5.5x 3.6x 10.5x 9.8x 9.2x 6.7x 5.1x 15.9x 8.5x 7.6x 5.4x6.2x 6.0x
Public Market Valuations: EV/2013E EBITDA Multiples
Source: Public Filings; Capital IQ as of 06/28/13
Defense and Government Services
Defense Prime Index Government Services Index Defense Systems Index Middle Market Index
Aerospace
Large Cap Aerospace Index Mid Cap Aerospace Index Small Cap Aerospace Index
Average: 7.4x
Median: 7.1x
Average: 10.5x
Median: 9.2x
Average: 7.0x Average: 6.0x Average: 8.3x Average: 8.3x
Average: 9.9x Average: 7.4x Average: 13.9x
8
Second Quarter 2013
21.8%
33.7%
28.0%25.1%
17.9%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Jun 2012 Jul 2012 Aug 2012 Sep 2012 Oct 2012 Nov 2012 Dec 2012 Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 May 2013 Jun 2013
Defense Prime Index Government Services Index
Middle Market Defense & Government Services Index Defense Systems Index
S&P 500 Index
Defense
Systems Index 92% 99% 99% 94% 98%
Defense Prime
Index 99% 97% 99% 98% 96%
Capital Markets: Overview (Defense and Gov. Services)
Last 52 Weeks Custom Index Performance
Government
Services Index 90% 97% 87% 92% 89%
Middle Market
Index 76% 99% 81% 96% 52% 99%
Index Constituents and Stock Price as a % of 52 Week High
Source: Public Filings; Capital IQ as of 06/28/13
9
Second Quarter 2013
29.3%
21.2%
46.5%
17.9%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Jun 2012 Jul 2012 Aug 2012 Sep 2012 Oct 2012 Nov 2012 Dec 2012 Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 May 2013 Jun 2013
Large Cap Aerospace Index Mid Cap Aerospace Index Small Cap Aerospace Index S&P 500 Index
Capital Markets: Overview (Aerospace)
Last 52 Weeks Custom Index Performance
Large Cap
Aerospace
Index 96% 95% 98% 94% 100% 94% 83% 95%
Mid Cap
Aerospace
Index 99% 99% 91% 95% 98% 93% 83% 97%
Small Cap
Aerospace
Index 76% 99% 96% 97% 90% 95% 81% 98%
Index Constituents and Stock Price as a % of 52 Week High
Source: Public Filings; Capital IQ as of 06/28/13
10
Second Quarter 2013
(17.9%)
(14.5%)
(11.1%)
(6.5%)
(2.8%)
(1.4%)
2.4%
2.8%
3.7%
6.0%
6.3%
9.7%
11.1%
12.4%
12.5%
12.6%
15.8%
18.0%
26.6%
28.8%
29.3%
64.3%
(40%) (20%) 0% 20% 40% 60% 80%
KEYW
NCI
CSC
Dynamics Research
ManTech
Teledyne
S&P 500
SAIC
FLIR
L-3
Harris
CACI
General Dynamics
Lockheed
Raytheon
Cubic
ICF
Northrop
Exelis
Kratos
Booz
VSE
Second Quarter 2013
(4.1%)
0.0%
2.2%
11.0%
11.4%
13.7%
14.9%
15.4%
15.8%
16.8%
17.7%
17.9%
18.8%
24.6%
25.5%
29.8%
32.0%
32.2%
38.3%
39.9%
72.6%
76.3%
(25%) 0% 25% 50% 75% 100%
Dynamics Research
Cubic
NCI
Kratos
ManTech
Booz
SAIC
CACI
L-3
Raytheon
Harris
S&P 500
General Dynamics
Lockheed
Teledyne
Northrop
KEYW
ICF
FLIR
Exelis
VSE
CSC
Last 52 Weeks
Capital Markets: Stock Performance (Defense and Gov. Services)
Defense Prime Index Government Services Index Defense Systems Index
Middle Market Defense & Government Services Index S&P 500 Index
Source: Public Filings; Capital IQ as of 06/28/13
11
Second Quarter 2013 Capital Markets: Stock Performance (Aerospace)
Large Cap Aerospace Mid Cap Aerospace Small Cap Aerospace Index
Source: Public Filings; Capital IQ as of 06/28/13
(12.6%)
(9.9%)
(4.5%)
(2.6%)
(2.4%)
(0.5%)
0.5%
0.8%
2.4%
4.1%
4.6%
6.8%
7.3%
11.3%
12.4%
13.1%
16.0%
16.1%
17.4%
19.2%
19.3%
19.5%
22.3%
26.2%
37.1%
(25%) 0% 25% 50%
Textron
LMI Aerospace
Esterline
Gilat
Ametek
UTC
Rockwell Collins
Triumph
S&P 500
Orbital Sciences
B/E Aerospace
Curtis-Wright
DigitalGlobe
AeroVironment
Moog
Spirit AeroSystems
HEICO
Bombardier
Hexcel
Precision Castparts
Boeing
AAR
GenCorp
Wesco Aircraft Holdings
Astronics
Second Quarter 2013
(23.3%)
(9.9%)
4.7%
7.8%
15.9%
16.4%
17.9%
19.4%
23.1%
24.6%
27.1%
27.5%
28.5%
32.0%
34.4%
37.4%
37.9%
40.7%
44.5%
44.7%
45.9%
63.1%
77.7%
104.6%
149.8%
(60%) 0% 60% 120% 180%
AeroVironment
Spirit AeroSystems
Textron
LMI Aerospace
Esterline
Bombardier
S&P 500
Curtis-Wright
UTC
Moog
Ametek
HEICO
Rockwell Collins
Hexcel
Orbital Sciences
Precision Castparts
Boeing
Triumph
B/E Aerospace
Astronics
Wesco Aircraft Holdings
AAR
Gilat
DigitalGlobe
GenCorp
Last 52 Weeks
12
Second Quarter 2013
2.7%
2.1%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Jun 2012 Jul 2012 Aug 2012 Sep 2012 Oct 2012 Nov 2012 Dec 2012 Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 May 2013 Jun 2013
Defense and Government Services Aerospace
Short Interest (Aerospace, Defense and Gov. Services)
Last 52 Week Median Short Interest
Defense and Government Services
1.5% 5.1% 2.0% 3.3% 1.4% 1.9% 19.2% 2.8%
9.4% 9.2% 0.2% 2.7% 14.2% 7.5% 0.2% 1.4%
1.9% 0.9% 2.8% 4.0% 1.4%
Aerospace
0.4% 1.6% 1.3% 0.0% 1.0% 5.1% 2.6% 0.6%
2.5% 2.0% 1.5% 5.0% 2.1% 2.6% 1.2% 2.5%
8.7% 1.9% 22.2% 3.5% 0.0% 4.1% 4.2% 1.6%
Short Interest as of June 28, 2013
Source: Public Filings; Capital IQ as of 06/28/13
13
Second Quarter 2013
Defense Systems Index
3x LTM EBITDA $445.4 $2,073.0 $1,102.0 $3,150.0 $1,017.3
Less LT Debt 78.0 649.0 248.4 1,925.0 698.7
Plus Cash 148.6 185.0 246.0 459.0 49.0
Dry Powder $516.0 $1,609.0 $1,099.6 $1,684.0 $367.6
Middle Market Defense & Government Services Index
3x LTM EBITDA $88.0 $273.0 $82.8 $313.2 $53.9 $212.9
Less LT Debt 96.7 86.7 96.4 647.2 26.0 155.1
Plus Cash 0.0 4.5 3.1 51.6 0.9 1.4
Dry Powder ($8.7) $190.8 ($10.5) ($282.4) $28.8 $59.3
Defense Prime Index
3x LTM EBITDA $11,133.0 $4,761.0 $15,852.0 $10,779.0 $10,020.0
Less LT Debt 3,909.0 3,651.0 6,304.0 3,942.0 4,731.0
Plus Cash 3,745.0 276.0 3,065.0 3,183.0 3,125.0
Dry Powder $10,969.0 $1,386.0 $12,613.0 $10,020.0 $8,414.0
Government Services Index
3x LTM EBITDA $1,572.7 $1,005.4 $5,998.5 $602.6 $2,616.0
Less LT Debt 1,715.2 687.8 2,732.0 200.0 1,298.0
Plus Cash 350.4 56.3 2,054.0 172.3 563.0
Dry Powder $207.9 $373.9 $5,320.5 $574.9 $1,881.0
Dry Powder Calculations (Defense and Gov. Services)
($ millions)
Source: Public Filings; Capital IQ as of 06/28/13
14
Second Quarter 2013
Mid Cap Aerospace Index
3x LTM EBITDA $656.1 $844.1 $1,038.6 $882.6 $1,030.0 $480.2 $466.2 $2,039.3
Less LT Debt 722.8 999.2 779.4 273.9 817.5 148.9 1,176.7 1,329.9
Plus Cash 47.4 118.8 169.2 18.3 149.8 199.4 313.1 32.0
Dry Powder ($19.3) ($36.3) $428.3 $627.0 $362.3 $530.8 ($397.4) $741.5
Small Cap Aerospace Index
3x LTM EBITDA $44.2 $124.9 $197.7 $655.2 $95.2 $597.3 $132.7 $544.9
Less LT Debt 0.0 28.1 707.4 1,146.4 47.6 228.5 279.0 603.6
Plus Cash 75.3 17.8 134.6 273.7 71.5 16.9 0.8 53.9
Dry Powder $119.5 $114.6 ($375.1) ($217.5) $119.1 $385.7 ($145.5) ($4.9)
Dry Powder Calculations (Aerospace)
Large Cap Aerospace Index
3x LTM EBITDA $2,609.0 $1,977.9 $23,385.0 $3,231.0 $7,159.5 $3,168.0 $4,023.0 $30,156.0
Less LT Debt 1,323.7 1,960.1 9,171.0 7,257.0 3,807.2 1,158.0 3,740.0 22,824.0
Plus Cash 177.3 531.5 8,335.0 3,733.0 280.2 337.0 701.0 4,767.0
Dry Powder $1,462.6 $549.3 $22,549.0 ($293.0) $3,632.5 $2,347.0 $984.0 $12,099.0
($ millions)
Source: Public Filings; Capital IQ as of 06/28/13
15
Second Quarter 2013 Announced M&A Transactions (Defense and Gov. Services)
Source: Capital IQ and InfoBase as of 06/28/13
Announced Announced Closed
April 2, 2013 April 9, 2013 April 16, 2013
Notes Notes Notes
EOIR Technologies, a portfolio
company of The White Oak Group,
announced it will acquire Viecore
Federal Systems Division (FSD), a
wholly owned subsidiary of Nuance
Communications. Viecore FSD
specializes in the design,
development, and support of
advanced decision support
technologies and data
management systems, from
prototype through production.
Braxton Technologies and its
parent company, The O’Neil Group
Co., have agreed to acquire Net-
Centric Design Professionals. Net-
Centric is a 50 employee, Boulder-
based engineering company
specializing in cyber security and
systems integration.
Haystax Technology, an
Edgewater Funds portfolio
company, acquired Digital
Sandbox, which provides threat
and risk analysis and monitoring
software to National Security and
Homeland Security customers.
Federal, State and Local agencies
use Digital Sandbox products to
quantify and monitor natural and
man-made threats and to allocate
resources based on threat and risk
priorities.
will acquire will acquire has acquired
Viecore Federal Systems Division
16
Second Quarter 2013 Announced M&A Transactions (Defense and Gov. Services)
Closed Closed Closed
April 16, 2013 April 17, 2013 May 7, 2013
Notes Notes Notes
Global Secure Networks, an
investor group led by Bob Roe,
acquired TrustComm, which
provides satellite-based
telecommunication services to
energy, enterprise and government
industries, and also to disaster
recovery agencies worldwide.
Bohemia Interactive Simulations, a
Riverside Company portfolio firm,
acquired TerraSim which provides
commercial products enabling the
rapid production of correlated
terrain for visual, constructive and
serious game simulation systems.
This is Riverside’s first bolt-on
acquisition since acquiring
Bohemia in December 2012.
Haystax Technology, an
Edgewater Funds portfolio
company, acquired FlexPoint
Technology, a professional
services company providing private
and public cloud solutions that
deliver secure collaboration and
application development
capabilities for secure
environments. The acquisition
extends Haystax’s defense and
intelligence market product and
service offerings and is its second
acquisition in three weeks.
has acquired has acquired has acquired
Global Secure Networks
Source: Capital IQ and InfoBase as of 06/28/13
17
Second Quarter 2013 Announced M&A Transactions (Defense and Gov. Services)
Closed Closed Closed
May 8, 2013 May 15, 2013 May 17, 2013
Notes Notes Notes
Inmarsat acquired Australian
satellite communications specialist
TC Communications. TC
Communications designs and
manufactures optical
communications equipment and
currently offers more than 60
different networking products. The
Company will be integrated into
Inmarsat’s existing operations with
a particular focus on supporting its
expanding global government and
enterprise business units.
The SI Organization (the SI)
acquired Applied Communication
Sciences (ACS), a provider of
applied research, technical
consulting and technology
solutions to US defense and
intelligence agencies, US civil
government organizations and
commercial customers. ACS was
the research and engineering arm
of Telcordia Technologies and was
established to mitigate US
government concerns arising from
Ericsson’s acquisition of Telcordia.
Cassidian CyberSecurity, a
business unit of EADS N.V.
acquired Arkoon Network Security.
Akroon is major European
provider of network security,
information systems protection and
data confidentiality services.
Arkoon Network Security employs
80 staff and achieved sales of 13
million Euros in 2012.
has acquired has acquired has acquired
Source: Capital IQ and InfoBase as of 06/28/13
18
Second Quarter 2013 Announced M&A Transactions (Defense and Gov. Services)
Closed Announced Closed
May 21, 2013 May 29, 2013 May 30, 2013
Notes Notes Notes
Subsystems Technologies
acquired Alapko, a provider of
program support and technology
solutions to the intelligence
community. Alapko specializes in
cyber security and budgetary
analysis solutions. The acquisition
expands Subsystems’ technical
capabilities, allowing it to detect
threats to the federal government
with greater precision. Alapko will
be a wholly owned subsidiary of
Subsystems.
PAE entered into an agreement
with Computer Sciences
Corporation to purchase its Applied
Technology Division. The Applied
Technology Division has about
5,400 employees who provide
aviation maintenance, base
operations and maintenance, and
space range support for the US
government. This acquisition will
add military and space testing and
training services to PAE’s portfolio.
Deloitte has acquired nearly all the
assets of Vigilant, which
specializes in security monitoring
and cyber threat intelligence. The
acquisition will greatly increase
Deloitte’s capacity to serve high-
risk industries including financial
services, aerospace and defense,
technology, and energy. The two
firms will now work under the
Vigilant by Deloitte brand.
has acquired will acquire has acquired
Applied Technology Division
Source: Capital IQ and InfoBase as of 06/28/13
19
Second Quarter 2013 Announced M&A Transactions (Defense and Gov. Services)
Closed Closed Closed
June 3, 2013 June 3, 2013 June 4, 2013
Notes Notes
InfoTrust Group acquired Flatirons
Solutions, a firm that specializes in
consulting and systems integration
for content-heavy and regulatory-
driven industries. The acquisition
will expand InfoTrust’s range of
solutions and allow it to help
organizations across a wider array
of industries and expand their
business into Europe and Asia.
Quantum Research International
acquired J2 Technologies, a
defense engineering services
company. J2 Technologies
specializes in aviation and missile
defense architecture, defense
technology assessments, software
and prototype development, and
integration support. The deal will
expand Quantum's current portfolio
of prime contracts in the areas of
space operations, cyber security
and intelligence agencies support.
Information Innovators acquired
GoldBot Consulting, a software
development company known for
its data mining and information
analytics. The deal will widen
Information Innovators’ array of
solutions and allow it to move into
web services and predictive
intelligence. Information Innovators
will also be benefited by GoldBot’s
highly-trained system engineers
and program managers who
specialize in geospatial information
systems and predictive analysis.
has acquired has acquired has acquired
Source: Capital IQ and InfoBase as of 06/28/13
20
Second Quarter 2013 Announced M&A Transactions (Defense and Gov. Services)
Closed Announced Closed
June 5, 2013 June 17, 2013 June 18, 2013
Notes Notes Notes
Ultra Electronics has acquired
Varisys Limited for an initial cash
payment of £16.0 million, with the
possibility of another £2.0 million
based on performance over the
next two years. Varisys designs
and manufactures products for
embedded computing applications.
It serves clients in the aerospace,
telecommunications, defense, and
industrial sectors. The acquisition
will increase Ultra’s presence in the
highly specialized electronic
markets.
Nippon Telegraph and Telephone
Corporation (NTT) agreed to
acquire Solutionary, a managed
security services provider based in
Omaha, NE. Solutionary
specializes in managed security
services, global threat intelligence,
and protecting mobile data. The
acquisition expands NTT’s
cybersecurity and information and
communications technology
capabilities.
System Development Integration
(SDI) acquired i-sys Corporation.
i-sys specializes in integrated
security management systems,
end-to end building automation
(lighting, HVAC and energy
management), mechanical
services, and advanced fire safety
systems. The acquisition extends
SDI's service network coverage
throughout the US, while adding
technical expertise in markets with
concentrated critical infrastructure
protection needs.
has acquired will acquire has acquired
Source: Capital IQ and InfoBase as of 06/28/13
21
Second Quarter 2013 Announced M&A Transactions (Defense and Gov. Services)
Closed Closed Closed
June 21, 2013 June 25, 2013 June 27, 2013
Notes Notes Notes
ATK entered into an agreement to
acquire Caliber Company, the
parent company of Savage Sports
Corporation. Savage is one of the
world's largest manufacturers of
hunting rifles and shotguns. The
acquisition would expand ATK's
portfolio offering by adding long
guns to its leading brands in
commercial and security
ammunition, shooting sports and
security-related accessories.
CPI International acquired MCL,
Inc., a manufacturer of power
amplifier products and systems for
the satellite communications
market and a wholly owned
subsidiary of MITEQ, Inc. The
transaction will allow CPI to extend
the distribution of MCL, Inc’s range
of high-power satcom amplifier
products to its global customer
base.
Raytheon acquired Visual Analytics
Incorporated, a firm that
specializes in data analytics, data
visualization and information
sharing. The transaction will add
advanced analytic products and
knowledge management solutions
with intuitive user interfaces to
Raytheon's offerings and will
further broaden the Company's
customer base in federal, state and
local law enforcement.
has acquired has acquired has acquired
Source: Capital IQ and InfoBase as of 06/28/13
22
Second Quarter 2013 Announced M&A Transactions (Aerospace)
Closed Closed Closed
April 2, 2013 April 3, 2013 April 5, 2013
Notes Notes Notes
US aircraft fuel tank systems
maintenance company, North
American Aircraft Services (NAAS)
acquired Usher Aviation. Founded
in 2007, Usher specializes in
maintenance of all general aviation
piston engine aircraft. The
acquisition is part of NAAS’s effort
to create a new strategic corporate
headquarters in Shannon, Ireland
to manage its Europe, Middle East,
and Africa operations.
MidOcean Partners and co-
investors acquired "a significant
equity position" in Noranco Inc.
from Bedford Capital. Based in
Canada, Noranco supplies
complex machined and sheet
metal components, kits, and
assemblies for mission-critical
landing gear, aerostructure, and
aircraft engine applications.
Noranco has 650 employees and
five North American plants, three in
Canada and two in Arizona.
The former management team of
GMV USA acquired GMV’s
business activities in the US
Institutional Aerospace market.
The resulting entity, MetiSpace
Technologies, Inc., is an
independent, woman-owned small
business with an exclusive
agreement to be the reseller of
GMV’s products for satellite ground
control and mission planning for
the US Institutional Aerospace
market.
has acquired has acquired a stake in has spun off
Source: Capital IQ and InfoBase as of 06/28/13
23
Second Quarter 2013 Announced M&A Transactions (Aerospace)
Closed Closed Announced
April 5, 2013 April 8, 2013 April 11, 2013
Notes Notes Notes
Cornerstone Capital, a middle-
market investment firm, acquired
Keystone Engineering from UTC
Aerospace Systems. Keystone
designs and produces satellite
propellant tanks, launch vehicle
domes, and other space support
products. Keystone also services
warning and control systems for
aircraft. Keystone is Cornerstone’s
fourth investment in the aerospace
industry.
DigitalGlobe acquired Tomnod, a
small company that analyzes
imagery through crowdsourcing
software. Tomnod's Global Insight
software allows Internet users to
plot information on satellite pictures
and create geospatial databases
with the satellite pictures.
PPG Industries announced it will
acquire Deft. Based in California,
Deft is a privately held provider of
specialty coatings to the
commercial and military aerospace
industries as well as general
industrial markets.
has acquired has acquired will acquire
Source: Capital IQ and InfoBase as of 06/28/13
24
Second Quarter 2013
Closed Closed Closed
April 15, 2013 April 15, 2013 April 18, 2013
Notes Notes Notes
Leading Edge Aviation Services
acquired Associated Painters,
which reimages and paints all
types of domestic and international
aircraft. Associated Painters
operates its four US facilities in:
Everett and Spokane, WA;
Jacksonville, FL; and Oklahoma
City, OK.
Prospect Partners announced its
investment in Velocity Aerospace
Group, an aviation aftermarket
services firm that provides
maintenance, repair and overhaul
services to a global customer base
of commercial air transports,
corporate business aircraft,
regional airlines and helicopters.
Merex Holding Corporation
acquired Livermore, CA-based
Aircraft Logistic-Support Company
(ALCO). ALCO provides
Maintenance, Repair and Overhaul
(MRO) services for auxiliary power
units (APUs) and engine driven
compressors (EDCs), as well as a
variety of other critical components
for hydraulic, pneumatic, fuel and
electrical systems. ALCO provides
support for a number of military
aircraft and commercial aircraft.
has acquired has acquired has acquired
Velocity Aerospace Group
Announced M&A Transactions (Aerospace)
Source: Capital IQ and InfoBase as of 06/28/13
25
Second Quarter 2013
Closed Announced Announced
April 18, 2013 April 19, 2013 April 22, 2013
Notes Notes Notes
Starbase Jet, a private aviation
company, acquired Perfection Air
Charter, a boutique private jet
brokerage firm. The acquisition will
increase Starbase’s presence in
southern California and allow it to
meet increased demand in the
Asia-Pacific region.
Harlow Aerostructures LLC has
entered into an Asset Purchase
Agreement (APA) with AGC
Incorporated for $5.7 million cash.
Harlow will be the stalking-horse
bidder in an auction currently
scheduled for May 13, 2013. AGC,
which manufactures and repairs
precision components and
assemblies for the aerospace
industry, filed for Chapter 11
bankruptcy on April 16, 2013.
TransDigm Group Incorporated
and Aerosonic Corporation
announced a definitive merger
agreement under which Aerosonic
will become an indirect, wholly-
owned subsidiary of TransDigm.
TransDigm will offer to acquire all
of Aerosonic’s outstanding shares
for $7.75 per share in cash in a $39
million transaction (fully-diluted).
has acquired entered into an APA with will merge with
Announced M&A Transactions (Aerospace)
Source: Capital IQ and InfoBase as of 06/28/13
26
Second Quarter 2013
Closed Closed Closed
April 23, 2013 May 1, 2013 May 6, 2013
Notes Notes Notes
System Studies & Simulation (S3)
acquired Summit Aviation, an
aircraft maintenance, inspection,
and bench repair services firm.
Summit also provides metal and
composite repair, aircraft pick up
and delivery, and aircraft wash
services. The acquisition will bring
S3 closer to its goal of being a full-
service aviation provider.
Rolls-Royce plc acquired Hyper-
Therm High-Temperature
Composites, Inc (HTC). Based in
California, Hyper-Therm HTC
produces state-of-the-art composite
materials, including ceramic matrix
composites (CMCs), engineered
coatings and thermal-structural
components. Rolls Royce expects
CMCs to transform the weight and
performance of today’s advanced
engines. Hyper-Therm HTC will
become a wholly-owned subsidiary
and Rolls-Royce’s hub for technical
development of CMCs.
Triumph Group acquired Primus
Composites, an overseas division
of Primus International, from
Precision Castparts Corp. Primus
is a global supplier of composite
and metallic propulsion and
structural composite components
and assemblies. Primus
Composites, with manufacturing
facilities in England and Thailand,
will become part of Triumph
Aerostructures Group.
has acquired has acquired has acquired
Primus Composites
Announced M&A Transactions (Aerospace)
Source: Capital IQ and InfoBase as of 06/28/13
27
Second Quarter 2013
Announced Closed Closed
May 6, 2013 May 6, 2013 May 7, 2013
Notes Notes Notes
HEICO entered into a definitive
agreement to acquire Reinhold
Industries from The Jordan
Company. Reinhold is a California
based manufacturer of advanced
custom composite components and
sheet molding compounds for
aerospace, defense, and space
applications. Since acquiring
Reinhold in 2007, The Jordan
Company made two bolt on
acquisitions. Reinhold will become
part of HEICO’s Flight Support
Group subsidiary.
The board of directors of Flight
Research, Inc. (FRI) acquired
100% ownership from prior owners
Sean and Nadia Roberts. FRI, a
California provider of test aircraft
with comprehensive test flight
expertise, maintains a large fleet of
instrumented aircraft ranging from
single engine reciprocating aircraft
to supersonic fighters and
helicopters. Transaction terms
were not disclosed.
GA Telesis acquired parts of
Finnair Engine Services (FES). GA
Telesis will employ 80 engine
service professionals from Finnair’s
existing workforce. The deal
involved a sale of assets and
transfer of personnel to GA Telesis’
wholly owned subsidiary GA
Telesis Engine Services Oy
(GATES). GATES simultaneously
executed a long-term lease on all
of Finnair’s engine maintenance
and test cell facilities.
will acquire has acquired has acquired parts of
Board of Directors
Engine Services
Announced M&A Transactions (Aerospace)
Source: Capital IQ and InfoBase as of 06/28/13
28
Second Quarter 2013
Announced Closed Closed
May 15, 2013 May 16, 2013 May 23, 2013
Notes Notes Notes
TransDigm Group announced that
it plans to acquire Arkwin Industries
for $286 million in cash or 3x
Arkwin’s 2012 revenue. Located on
Long Island, NY, Arkwin
manufactures proprietary, highly-
engineered aerospace hydraulic
and fuel system components for
commercial and military aircraft,
helicopters and other specialty
applications. Arkwin also has
product positions on various
ground-based aero derivative
turbine engines.
MAZ Aviation Group acquired Gore
Design Completions, a Texas-
based company specializing
design and installation of high-end
custom interiors for wide-body jets
that fly foreign heads of state,
corporate VIPs, etc. The 25-year-
old company sold in the wake of
owner legal disputes. MAZ is
Saudi Arabia-based company that
manages aircraft refurbishments.
Air Comm Corporation (ACC)
acquired the Addison, Texas
division of Meggitt. The division
works with air conditioning systems
for fixed wing aircrafts and
helicopters. The deal will provide
the necessary resources to support
ACC’s thermal management
technology.
will acquire has acquired has acquired
Addison, TX division
Announced M&A Transactions (Aerospace)
Source: Capital IQ and InfoBase as of 06/28/13
29
Second Quarter 2013 Announced M&A Transactions (Aerospace)
Announced Closed Closed
May 29, 2013 June 6, 2013 June 10, 2013
Notes Notes Notes
Astronics Corporation entered into
a definitive agreement to acquire
the outstanding shares of PECO
for $136.0 million in cash. PECO
specializes in Passenger Service
Units which manage air handling,
emergency oxygen, electrical
power management, and cabin
lighting systems. Astronics
management believes it will benefit
from the strong relationships PECO
has with its aerospace customers.
MB Aerospace acquired the aero-
engine component manufacturing
business of Delta Industries. The
multi-million dollar deal will expand
MB Aerospace’s projected
revenues to more than $160.0
million for the 2013 fiscal year. The
acquisition follows a secondary
Management Buy Out in March led
by MB Aerospace’s Chief
Executive Craig Gallagher.
South African aerospace and
defense firm Paramount Group
acquired Advanced Technology
and Engineering (ATE). ATE
specializes in avionics, sensor
systems and unmanned aircraft
systems technology. The deal will
improve Paramount’s
manufacturing and technology
capabilities, allowing it to take
advantage of increased foreign
investment. With this transaction,
Paramount saved ATE from
liquidation.
will acquire has acquired has acquired
Source: Capital IQ and InfoBase as of 06/28/13
30
Second Quarter 2013
Closed Announced Closed
June 19, 2013 June 21, 2013 June 23, 2013
Notes Notes Notes
Epec Engineered Technologies
acquired Suncoast Digital
Technologies, a supplier of OEM
user interface keyboard
assemblies. The transaction is
expected to increase Epec’s
customer support services, which
is in line with the firm’s long term
growth strategy aimed at supplying
a greater range of electronic
product services to its customers.
TransDigm entered into an
agreement to acquire the assets
of GE Aviation's Electromechanical
Actuation Division (EAD) for
approximately $150.0 million in
cash. GE EAD specializes in
manufacturing proprietary, highly
engineered aerospace
electromechanical motion control
subsystems. The acquisition is
expected to close at the end of Q3
2013.
Greenpoint Technologies,
NewSpring Capital, and Wells
Fargo acquired Aviation Technical
Services, an aircraft maintenance,
repair, and overhaul services
provider. Greenpoint, which
provides interior design for Boeing
Business Jets, will use the
acquisition to expand its offering of
aviation services.
has acquired will acquire have acquired
Announced M&A Transactions (Aerospace)
Source: Capital IQ and InfoBase as of 06/28/13
31
Second Quarter 2013 Announced M&A Transactions (Aerospace)
Announced Announced
June 25, 2013 June 26, 2013
Notes Notes
Signature Flight Support will purchase a
majority share of Starlink Aviation’s FBO in
Montréal, Quebec, Canada. Starlink
Aviation specializes in aircraft
management, aircraft maintenance,
corporate shuttle and aircraft charter
services. The acquisition, subject to
customary closing conditions, is expected
to close during the third quarter of 2013.
Precision Castparts (PCC) will acquire
Permaswage SAS for $600 million. Based
in France, Permaswage designs and
manufactures aerospace fluid fittings.
Permaswage specializes in permanent
fittings used in airframe fluid conveyance
systems and related installation tooling.
The transaction will extend PCC’s
permanent fittings business while building
on the separable fittings market foothold it
established with its 2008 acquisition of
Airdrome.
will acquire will acquire
Source: Capital IQ and InfoBase as of 06/28/13
32
Second Quarter 2013 Announced M&A Transactions (Aerospace)
Closed Closed
June 27, 2013 June 28, 2013
Notes Notes
ESCO Technologies acquired Canyon
Engineering Products and its 70,000
square foot Valencia, CA manufacturing
facility. Canyon designs and manufactures
aerospace industry precision fluid control
devices. The deal broadens ESCO’s
aerospace product line, allowing it to
optimize its manufacturing layout and gain
scale economies through consolidation
and integration.
Sensintel acquired BAE Systems’
Unmanned Aircraft Programs business.
Sensintel is a newly formed company that
developes unmanned aerial systems
(UAS) and sensors and provides related
services. The deal expands Sensintel’s
product and service offerings, allowing it to
design and manufacture three UAS: the
Silver Fox, the Manta, and the Coyote.
has acquired has acquired
Unmanned Aircraft Programs business.
Source: Capital IQ and InfoBase as of 06/28/13
33
Second Quarter 2013 Recent ADG Advisory Experience
34
Second Quarter 2013
Disclaimer: The McLean Group does not provide accounting, tax or legal advice. The contents of this document are believed to be reliable, however The
McLean Group, LLC makes no representation as to the accuracy or completeness of this information.
Aerospace, Defense and Government Services Team
The McLean Group
7900 Westpark Drive, Suite A320
McLean, VA 22102
Main: 703.827.0200
Fax: 703.827.0175
Contact Information
Joe Golden
Principal
Cameron Hamilton
Principal
Mitch Martin
Principal
Andy Smith
Principal, Valuation
Greg Woodford
Senior Managing Director
Greg Nossaman
Managing Director
Greg Boucher
Managing Director
Kathleen Crow
Managing Director
Michael Langman
Managing Director
John Stack
Managing Director
Harry Ward
Director
Brent Lorenz
Vice President