TransDigm acquisition history

Two portfolio companies of Vance Street Capital acquired together. Jet Parts Engineering (Seattle, WA) designs and manufactures proprietary OEM-alternative PMA aftermarket parts and repairs for commercial, regional and cargo airlines and MRO providers, with nearly all revenue from the commercial aftermarket. Victor Sierra Aviation (a collection of brands including McFarlane Aviation, Tempest Aero Group and Aviation Products Systems) makes proprietary PMA and aftermarket parts for general and business aviation. approximately $2.2 billion in cash (including certain tax benefits).

We are excited to have an agreement to acquire Jet Parts Engineering and Victor Sierra, two well run, profitable businesses that will fit well within TransDigm. The Companies' highly engineered, proprietary OEM-alternative parts and services generate nearly 100% commercial aftermarket revenue.Mike Lisman — Chief Executive Officer, TransDigm Group

Torrance, California-based designer and manufacturer of high-power electronic components and subsystems for the aerospace and defense end market; a portfolio company of Arlington Capital Partners. Roughly 50% of revenue is aftermarket and nearly all is from proprietary products. Manufacturing in Torrance CA; Williamsport PA; Melville NY; and Topsfield MA; about 950 employees. approximately $960 million in cash (including certain tax benefits).

We are excited to have an agreement to acquire Stellant. The Company's highly engineered, proprietary products generate significant aftermarket revenue and fit well with our long-standing business strategy. The Company has established positions across a diverse range of both commercial and defense platforms, adding new products and services to TransDigm's portfolio.Mike Lisman — Chief Executive Officer, TransDigm Group

Vergennes, Vermont-based designer and manufacturer of fuel and proximity sensing and structural health monitoring solutions for aerospace and defense, carved out of Goodrich Corporation / RTX Corporation. About 40% of revenue is aftermarket and nearly all is proprietary; about 900 employees. Financed through cash on hand. approximately $765 million in cash (including certain tax benefits).

Elma, New York-based designer and manufacturer of servo controls/servo valves and advanced technology components for aerospace and defense, publicly traded (NYSE American: SVT). Acquired via tender offer at $38.50/share followed by a back-end merger; funded with cash on hand. Nearly 80% of the business serves commercial aerospace. approximately $110 million ($38.50/share, about 274% premium).

We are excited to have an agreement to acquire Servotronics and welcome them to TransDigm. Servotronics' highly engineered, proprietary products with significant aftermarket exposure fit well with our long-standing strategy. Servotronics is a market leader and pioneer across servo valve technology.Kevin Stein — President and Chief Executive Officer, TransDigm Group

Global manufacturer of complex test and measurement solutions primarily serving aerospace and defense; a portfolio company of L Squared Capital Partners. Nearly all revenue from proprietary products; about 170 employees; plants in Livermore CA, Woodland Hills CA, Berlin CT, Huntsville AL and Peterborough NH. Financed through cash on hand. The FY25 10-K reports approximately $646 million net of a working-capital settlement. approximately $655 million in cash (including certain tax benefits).

Electron Device Business carved out of Communications & Power Industries (a portfolio company of TJC, L.P.); a global manufacturer of electronic components and subsystems for aerospace and defense. Approximately 70% of revenue is aftermarket and nearly all is proprietary; about 900 employees; plants in Palo Alto CA, Beverly MA, Middlesex UK and Woodland CA. approximately $1.385 billion in cash.

We are excited about the acquisition of the Electron Device Business of CPI. This business fits well with our long-standing strategy. The vast majority of the Company's revenues come from highly engineered, proprietary products with substantial aftermarket content.Kevin Stein — President and Chief Executive Officer, TransDigm Group

Buffalo, New York-based independent provider of highly engineered testing and technology development services and systems for aerospace and defense, including a transonic wind tunnel used in commercial and defense aerospace development. Operates seven primary facilities across New York, Virginia, Minnesota and California; about 625 employees. total purchase price of $729 million (per FY23 10-K).

We are excited about the acquisition of Calspan. We see opportunity for TransDigm's proven operating model to enhance the Company's established positions across a diverse range of aftermarket-focused aerospace & defense development and testing services.Kevin Stein — President and Chief Executive Officer, TransDigm Group

Montreal, Quebec-based provider of highly engineered helicopter mission-equipment solutions predominantly serving civilian aircraft; a portfolio company of Greenbriar Equity Group. About 95% of revenue from proprietary products and about 80% from aftermarket; about 400 employees; four plants in Hawkesbury ON, Portland OR, Fort Collins CO and Chihuahua, Mexico. Financed with cash on hand. approximately $360 million in cash (about $359M net of working-capital settlement per 10-K).

Marlow, UK-based provider of highly engineered antennas and radios for the aerospace end market (Chelton). Products are primarily proprietary with significant aftermarket content and strong presence across major defense platforms plus select commercial. About $225M revenue (FY ended Dec 31, 2020); nearly 60% international and over 70% aftermarket; about 760 employees; plants in Marlow UK and Prescott AZ. Financed through cash on hand. aggregate purchase price of $965 million (including tax benefits).

Bellevue, Washington-based specialized manufacturer for aerospace and defense (NYSE: ESL), with 28 business units across eight platforms and over 12,500 employees in 50+ locations. Attractive OEM and aftermarket platform positions with substantial content on major commercial, regional, business-jet and defense platforms. TransDigm's largest closed acquisition to date. approximately $4.0 billion ($122.50/share, 38% premium, including assumed debt).

Esterline's core aerospace and defense business consists of primarily proprietary, sole source products with significant and growing aftermarket exposure. We view this as highly complementary to our existing business. We are confident that the combination of Esterline's leading positions and our proven track record of driving performance will enable us to deliver the private equity-like returns our investors have come to expect.W. Nicholas Howley — Executive Chairman, TransDigm Group

Substantially all assets and technical data rights of the Corona, California operations of NavCom Defense Electronics, acquired by TransDigm subsidiary Extant Aerospace. Core product is the mission-critical AN/APN-232 Combined Altitude Radar Altimeter (CARA) system. NavCom annual revenue about $13 million. approximately $27 million in cash.

We are very pleased to add NavCom and its iconic CARA system to our business portfolio and proud to have earned the confidence and trust of NavCom's management in Extant's ability to sustain the system into the future. The system aligns very well with Extant's core business focus.Jim Gerwien — President, Extant Aerospace

Davis Junction, Illinois-based provider of highly engineered seating foam, foam fabrication, flammability testing and acoustic solutions for the business jet market, acquired from Graycliff Partners LP. Annual revenue about $26 million; about 70 employees; about 85% of revenue from business jets. Products are primarily proprietary/sole source with over 50% aftermarket content; present on Bombardier, Cessna, Dassault, Embraer and Gulfstream platforms. approximately $84 million (including assumed debt).

Skandia is a long standing supplier of proprietary, sole source products with established positions on nearly all business jet platforms, strong aftermarket content and an outstanding reputation with its customers. Skandia fits well with our consistent product and acquisition strategy.W. Nicholas Howley — Executive Chairman, TransDigm Group

Brea, California-based supplier of highly engineered aerospace elastomers, acquired from Esterline Technologies. Annual revenue about $90 million; about 800 employees; about 50% commercial transport airframes, remainder defense aerospace. Primarily proprietary, sole source with significant aftermarket; on Boeing 787/777X/737MAX, Airbus A320NEO/A350 and the military JSF. $50 million in cash (subject to adjustment).

Kirkhill products fit well with our business strategy. Although the improvements could take a little longer to develop than for some acquisitions, we see significant opportunities to improve Kirkhill's profitability. We expect the Kirkhill acquisition to create equity value well in line with our long term private equity type return objectives.W. Nicholas Howley — Chairman and Chief Executive Officer, TransDigm Group

Melbourne, Florida-based provider of proprietary aftermarket products and repair/overhaul services to aerospace and defense; a portfolio company of Warburg Pincus. Exclusively licenses or acquires aftermarket-focused products from leading A&D OEMs and supports them over the aircraft's remaining life; owns/licenses 2,500+ assemblies on 70+ active platforms (F-16, AH-64, F-18, F-15, C-130). About 80% aftermarket revenue, nearly all proprietary/sole source; about 170 employees; about $85M FY2018E revenue. approximately $525 million.

Stock of SCHROTH Safety Products GmbH plus certain aviation/defense assets of Takata Corporation (incl. Takata Protection Systems Inc.), going forward known as SCHROTH. Designs/manufactures proprietary advanced safety systems for aviation, racing and military ground vehicles: technical restraints, passenger belts, structural monument airbags and cockpit security components on Airbus/Boeing platforms (incl. 787, A350, A380). About $43M FY revenue; about 260 employees; sites in Arnsberg, Germany and Pompano Beach/Orlando, Florida. About 40% aftermarket; about 80% aerospace and defense. approximately $90 million in cash.

SCHROTH has built a solid reputation based on technical expertise and product excellence. The company has significant and growing aftermarket on attractive high use platforms.W. Nicholas Howley — Chairman and CEO, TransDigm Group

Liverpool, New York-based Young & Franklin Inc. and its subsidiary Tactair Fluid Controls Inc., manufacturers of proprietary, highly engineered valves and actuators. About $75M revenue (FY ending Dec 2016) with about 70% aftermarket; nearly 100% proprietary; about 70% aerospace, balance industrial gas turbine. Platforms include Embraer E2/Phenom 300/Legacy, Bombardier Challenger/Global, Mitsubishi MRJ, Lockheed C-130J and Bell UH-1.

Both Tactair and Young & Franklin are long standing manufacturers of proprietary products with established positions, strong aftermarket content and an outstanding reputation based on product excellence. The highly engineered products will allow us to expand our content on a number of substantial platforms.W. Nicholas Howley — Chairman, President and CEO, TransDigm Group

Bohemia, New York-based supplier of databus and power-supply products for global military and commercial aerospace, acquired via parent ILC Holdings from Behrman Capital. Core MIL-STD-1553 databus product line spans hundreds of military and commercial platforms (JSF, F-18, Eurofighter, C-130, A400M, F-15, Apache, 787, A350XWB, 777X). Over $200M revenue (FY ending Dec 2016); about 75% defense; about 70% aftermarket; about 45% international; nearly all proprietary/sole source; 650 employees. total purchase price of $1.0 billion in cash.

The vast majority of DDC's revenue comes from highly engineered, proprietary products with substantial aftermarket content. We are pleased with the opportunity to acquire a business of this size that has such an outstanding reputation with its customers and where we see opportunities for significant value creation.W. Nicholas Howley — Chairman and Chief Executive Officer, TransDigm Group

Whippany, New Jersey-based designer and manufacturer of proprietary helicopter rescue hoists, winches, cargo hooks and weapons-handling systems (NYSE MKT: BZC), acquired via $19.61/share tender offer and back-end merger funded with cash on hand. Products are found on military and civilian aircraft; major customers include Sikorsky, Boeing, AgustaWestland and Airbus on platforms such as the UH-60 Blackhawk and CH-47 Chinook. approximately $206 million ($19.61/share).

Breeze-Eastern pioneered the technology for helicopter rescue hoists and cargo winches and subsequently became a leading global designer and manufacturer of highly engineered, proprietary rescue hoists, winches and cargo hooks, as well as weapons-handling systems equipment, which currently can be found on all types of military and civilian aircraft.W. Nicholas Howley — Chairman and Chief Executive Officer, TransDigm Group