Defense
Who acquires Defense companies
31 distinct acquirers across 41 recorded transactions, 2014 to 2026. Every buyer below has completed at least one acquisition in this sector.
Top 10 acquirers of Defense companies
Ranked by number of acquisitions recorded in this sector, with the year of each buyer's latest one. A buyer that has done this more than once has a thesis, and a thesis is what makes an approach worth making.
| Acquirer | Deals here | Last deal |
|---|---|---|
| Ondas Inc. | 7 | 2026 |
| Ondas Holdings Inc. | 3 | 2025 |
| BiomX Inc. | 2 | 2026 |
| American Outdoor Brands | 2 | 2016 |
| AEVEX Corp. | 1 | 2026 |
| T3 Defense Inc. | 1 | 2026 |
| CACI International Inc | 1 | 2026 |
| Kratos Defense & Security Solutions | 1 | 2026 |
| Nukkleus Inc. | 1 | 2026 |
| Firefly Aerospace Inc. | 1 | 2025 |
Counted from 41 recorded transactions, 2014 to 2026. Name variants of the same buyer (Inc, Corporation, Ltd) are counted together.
Would these buyers pay for yours?
Put a number on it first: run the free estimate, then the $199 written report sets your range against the Defense band and the comparable disclosed deals, in a document you can share. If the business is profitable, has $1M or more of revenue and you may sell within two years, talk to our advisory team about which of these buyers would engage, and at what price. The first conversation is free.
Recorded transactions
| Target | Acquirer | Date | Value | EV/EBITDA | EV/Revenue |
|---|---|---|---|---|---|
| Gate Technologies Ltd. and Bron Technologies sp. z.o.o | Ondas Inc. | 2026-09-14 | $205m | n/d | n/d |
| Maritime Applied Physics | AEVEX Corp. | 2026-09-08 | $600m | n/d | n/d |
| Project 35 | T3 Defense Inc. | 2026-07-06 | n/d | n/d | n/d |
| High Point UAS | Ondas Inc. | 2026-07-02 | n/d | n/d | n/d |
| Omnisys Ltd. | Ondas Inc. | 2026-05-21 | $197m | n/d | n/d |
| Mistral | Ondas Inc. | 2026-04-24 | $175m | n/d | n/d |
| DR. Frucht Systems Ltd. | BiomX Inc. | 2026-04-13 | n/d | n/d | n/d |
| Zorro Net Ltd. | BiomX Inc. | 2026-04-10 | n/d | n/d | n/d |
| Indo Earth Moving Ltd. | Ondas Inc. | 2026-03-17 | n/d | n/d | n/d |
| 4M Defense Ltd. | Ondas Inc. | 2026-03-16 | n/d | n/d | n/d |
| Gilo Holdings Ltd. | Ondas Inc. | 2026-03-16 | n/d | n/d | n/d |
| ARKA Group | CACI International Inc | 2026-03-09 | $2.6bn | n/d | n/d |
| Orbit Technologies Ltd. | Kratos Defense & Security Solutions | 2026-03-02 | $353m | n/d | n/d |
| Star 26 Capital Inc. | Nukkleus Inc. | 2026-01-13 | n/d | n/d | n/d |
| Robo-Team Holdings Ltd | Ondas Holdings Inc. | 2025-12-16 | $82m | n/d | n/d |
| SciTec | Firefly Aerospace Inc. | 2025-10-31 | $856m | n/d | n/d |
| 4M Defense Ltd. | Ondas Holdings Inc. | 2025-10-29 | n/d | n/d | n/d |
| Apeiro Motion Ltd. | Ondas Holdings Inc. | 2025-08-31 | $12m | n/d | n/d |
| BlueHalo | AeroVironment | 2025-05-01 | n/d | n/d | n/d |
| Ultra Maritime Signature Management & Power business | ESCO Technologies Inc. | 2025-04-25 | $550m | n/d | n/d |
| Ricardo Defense | Gladstone Investment Corporation (PE) | 2024-12-16 | $85m | n/d | n/d |
| VSE - Federal & Defense Business | Bernhard Capital Partners (PE) | 2023-05-01 | $100m | n/d | n/d |
| iXblue | Exail Technologies | 2022-09-29 | $462m | n/d | n/d |
| Allegient Defense | NowVertical | 2022-04-06 | $10m | n/d | n/d |
| SA Photonics | CACI | 2021-11-03 | $275m | n/d | n/d |
| Gryphon Technologies | ManTech | 2021-11-01 | $350m | n/d | n/d |
| BlackBox Biometrics | AirBoss Defense Group | 2021-03-08 | $27m | n/d | n/d |
| TRU Simulation + Training | CAE | 2020-11-24 | $40m | n/d | n/d |
| 901D LLC | Curtiss-Wright | 2019-11-26 | $132m | n/d | n/d |
| Arotech | Greenbriar Equity Group (PE) | 2019-09-23 | $81m | n/d | 0.8x |
| Savage Arms | JDH Capital Co. (PE) | 2019-07-08 | $170m | n/d | n/d |
| Chemring Military Products | Global Ordnance LLC | 2019-04-08 | $4m | n/d | n/d |
| Nuvotronics | Cubic | 2019-03-14 | $72m | n/d | n/d |
| Sierra Bullets LLC | Clarus | 2017-08-22 | $79m | n/d | n/d |
| Sotera Defense Solutions | Keywords Studios | 2017-03-08 | $235m | n/d | n/d |
| Ultimate Survival Technologies | Battenfeld Technologies | 2016-11-04 | $32m | n/d | n/d |
| Camber Corp. | Huntington Ingalls Industries | 2016-11-02 | $380m | n/d | n/d |
| Crimson Trace Corp. | American Outdoor Brands | 2016-07-25 | $95m | n/d | 2.2x |
| Taylor Brands LLC | BTI Tools LLC | 2016-07-18 | $85m | n/d | n/d |
| Armasight | FLIR Systems | 2016-06-28 | $41m | n/d | n/d |
| Battenfeld Technologies | American Outdoor Brands | 2014-11-26 | $131m | n/d | n/d |
n/d means not disclosed. Most transactions close without a published multiple, which is why the disclosed count matters more than the median.
Who owns Industrials & Manufacturing companies
On PEStore, Defense sits within Industrials & Manufacturing. PEStore profiles the private equity firms and serial acquirers active there: what they own, how long they have held it, and every deal on record. Underlined acquirers above link to their profiles.
Industrials & Manufacturing investors and acquirers on PEStoreMultiples across every sector
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