Successful liquidity event for multi family, multi generational ownership group Company Palmer Manufacturing Co. is a leading provider of machining and assembly services for aerospace engine OEMs. The company specializes in complex aircraft engine components with a focus on combustion (liners and nozzles), rotating hardware (disks, seals, shafts and spools), and structural (casings, frames and housings) components. Palmer’s products serve all segments of the aerospace industry, including commercial, regional and business jets as well as military and marine procurements. Situation Palmer was jointly owned by three families spanning multiple generations The owners did not share a common vision for the future of the company or for the considerable capital equipment investments that were soon to be required Palmer had a strong, non-ownership management team that wanted to continue executing on its successful growth plan Solution Run a full sell-side auction process to find a buyer willing to appropriately value the backlog of future work the company was awarded Find a buyer that recognized the future value that would be created by making capital equipment investments now - and was willing to finance the investments Result Successful sale to a private equity fund building an Aerospace manufacturing platform The owning families received full value for their equity and were able to move on and pursue their individual interests Management was able to stay on and execute their plan with appropriate funding 

Location: Medford, MA Sub-sector: Engine Components

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Complex divestiture by publicly traded parent company seeking to unlock unrealized shareholder value Company EOIR Technologies is an industry-leading system design and development company staffed with over 400 highly talented men and women. The Company has developed a reputation for excellence in Research Development and Engineering Services in the area of sensor science, including electro-optical/infrared devices, advanced remote sensing applications, and specialized chemical detection systems. Through its focus on innovation and excellence, EOIR contributes to ensuring that the United States is the most technically sophisticated military and intelligence organization in the world. Situation EOIR was a growing, profitable subsidiary of a publicly traded holding company Listed on the Over-the-Counter market, the holding company received little attention from the investment community EOIR’s true economic value was not being reflected in the stock price of its parent Solution Prepare a recast financial model showing EOIR as a stand-alone company Run a tightly managed and time sensitive auction process to conform with the holding company’s SEC mandated responsibilities as a public company Result Successful sale to a specialist Aerospace & Defense focused private equity fund The holding company received upfront cash plus an earnout based on contract wins Holding company shareholders received two cash dividends (1 upon closing, the 2nd upon award of the earnout) worth far in excess of the publicly traded share price

Location: Fredericksburg, VA Sub-sector: Engineering Services

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Successful financial exit for retiring founder of a leading cable & wire harness manufacturer serving defense customers Company Southern California Braiding Co., Inc. is a a highly specialized manufacturer and integrator for the Aerospace & Defense Industry. The Company manufactures high reliability products including cable assemblies, molded cables, wiring harnesses, multi-conductor cable, specialty cables, “Black Box” inter-connecting devices, fiber optics, test panels and cabinets, and specialty electro - mechanical assemblies, which are vital for signal and data transferring. Situation Aging company founder looking forward to retirement No family successor in queue to take over for retiring father Company had a large volume of classified contracts creating a challenge in discussing company performance with potential suitors Solution Run a full sell-side auction process to find the most suitable buyer at an attractive price Market the company to “educated” parties familiar with defense contracting and classified work to smooth the due diligence process Result Successful all-cash sale to a public company at expected full value Company COO made CEO by buyer, allowing him to continue his career Buyer able to launch into new market segment with substantial contracts and backlog 

Location: Bell Gardens, CA Sub-Sector: Defense Electronics

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