M&A Deal Summary

Cobham Acquires Aeroflex Holding

On May 20, 2014, Cobham acquired test/measurement equipment company Aeroflex Holding from Golden Gate Capital, Goldman Sachs Merchant Banking and Veritas Capital for 1.5B USD

Acquisition Highlights
  • This is Cobham’s 1st transaction in the Test/Measurement Equipment sector.
  • This is Cobham’s largest (disclosed) transaction.
  • This is Cobham’s 4th transaction in the United States.
  • This is Cobham’s 1st transaction in New York.

M&A Deal Summary
Date 2014-05-20
Target Aeroflex Holding
Sector Test/Measurement Equipment
Buyer(s) Cobham
Sellers(s) Golden Gate Capital
Goldman Sachs Merchant Banking
Veritas Capital
Deal Type Add-on Acquisition
Deal Value 1.5B USD

Target

Aeroflex Holding

Plainview, New York, United States
Aeroflex Holding Corp. designs, engineers, and manufactures microelectronic products, and test and measurement equipment in the United States, Europe, the Middle East, and Asia.

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Buyer(S) 1

Buyer

Cobham

Dorset, United Kingdom
Category Company
Founded 1934
Sector Defense
Revenue 1.9B GBP (2018)
DESCRIPTION

Cobham offers various technologies and services for commercial, defense, and security markets worldwide. The company operates in four segments: Cobham Aerospace and Security, Cobham Defense Systems, Cobham Mission Systems, and Cobham Aviation Services. Cobham was founded in 1934 and is based in Dorset, United Kingdom.

DEAL STATS #
Overall 6 of 6
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (New York) 1 of 1
Country (United States) 4 of 4
Year (2014) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-10 Axell Wireless

Chesham, United Kingdom

Axell Wireless Ltd. is a provider of Distributed Antenna Systems (DAS) and wireless solutions for the public safety and cellular markets, with a specific focus on communication systems for buildings and critical infrastructure applications.

Buy £85M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-22 Cobham Advanced Composites

Stevenage, United Kingdom

Cobham Advanced Composites Ltd. design, development and production of highly engineered aerospace composite engine components (spinners, internal multi-stage components, exhaust flaps), radomes (C4I and defensive measures radomes, with a growing position in civil radomes) and complex secondary structures (air-to-air refuelling, structural munitions components).

Sell $200M

Seller(S) 3

SELLER

Golden Gate Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golden Gate Capital is a large private equity firm focused on buyout and growth equity investments across a wide variety of industries. The Firm partners with management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. Sectors of interest include software and IT services, semiconductors, electronics, consumer products and retail, financial services, business services, and media. Prospective transaction types include public-to-privates, corporate extractions, bankruptcy auctions, and recapitalizations. Golden Gate Capital was formed in 2000 and is based in San Francisco, California.

DEAL STATS #
Overall 41 of 84
Sector (Test/Measurement Equipment) 1 of 3
Type (Add-on Acquisition) 21 of 39
State (New York) 1 of 5
Country (United States) 37 of 76
Year (2014) 3 of 8
Size (of disclosed) 5 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-16 Red Lobster

Orlando, Florida, United States

Red Lobster is a seafood restaurant concept operating more than 700 restaurants across the U.S. and Canada and a growing international franchisee footprint. Red Lobster is focused on delivering freshly prepared, high-quality seafood dishes at reasonable prices including an extensive menu featuring fresh fish, shrimp, crab, lobster, scallops, and other seafood and non-seafood options. Headquartered in Orlando, Florida, the Red Lobster team comprises more than 58,000 associates.

Buy $2.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-30 Canada Fluorspar

St. John's, Newfoundland, Canada

Canada Fluorspar is a mining company that owns fluorspar reserves and brownfield production assets in Newfoundland, Canada. Fluorspar is the source of fluorine, a key input in the production of aluminum, steel and fluorochemicals like refrigerants and Teflon. CFI’s high quality reserves are uniquely positioned to address the opportunities created by evolving global supply dynamics. Canada Flourspar is based in St. John’s, Newfoundland.

Buy $39M
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 51 of 110
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 13 of 37
State (New York) 5 of 11
Country (United States) 38 of 78
Year (2014) 6 of 10
Size (of disclosed) 17 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-29 Energy Future Holdings

Dallas, Texas, United States

Energy Future Holdings Corp., formerly TXU Corp., is a Dallas-based, privately held energy company with a portfolio of competitive and regulated energy companies. These businesses serve the high-growth Texas electricity market, which is one of world's largest and among the nation's most successful competitive markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-03 Hearthside Food Solutions

Downers Grove, Illinois, United States

Hearthside Food Solutions is a food contract manufacturer. The Company offers diverse production capabilities including bars, cookies, crackers, granola, snack components, and other baked goods. Hearthside specializes in the production of complex, high-volume, short-run products, which represent an increasing portion of customer demand. Hearthside Food Solutions was founded in 2009 and is based in Downers Grove, Illinois.

Buy -
SELLER

Veritas Capital

New York, New York, United States
Category Private Equity Firm
Founded 1992
PE ASSETS 40.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Veritas Capital is a private equity investment firm that targets investments in defense, aerospace, government services, media/telecommunications, consumer products, and specialty manufacturing companies. Veritas generally partners with management when pursuing investments. Prospective transaction situations include buyouts, growth capital investments, and leveraged recapitalizations. Veritas Capital was established in 1992 and is based in New York City.

DEAL STATS #
Overall 10 of 27
Sector (Test/Measurement Equipment) 2 of 2
Type (Add-on Acquisition) 7 of 14
State (New York) 1 of 2
Country (United States) 10 of 27
Year (2014) 1 of 2
Size (of disclosed) 6 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-04 Anaren

Syracuse, New York, United States

Anaren, Inc. is a designer and manufacturer of high-frequency RF and microwave microelectronics, components, and assemblies for the space, defense, and telecommunications sectors. Anaren, Inc. was established in 1967 and is based in Syracuse, New York.

Buy $381M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-02 BeyondTrust

Johns Creek, Georgia, United States

BeyondTrust is a provider of Privileged Access Management (PAM) software solutions, empowering organizations to secure and manage privileges across passwords, endpoints, and access while enhancing control and visibility. BeyondTrust was founded in 1985 and is based in Johns Creek, Georgia.

Buy $310M
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