Aronson Capital Partners – 2015 Review & 2016 Outlook

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There were 96 M&A transactions announced in the defense technology and government services market in 2015, representing a 22% increase over 2014. The increase in deal volume to 2010 – 2012 levels was driven by a combination of (i) improved budgetary clarity, (ii) continued private equity involvement, (iii) a resurgence of $500M+ transactions, and (iv) a more active Mid-Tier buyer community.

Additionally, we expect that relative budget clarity and strong public company valuations will facilitate a consistent level of sector M&A activity in 2016. Publicly traded firms are trading at 10.0x – 11.0x TTM EBITDA multiples. These strong valuations, up significantly …read more

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