M&A Deal Summary

Madison Dearborn Partners and CoVant Management Acquire AEVEX Aerospace

On March 9, 2020, private equity firms Madison Dearborn Partners and CoVant Management acquired aerospace company AEVEX Aerospace from Trive Capital

Acquisition Highlights
  • This is Madison Dearborn Partners’ 1st and CoVant Management’s 1st transaction in the Aerospace sector.
  • This is Madison Dearborn Partners’ 70th and CoVant Management’s 7th transaction in the United States.
  • This is Madison Dearborn Partners’ 8th and CoVant Management’s 2nd transaction in California.

M&A Deal Summary
Date 2020-03-09
Target AEVEX Aerospace
Sector Aerospace
Buyer(s) Madison Dearborn Partners
CoVant Management
Sellers(s) Trive Capital
Deal Type Secondary Buyout
Advisor(s) William Blair
KAL Capital Markets LLC (Financial)
Haynes and Boone (Legal)

Target

AEVEX Aerospace

Solana Beach, California, United States
AEVEX Aerospace is a full-spectrum airborne intelligence solution with capabilities span three business units: Intelligence Solutions, Flight Operations, and Engineering & Technology. The company provides agile and customized approaches to the full spectrum of airborne intelligence collection needs. It supports projects both large and small, including turn-key contractor-owned, contractor-operated (COCO), government-owned, contractor-operated (GOCO), and contractor-owned, government-operated (COGO) services to the DoD, other government agencies, and commercial businesses. AEVEX Aerospace is based in Solana Beach, California.

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Buyer(S) 2

Buyer

Madison Dearborn Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 28.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Madison Dearborn Partners (MDP) is a large private equity firm that targets buyouts of private or publicly held companies, divestitures of larger companies, recapitalizations of family-owned or closely-held companies, acquisition-oriented financings, and financings to fund internal growth. MDP's target investment size is $100 to $600 million in buyout oriented transactions and $100 to $400 million in growth capital commitments. Areas of interest include basic industries (natural resources, chemicals, energy and power, automotive, building products, food, metals and mining, refining, paper, packaging and forest products, and general manufacturing), as well as communications, consumer products/services, financial services, and healthcare. Madison Dearborn Partners was formed in 1992 and is based in Chicago, Illinois.

DEAL STATS #
Overall 82 of 99
Sector (Aerospace) 1 of 1
Type (Secondary Buyout) 17 of 19
State (California) 8 of 8
Country (United States) 70 of 85
Year (2020) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-25 Univision

New York, New York, United States

Univision entertains, informs, and empowers U.S. Hispanics with news, sports, and entertainment content across broadcast and cable television, audio, and digital platforms. The company’s top-rated media portfolio includes the Univision and UniMás broadcast networks, as well as cable networks Galavisión and TUDN, the No. 1 Spanish-language sports network in the country. Locally, Univision owns or operates 65 television stations in major U.S. Hispanic markets and Puerto Rico. Additionally, Uforia, the Home of Latin Music, encompasses 58 owned or operated radio stations, plus 89 affiliates, a live event series, and a robust digital audio footprint. Univision was formed in 1992 and is based in New York, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-10 Advanced Personnel Management

Perth, Australia

Advanced Personnel Management is a global provider of health and human services delivering complex, large scale government contracts, assisting the hardest-to-help and most vulnerable populations worldwide. APM contracts with both national and local governments globally, primarily focused on the delivery of employment services that support job seekers to find and retain work (job seekers are typically disabled, have a chronic illness, or have been long-term unemployed).

Buy -
Buyer

CoVant Management

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
Size Small
Type Sector Focused
DESCRIPTION

CoVant is a private investment group that generally looks to partner with management and other sponsors to pursue divestitures and buyout opportunities across the US. The Firm was formed in 2007 and is headquartered in McLean, Virginia.

DEAL STATS #
Overall 7 of 7
Sector (Aerospace) 1 of 1
Type (Secondary Buyout) 1 of 1
State (California) 2 of 2
Country (United States) 7 of 7
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-30 LGS Innovations

Herndon, Virginia, United States

LGS Innovations LLC is a technology company delivering mission-critical communications products, R&D, and supporting services to U.S. defense, intelligence, and civilian agencies and commercial customers around the world. We create advanced solutions in wireless communications, signals processing, and analysis, optical networking, photonics, routing and switching, and spectrum management. These solutions drive mission success in Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR), cyberspace operations, and network assurance. LGS Innovations is headquartered in Herndon, Virginia, with offices across the U.S. and overseas.

Sell $750M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-16 LinQuest

Los Angeles, California, United States

LinQuest provides U.S. defense and intelligence communities with space systems technology solutions, including large-scale systems engineering & integration, software and cyber systems development, complex systems modeling & simulation, data analytics, and turnkey mission solutions. LinQuest was founded in 2004 and is based in Los Angeles, California.

Sell $737M

Seller(S) 1

SELLER

Trive Capital

Dallas, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2012
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Trive Capital is a hands-on, operationally-focused private equity firm that targets complex or special situations in 'out of favor' but protected market niches. The Firm will consider businesses throughout North America offering differentiated products/services with leading/defensible industry positions. Trive looks to commit $10 to $300 million per investment in businesses generating revenues of $40 million to $1.5 billion. Sectors of interest include automotive, transportation, aerospace/defense, building products, construction, infrastructure, healthcare, manufacturing, industrial, chemicals, distribution, consumer goods, energy services, business services, and communications. Trive Capital was founded in 2012 and is based in Dallas, Texas.

DEAL STATS #
Overall 10 of 17
Sector (Aerospace) 2 of 3
Type (Secondary Buyout) 3 of 5
State (California) 3 of 3
Country (United States) 10 of 16
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-14 Amteck

Lexington, Kentucky, United States

Amteck is a provider of design-build electrical services for a diverse mix of greenfield and expansion-related facility construction projects across the United States. Amteck was founded in 1977 is based in Lexington, Kentucky.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-15 Lucky Bucks

Toronto, Ontario, Canada

Lucky Bucks is a skill-based coin-operated amusement machine (COAM) route operator.

Buy -
Mergr

Product

Company

Legal