KippsDeSanto & Co., an investment banking firm focused on serving growth-oriented Aerospace & Defense (“A&D”) and Government Technology Services (“GTS”) companies, is pleased to share its DealView – the “Top 10 M&A Deals of the Quarter” – for the quarter ended September 30, 2025.
Of the above transactions, we would like to highlight the following deals:
The A&D deal of the quarter is Amphenol Corporation's (NYSE:APH) acquisition of Narda AcquisitionCo., Inc. ("Narda-MITEQ" or "the Company"), a portfolio company of J.F. Lehman & Co., and leading global designer and manufacturer of advanced radio frequency ("RF") and microwave components and subsystems. Founded in 1954 on Long Island, NY, Narda-MITEQ's highly engineered solutions have secured its position on numerous long-standing defense programs, serving demanding electronic warfare, signals intelligence, radar, communications, and test and measurement applications. This acquisition underscores Amphenol’s commitment to strengthen its RF and microwave technology portfolio, complementing Amphenol's positions across RF connector, cable, and antenna products. The transaction highlights key M&A themes, including the continued interest in acquiring specialized RF and microwave suppliers to broaden product diversification and enhance competitiveness in defense, space, and high-reliability markets. This acquisition is also indicative of the ongoing consolidation among Tier 3 and 4 suppliers within the aerospace and defense value chain, as strategic acquirers seek access to differentiated technologies and diversify their end-market exposure. The successful partnership between J.F. Lehman & Co. and Narda-MITEQ’s management team, which included a focus on improving operations and revitalizing sales strategy, positioned the Company for this pivotal exit. The successful execution to improve operational efficiency, together with a renewed sales strategy ultimately strengthened Narda-MITEQ’s value proposition with its customers, reflecting the heightened investor interest in businesses. The transaction was announced on July 23, 2025, and terms were not disclosed.
The GTS deal of the quarter is the sale of assets within the Safety, Infrastructure & Geospatial division of Hexagon (STO: HEXA B) (“Hexagon” or “the Company”) to Bart & Associates, Inc. (“B&A”), a portfolio company of DFW Capital Partners (“DFW”). Headquartered in Stockholm, Sweden, Hexagon provides solutions that ensure productivity, quality, and sustainability in everything from manufacturing and construction to mining and autonomous systems. This divestment will aid Hexagon’s SIG division in focusing on its core software portfolio ahead of the potential spin-off and separation of Octave, a pureplay software and SaaS company comprised of Hexagon’s Asset Lifecycle Intelligence and SIG divisions and related businesses. B&A acquired certain business assets out of Hexagon US Federal’s Strategic Services and Solutions (“HS3”) Intelligence and Defense portfolio, including information technology services supporting the U.S. Federal market, geospatial services, and integrated solutions enabling cyber assurance and situational awareness. With a strong history of delivering innovative, high-impact capabilities, the HS3 portfolio’s offerings complement and enhance B&A’s strategic vision of providing connected, autonomous, and secure solutions in support of federal missions. The deal closed on July 1, 2025, and financial metrics were not disclosed.
KippsDeSanto & Co. is a leading investment banking firm focused on serving growth-oriented Aerospace & Defense, Government Technology Services, and Enterprise Technology companies. Having advised on more than 250 transactions since 2008, the KippsDeSanto team is recognized for analytical rigor, market insights, and broad industry relationships. Whether it is a sale, merger, divestiture, ESOP, minority investment, or buyside support, the team has the knowledge and network needed to navigate every step of the process. There’s no substitute for experience. For more information, visit www.kippsdesanto.com.
Securities and investment banking products and services are offered through KippsDeSanto & Co., a non-banking subsidiary of Capital One, N.A., a wholly owned subsidiary of Capital One Financial Corporation. KippsDeSanto is a member of FINRA and SIPC. Products or services are Not FDIC Insured, Not Bank Guaranteed, May Lose Value, Not a Deposit, and Not Insured By Any Federal Governmental Agency.
