How to Sell a Precision Machining Business in 2026: Multiples, AS9100D Premium, and the Aerospace / Medical Device Reality

Selling a precision machining business in 2026 is fundamentally different from selling a metal fabricator, a generic machine shop, or a contract assembler. The buyer pool skews more sophisticated. The certifications matter enormously (AS9100D, ISO 13485, ITAR, NADCAP). The tolerances and inspection capabilities define which end markets you can serve. The multiples are the highest in manufacturing M&A. And the diligence is the most rigorous — buyers will examine your QMS (quality management system) documentation, FAI (first article inspection) records, capability indices (Cp/Cpk), and CMM inspection traceability before they’ll even price the deal.

This guide is for precision machining owners with $1M-$50M of revenue and $300K-$10M of normalized earnings. Whether you measure it as SDE for sub-$750K owner-operator shops or EBITDA for $1M+ businesses with a real second-tier team, the realities below apply. We’ll walk through the actual buyer pool at this size, the multiples you should realistically expect, the certification premiums (AS9100D, ISO 13485, ITAR, NADCAP, AS9102 FAI), the 5-axis differentiation, the end-market mix that drives valuation (aerospace, medical device, defense, semiconductor, industrial), and the 18-24 month preparation playbook that materially improves outcomes.

The framework draws on direct work with 76+ active U.S. lower middle market buyers, 38 of which are explicitly pursuing manufacturing platforms and add-ons. We’re a buy-side partner. The buyers pay us when a deal closes — not you. That includes industrial PE platforms (Industrial Growth Partners / IGP, Trive Capital, GenNx360 industrial verticals, Bromford Industries, AE Industrial Partners, Arlington Capital Partners), aerospace-focused PE platforms, medical device platform investors, defense-focused PE (KKR Industrials defense, Veritas Capital, Cerberus Capital), aerospace strategic acquirers (Howmet Aerospace, Heico, TransDigm, Spirit AeroSystems, Senior Aerospace), and family offices with industrial mandates. The point isn’t to convince you to sell — it’s to give you an honest read on what selling a precision machining business actually looks like in 2026.

One realistic note before you start. If you’ve seen a competitor sell for “9x EBITDA” and you’re running similar revenue, the math you’re running is almost certainly wrong without the same certification stack. That competitor likely had AS9100D + ISO 13485 + ITAR + NADCAP, true 5-axis CNC capacity, diversified end-market exposure (aerospace + medical + defense), Cp/Cpk capability indices documented at 1.67+ on critical features, and a real quality manager. Headline multiples in trade press are mostly platform-quality businesses with the full certification stack — not the $3M revenue precision shop with only ISO 9001 and one Boeing program at 50% of revenue.

“The mistake most precision machining owners make is treating their certifications and tolerances as table stakes rather than as the multiple-drivers they actually are. A clean AS9100D + ISO 13485 + ITAR shop with documented sub-half-thousandth capability and a diversified end-market base is worth 2x what an uncertified job shop is worth at the same EBITDA. The right answer is a buy-side partner who already knows the aerospace, medical, and defense PE buyers, not a broker selling them a process.”

Key Takeaways

• Realistic multiples: $300K-$1M SDE = 4-5.5x; $1M-$3M EBITDA = 5-7x; $3M-$10M EBITDA = 5.5-7.5x; $10M+ platforms = 6.5-9x. AS9100D adds 1-2 turns, ISO 13485 adds 1-2 turns, ITAR + NADCAP adds 0.5-1 turn. Stacking certifications (aerospace + medical + defense) = 7-10x territory.
• Tolerance capability defines the buyer pool. ≤0.001″ = general precision (most CNC shops can do). ≤0.0005″ = aerospace/medical premium territory. ≤0.0001″ = swiss-style precision (Tornos, Citizen, Star CNC) and grinding (Studer, Okuma multi-tasking).
• 5-axis CNC differentiation: shops with 30%+ of capacity on true simultaneous 5-axis (DMG Mori, Makino, Mazak Variaxis, Hermle, Matsuura) trade at 1-1.5x premium. 5-axis is required for complex aerospace structural parts, medical implants, and impellers/blisks.
• End-market mix drives multiple: aerospace = highest premium (7-9x with AS9100D + NADCAP); medical device = high premium (6-8x with ISO 13485 + FDA registered); defense = high premium with ITAR + CMMC 2.0; semiconductor capital equipment = mid-high (5.5-7x); industrial = mid (4.5-6.5x).
• Active 2026 buyers: Industrial Growth Partners (IGP), Trive Capital, GenNx360, Bromford Industries (Cortec), AE Industrial Partners, Arlington Capital Partners, aerospace strategics (Howmet, Heico, TransDigm, Spirit AeroSystems, Senior Aerospace), defense-focused PE (Veritas, Cerberus, KKR Industrials).
• Quality systems documentation is the diligence focal point. Cp/Cpk indices on critical features, CMM (Mitutoyo, Hexagon, Zeiss) inspection records, AS9102 FAI library, calibration traceability, supplier corrective action history. Owners with documented systems trade at premium; owners relying on memory trade at discount.

Why precision machining is the highest-multiple manufacturing sub-vertical

Precision machining occupies the top of the manufacturing M&A multiple stack for clear reasons: certifications create regulatory moats, tolerances create capability moats, and end-market exposure (aerospace, medical, defense) creates customer-base moats. An aerospace OEM like Boeing, Lockheed Martin, or Northrop Grumman doesn’t just buy from anyone — they buy from AS9100D-certified suppliers with documented capability, traceability, and program-history. A medical device company like Medtronic, Stryker, or Johnson & Johnson buys from ISO 13485-certified suppliers with FDA-registered facilities and validated processes. A defense prime like Raytheon, Lockheed, or General Dynamics buys from ITAR-registered, CMMC 2.0-compliant suppliers. The certifications and traceability requirements create switching costs that protect the supplier base and command premium multiples.

The capital structure that supports premium multiples. Precision machining capex intensity (8-15% of revenue) is lower than commodity metal fabrication (15-25%) because precision shops invest in higher-value, longer-lived equipment (5-axis CNC, swiss-style screw machines, multi-tasking lathes, CMM inspection) rather than commodity press brakes and lasers. Lower capex intensity = higher free cash flow conversion = higher multiple. PE buyers can pay 6-8x EBITDA on precision because the cash flow conversion supports the leverage and IRR underwriting. They can’t pay 6-8x on commodity fabrication because 20% capex eats the cash flow.

What this means for precision machining sellers in 2026. The 2026 buyer pool for precision machining is the most active and competitive in manufacturing M&A. Industrial PE platforms have allocated meaningful capital to the sub-vertical. Aerospace strategic acquirers are aggressively consolidating their supplier bases. Medical device companies are bringing manufacturing back onshore (post-COVID supply chain reshuffling). Defense-focused PE platforms are deploying capital around CMMC 2.0 compliance opportunities. Owners with clean certifications, documented capability, and diversified end-market exposure routinely receive 5-10 IOIs from sophisticated buyers. Owners with messy operations, lapsed certifications, or single-program concentration still struggle — the sub-vertical’s premium doesn’t lift everyone.

Who actually buys precision machining businesses in 2026: the six archetypes

The precision machining buyer pool divides into six archetypes, each with materially different motivations, multiples, and deal structures. Knowing which archetype fits your business is the single highest-leverage positioning decision. A $500K SDE general precision shop marketed as if AE Industrial would buy it wastes 9 months. A $5M EBITDA AS9100D + ISO 13485 + ITAR shop with diversified aerospace + medical + defense exposure marketed only to regional consolidators leaves $10-15M on the table.

Archetype 1: Industrial PE platforms (general precision focus). Industrial Growth Partners (IGP), Trive Capital, GenNx360 industrial verticals, Bromford Industries (Cortec Group platform), Wynnchurch Capital, Sterling Group industrial. Typical target: $2M-$15M EBITDA precision shops with ISO 9001 minimum, modern equipment, diversified end markets. Multiples: 5.5-7.5x EBITDA on platforms, 5-6.5x on bolt-ons. Heavy preference for cash + 15-30% rollover equity. Close timeline: 90-180 days.

Archetype 2: Aerospace and defense-focused PE platforms. AE Industrial Partners (aerospace specialist), Arlington Capital Partners (aerospace/defense focus), Veritas Capital (defense focus), Cerberus Capital (industrial / defense), KKR Industrials defense vertical, J.F. Lehman & Company (defense focus). Typical target: $2M-$20M EBITDA precision shops with AS9100D + ITAR + NADCAP + CMMC 2.0. Multiples: 6.5-8.5x EBITDA. Premium for aerospace prime contractor relationships and program-position incumbency.

Archetype 3: Medical device-focused PE platforms. Specialty PE platforms pursuing ISO 13485-certified medical device manufacturing. Typical target: $1.5M-$10M EBITDA shops with ISO 13485 + FDA registration + validated processes for surgical instruments, orthopedic implants, dental implants, cardiovascular devices. Multiples: 6-8.5x EBITDA. Premium for FDA-cleared product history and validated process documentation.

Archetype 4: Strategic acquirers (aerospace and medical OEMs / Tier 1 suppliers). Aerospace: Howmet Aerospace (formerly Arconic), Heico, TransDigm bolt-on programs, Spirit AeroSystems supplier consolidation, Senior Aerospace, Moog, Curtiss-Wright. Medical: large medical device OEMs bringing supplier capacity in-house. Industrial Tier 1 suppliers expanding capability. Typical target: any size where strategic fit is clear (capacity, capability, geography, program incumbency). Multiples: 6-10x EBITDA depending on synergy depth and program-strategic value. Highest variance buyer category.

Archetype 5: Search funders. Individual searchers targeting $750K-$3M EBITDA precision shops with documented systems, established certifications, and an owner-replaceable role. Multiples: 5-6.5x EBITDA. Less common in precision than in general machine shops because the technical complexity is higher and search funders without industry background struggle. Search funders with prior precision/aerospace experience are competitive at this size. Close timeline: 120-180 days.

Archetype 6: SBA 7(a)-financed individuals (sub-$750K SDE only, rare). Less common in precision machining because the technical complexity makes the owner-replaceability harder to establish. When it works: small sub-$750K SDE precision shops with simple capability set (3-axis CNC general precision, no exotic certifications) and a senior machinist who can step up. Multiples: 3-4x SDE. Heavy reliance on extended seller training and seller financing.

Buyer archetype	Typical multiple	Deal structure norms	Close timeline
Industrial PE platform (IGP, Trive, GenNx360)	5.5-7.5x EBITDA	Cash + 15-30% rollover + WC adjustment	90-180 days
Aerospace/defense PE (AE Industrial, Arlington, Veritas)	6.5-8.5x EBITDA	Cash + 20-30% rollover + earnout	120-180 days
Medical device PE platform	6-8.5x EBITDA	Cash + 15-30% rollover, R&W insurance	120-180 days
Strategic (Howmet, Heico, TransDigm, Spirit, Senior, OEM)	6-10x EBITDA (high variance)	Cash + earnout, retention bonuses	90-150 days
Search funder (with industry background)	5-6.5x EBITDA	Senior debt + seller note + earnout	120-180 days
SBA 7(a) individual (rare, sub-$750K)	3-4x SDE	10% buyer equity, 20-30% seller note, training	60-120 days

Buyer type	Cash at close	Rollover equity	Exclusivity	Best fit for
Strategic acquirer	High (40–60%+)	Low (0–10%)	60–90 days	Sellers who want a clean exit; competitor or upstream consolidator
PE platform	Medium (60–80%)	Medium (15–25%)	60–120 days	Sellers willing to hold rollover for the second sale; bigger deals
PE add-on	Higher (70–85%)	Low–Medium (10–20%)	45–90 days	Sellers folding into existing platform; faster process
Search fund / ETA	Medium (50–70%)	High (20–40%)	90–180 days	Legacy-conscious sellers wanting an owner-operator successor
Independent sponsor	Medium (55–75%)	Medium (15–30%)	60–120 days	Sellers OK with deal-by-deal capital and longer financing closes

Realistic precision machining multiples by size and certification: what 2026 deal data actually shows

The most common owner mistake is anchoring on either generic precision multiples or aerospace-specific multiples without understanding which applies to their specific business. When you see “precision machining sells for 7-10x” in trade press, that’s describing AS9100D-certified aerospace platforms with $5M+ EBITDA and diversified prime contractor relationships. That’s not the $1.8M revenue ISO 9001-only general precision shop with one Tier 2 industrial customer at 40%. The certification stack, end-market mix, and tolerance capability define which multiple range applies.

Sub-$1M SDE: 4-5.5x SDE typical (general precision). Smaller precision shops sold primarily to search funders with industry background, regional consolidators, or strategic acquirers. ISO 9001 baseline expected. AS9100D rare at this size but adds 1 turn if present. Multiples compress for owner-as-only-programmer shops. Owners with documented systems and a senior machinist who can step up stretch toward 5.5x.

$1M-$3M EBITDA: 5-7x EBITDA typical. Wider buyer pool kicks in: search funders, industrial PE bolt-ons, regional consolidators, occasional strategic acquirers. Multiples improve materially with: (a) AS9100D certification (adds 1-1.5 turns); (b) ISO 13485 certification (adds 1-1.5 turns); (c) ITAR registration if defense work is real (adds 0.5 turn); (d) 5-axis capacity above 30%; (e) end-market diversification (no end market above 40%); (f) documented Cp/Cpk ≥ 1.67 on critical features.

$3M-$10M EBITDA: 5.5-7.5x EBITDA typical. Platform territory for industrial PE and aerospace/defense PE. AE Industrial Partners, Arlington Capital, IGP, Trive Capital, GenNx360, Veritas Capital all compete in this range. Multiples premium for: AS9100D + NADCAP for special processes (heat treat, NDT, surface enhancement, materials testing); CMMC 2.0 compliance for defense work; aerospace prime contractor relationships (Boeing, Lockheed, Northrop, Raytheon, GE Aviation, Pratt & Whitney) with program-position incumbency; medical device customer relationships with FDA-cleared product history.

$10M+ EBITDA: 6.5-9x EBITDA typical, with strategic premium possible. Platform-of-the-platform deals. Strategic premium from aerospace consolidators (Howmet, Heico, TransDigm, Senior Aerospace) paying up for proven platforms with multi-program incumbency. Industrial PE platform exits at premium multiples to strategic acquirers. At this size, the buyer often values the management team, skilled programmer/machinist retention, and program incumbency as much as the EBITDA itself.

Certification stacking premium math. Each certification adds independent value. AS9100D + NADCAP for aerospace = 1-2 turns of EBITDA. ISO 13485 + FDA registration for medical device = 1-2 turns. ITAR + CMMC 2.0 for defense = 0.5-1 turn. Stacking aerospace + medical + defense (with diversified end-market exposure) can move a $3M EBITDA business from a 5.5x ($16.5M) deal to a 7.5-8x ($22.5-24M) deal. The certification stack pays back disproportionately because it widens the buyer pool dramatically — aerospace-focused PE, medical device PE, defense-focused PE, and aerospace strategic acquirers all become competitive.

Precision shop size + certifications	EBITDA multiple range	Dominant buyer pool	Premium drivers
Sub-$1M SDE, ISO 9001 only	4-5.5x SDE	Search funder + regional consolidator	5-axis capacity, second-tier team
$1M-$3M EBITDA, ISO 9001	5-7x EBITDA	Search funder, industrial PE bolt-on	AS9100D adds 1-1.5x; 5-axis adds 0.5-1x
$3M-$10M EBITDA, AS9100D	6-8x EBITDA	Industrial PE platform, aerospace PE	NADCAP, ITAR, prime contractor relationships
$3M-$10M EBITDA, ISO 13485 medical	6.5-8.5x EBITDA	Medical device PE, industrial PE	FDA registration, validated processes
$3M-$10M EBITDA, AS9100D + ISO 13485 + ITAR (full stack)	7-9x EBITDA	Aerospace/defense PE, strategic	Multi-end-market diversification
$10M+ EBITDA platform, full certification stack	7.5-10x EBITDA	Aerospace strategic (Howmet, Heico, TransDigm, Senior, Spirit)	Program incumbency, scale

Tolerance capability and 5-axis CNC: the structural valuation drivers

Tolerance capability defines which end markets you can serve, which defines which buyers will pay premium multiples. ±0.001″ (1 thou) is general precision — achievable by most modern 3-axis CNC shops. ±0.0005″ (half-thou) is aerospace/medical premium territory — requires temperature-controlled environment, properly maintained equipment, and validated CMM inspection. ±0.0001″ (1 tenth) is swiss-style precision territory (Tornos, Citizen, Star CNC) and high-precision grinding (Studer, Okuma multi-tasking grinders, Schaudt Mikrosa). Tolerance capability has to be documented through Cp/Cpk capability studies on critical features, not just claimed.

True 5-axis CNC capacity unlocks premium markets. Distinguishing “3+2 indexed” machining (3-axis with rotary indexing for fixed positions) from true simultaneous 5-axis (5 axes moving simultaneously to follow complex contours) is critical. True 5-axis is required for: complex aerospace structural parts (impellers, blisks, blades, structural fittings), medical device implants (orthopedic, spinal, dental), turbine components, complex molds and dies. Premium 5-axis machines: DMG Mori DMU 50/65/85, Makino F5/D500/T-Series, Mazak Variaxis i-700/i-800, Hermle C 22 / C 32 / C 42, Matsuura MX-330/520, Yasda PX-30i. A shop with 30%+ of capacity on true 5-axis trades at 1-1.5x EBITDA premium.

Swiss-style precision and ultra-tight tolerances. Swiss-style screw machines (Tornos, Citizen, Star CNC, Hanwha) handle tolerances to ±0.0001″ on small-diameter parts (medical implants, dental, semiconductor, watch components, electrical contacts). A precision shop with substantial swiss-style capacity addressing these end markets trades at 6.5-8.5x EBITDA range because the buyer pool (medical device PE, semiconductor capital equipment) values the capability. Inspection capability matters as much as machining capability — CMM (Mitutoyo, Hexagon, Zeiss), profilometers (Mahr, Mitutoyo SJ-410), and optical inspection (Keyence IM-Series, Smartscope) document the precision.

How buyers verify tolerance capability. Buyers don’t accept claimed tolerances — they require documentation. Cp/Cpk capability studies on critical part features (target Cpk ≥ 1.67 for aerospace, ≥ 1.33 for medical device validated processes). AS9102 First Article Inspection (FAI) reports for aerospace work. Process Failure Mode and Effects Analysis (PFMEA) documentation. Calibration certificates traceable to NIST. Statistical Process Control (SPC) data on production runs. Owners who can produce this documentation in diligence command premium; owners who can’t are downgraded regardless of what the marketing materials claim.

Lights-out manufacturing and automation. Lights-out manufacturing (running unattended overnight or weekends through pallet pools, robotic loading, in-process probing, and automated inspection) is increasingly demanded by sophisticated buyers. Pallet pool systems (Erowa, Fastems, Soflex) and robotic loaders (FANUC, ABB, Universal Robots, Kuka) signal advanced operational maturity. A shop with documented lights-out capability adds 0.25-0.5x EBITDA premium because it signals scalable capacity that doesn’t require headcount expansion.

End-market mix: aerospace, medical, defense, semiconductor, industrial

End-market mix is the second-biggest valuation driver after certifications, and the two are tightly correlated. Aerospace = highest premium with AS9100D + NADCAP. Medical device = high premium with ISO 13485 + FDA registration. Defense = high premium with ITAR + CMMC 2.0. Semiconductor capital equipment = mid-high premium with ISO 9001 and tight tolerances. Industrial (general precision) = mid-tier multiple. The optimal positioning is diversified across multiple high-premium end markets.

Aerospace: the highest-multiple end market. Aerospace work serves prime contractors (Boeing, Lockheed Martin, Northrop Grumman, Raytheon Technologies, General Dynamics) and Tier 1 suppliers (Spirit AeroSystems, Howmet, GE Aviation, Pratt & Whitney, Collins Aerospace, Rolls-Royce, Leonardo, Senior Aerospace, Heico, TransDigm, Moog, Curtiss-Wright). AS9100D + NADCAP for special processes are required. AS9102 FAI documentation is required. Long-term agreements (LTAs) and program incumbency (commercial aerospace programs like 737 MAX, A320neo, 787, A350; defense programs like F-35, F-15EX, F-22, V-22, Apache, Black Hawk) create switching costs that buyers pay premium multiples to acquire.

Medical device: high premium with ISO 13485 + FDA registration. Medical device work serves OEMs (Medtronic, Stryker, Johnson & Johnson, Abbott, Boston Scientific, Becton Dickinson, Smith & Nephew, Zimmer Biomet) and contract design and manufacturing organizations (CDMOs) like Integer Holdings, Bel Fuse, MTD Micro Molding. ISO 13485 + FDA establishment registration are required. Validated processes (IQ/OQ/PQ documentation) are required for FDA-cleared products. Specialty capabilities (electropolishing, passivation, laser welding, ultrasonic cleaning) add premium. Onshoring trend post-2020 has expanded medical device manufacturing capacity demand significantly.

Defense: high premium with ITAR + CMMC 2.0. Defense work serves prime contractors and DoD-approved suppliers in classified or controlled programs. ITAR registration ($2,250 annual fee with U.S. Department of State Directorate of Defense Trade Controls) is mandatory for any handling of defense articles or controlled technical data. CMMC 2.0 compliance (replacing NIST 800-171 self-assessment) is becoming mandatory for prime and subcontract relationships in 2026-2027. MIL-STD-810 environmental testing capability is a plus for some programs. Defense PE platforms (AE Industrial, Arlington Capital, Veritas Capital, Cerberus, KKR Industrials defense, J.F. Lehman) actively pursue these targets.

Semiconductor capital equipment: mid-high premium. Semiconductor cap equipment serves OEMs (Applied Materials, Lam Research, KLA, ASML, Tokyo Electron) and Tier 1 suppliers. Tolerances are extremely tight (sub-tenth on some features). Materials are demanding (titanium, hastelloy, ceramics, exotic alloys). Cleanliness requirements rival medical device. The market is cyclical (boom-bust tied to semiconductor capex cycles) which compresses multiple slightly versus aerospace/medical, but tolerances and capability still command 5.5-7x EBITDA.

Industrial general precision: mid-tier multiple. Industrial precision work (oil & gas equipment, energy, agricultural equipment, automotive Tier 1 suppliers, industrial machinery) carries lower multiples than aerospace/medical/defense because the certifications are simpler (ISO 9001 typical), tolerances are wider, and the customer base is more cyclical. Industrial-only precision shops trade at 4.5-6.5x EBITDA. The 18-24 month repositioning play is to add aerospace, medical, or defense customers, even at smaller volume initially, to widen the buyer pool at exit.

How precision machining owners should calculate SDE / EBITDA for sale

Below roughly $1M of normalized earnings, precision machining buyers underwrite using Seller’s Discretionary Earnings (SDE), not EBITDA. SDE includes the owner’s full compensation package — salary, bonus, benefits, personal expenses run through the business. EBITDA assumes a market-rate plant manager and quality manager are already in place. For owner-operator precision shops under $5M revenue, SDE is typically $200-450K higher than EBITDA. Pricing the same business at 5x EBITDA versus 5x SDE produces wildly different valuations.

Calculating SDE for a precision machining business step by step. Start with net income from the tax return. Add back interest, taxes, depreciation, amortization (the EBITDA add-backs). Then add owner’s W-2 salary, owner’s health insurance, owner’s vehicle, owner’s phone, family members on payroll above market rate, country club / personal travel, owner’s discretionary perks. Subtract one-time gains. Add back one-time expenses (legal fees, ERP implementation, AS9100D / ISO 13485 certification audit costs, equipment commissioning downtime, FDA registration fees, ITAR registration setup). The result is SDE.

Precision-machining-specific add-backs buyers will accept. AS9100D / ISO 13485 / ISO 9001 / NADCAP audit and certification costs (one-time and recurring surveillance audits often partially added back in transition years). FDA registration fees and process validation costs (one-time per product). ITAR registration setup. CMMC 2.0 implementation costs (one-time during 2025-2027 transition period, substantial). ERP / MES implementation. One-time equipment commissioning downtime for major capex (5-axis CNC installation). Major tooling library purchase. Legal fees on settled commercial disputes. Owner’s personal vehicle (one truck). Owner’s health insurance and phone. Spouse on payroll for bookkeeping if non-operational.

Add-backs buyers will reject. Cash sales not on books. Aggressive depreciation timing. Family members on payroll well above market with no operational role. Personal residence rent. Multiple personal vehicles. Aggressive expense categorizations that don’t survive bank scrutiny or QoE. Buyers’ CPAs and Quality of Earnings firms will haircut aggressive add-backs and re-trade the deal at LOI signing or worse, at the closing table. Aggressive add-back claims on certification costs that aren’t actually one-time (recurring surveillance audits, ongoing CMMC 2.0 compliance) get partially rejected.

Component	Typical share of price	When you actually receive it	Risk to seller
Cash at close	60–80%	Wire on closing day	Low — this is real money
Earnout	10–20%	Over 18–24 months, performance-based	High — routinely paid out at less than face value
Rollover equity	0–25%	At the next platform sale (typically 4–6 years)	Variable — can multiply or go to zero
Indemnity escrow	5–12%	12–24 months after close (if no claims)	Medium — usually returned, sometimes contested
Working capital peg	+/- 2–7% of price	Adjustment at close or 30-90 days post	High — methodology disputes are common

Quality systems documentation: the diligence focal point

Quality systems documentation is the single most rigorous part of precision machining diligence. Buyers hire quality consultants to audit your QMS during diligence. They examine procedures, work instructions, calibration traceability, FAI records, supplier corrective action history, customer audit findings, and capability studies. The quality of your documentation directly correlates with the multiple buyers are willing to pay. A shop with rigorous documentation trades at premium; a shop with informal or messy documentation gets discounted by 0.5-1.5x EBITDA.

What buyers examine in QMS diligence. AS9100D / ISO 13485 / ISO 9001 certification documentation (current, no findings, last audit report). Quality manual. Procedures and work instructions. Internal audit results over 24-36 months. Management review records. Customer audit findings and corrective actions. Supplier corrective action requests (SCARs) issued and received. Calibration certificates with NIST traceability. Cp/Cpk capability studies on critical features. AS9102 FAI library (aerospace). Statistical Process Control (SPC) records. Process validation documentation (IQ/OQ/PQ for medical device). Process Failure Mode and Effects Analysis (PFMEA). Control plans.

Capability indices (Cp/Cpk) and their valuation impact. Cp/Cpk indices measure how capable your process is at meeting tolerances. Cpk ≥ 1.67 indicates a process that produces parts within tolerance with very low defect probability (about 0.6 defects per million for two-sided specs). Cpk ≥ 1.33 is the medical device validated process minimum. Cpk < 1.0 indicates a process that produces unacceptable defect rates and signals operational immaturity. Buyers want Cpk documented on critical features across multiple production lots. Owners who can produce 24-36 months of Cpk data trade at premium; owners who’ve never measured Cpk get discounted.

AS9102 First Article Inspection (FAI). AS9102 is the aerospace standard for First Article Inspection — the comprehensive inspection of the first part produced (or the first part after a process change) to validate that the manufacturing process meets all design requirements. AS9102 FAI reports document every dimension, every characteristic, every material requirement. A shop with a robust AS9102 FAI library covering 100+ part numbers signals a mature aerospace supplier. A shop without complete FAI documentation can’t serve aerospace customers and trades accordingly.

CMM (Coordinate Measuring Machine) infrastructure. CMM inspection is table stakes for serious precision machining. Premium CMMs (Zeiss CONTURA, ACCURA; Hexagon GLOBAL; Mitutoyo CRYSTA-Apex) in temperature-controlled labs (20°C ± 1°C) with traceable calibration are expected. PC-DMIS or Calypso software with documented inspection programs by part number. Optical and laser scanning capabilities (Keyence IM-Series, Smartscope, Faro arms) add capability for complex geometry. Buyers will examine CMM throughput, programming methodology, and inspection record traceability during diligence.

What buyers diligence in precision machining M&A: the full checklist

Precision machining diligence is the most rigorous in the manufacturing M&A spectrum. Buyers verify earnings quality, validate revenue mix and customer concentration, confirm equipment condition and remaining useful life, assess workforce and skilled programmer pipeline, examine tooling library and quality systems, audit certifications, and identify regulatory, environmental, and warranty exposure. Diligence often spans 60-120 days for $1M+ EBITDA platforms versus 30-60 days for general manufacturing.

Earnings quality and add-back validation. 24-36 months of monthly P&Ls. Tax returns matching financials within 5%. CPA-prepared annual financial statements. Bank reconciliations. AR aging and bad debt history. Job costing reports by major customer and job. Material cost trended monthly. Direct labor as percentage of revenue. Overhead absorption methodology. Standard cost vs actual cost variances. Revenue recognition policies (long-term contracts vs job shop).

Revenue mix, customer concentration, and end-market exposure. Top 10 customers as percentage of revenue. Customer relationship tenure. Contractual structure (POs vs LTAs vs program agreements). End-market breakdown (aerospace / medical / defense / semiconductor / industrial percentages). Program-level concentration (e.g., F-35 program revenue exposure). New customer acquisition rate. Customer churn analysis. Aerospace prime contractor approvals (Boeing PSL, Lockheed approval, Northrop approval, Raytheon approval, etc.). Medical device customer relationships (FDA establishment registration covering products).

Equipment, tooling, and capex. Major equipment list with brand, model, year, hours, original cost, current FMV. Maintenance records by machine. Replacement schedule and capex budget. CNC fleet inventory (3-axis vs 4-axis vs 5-axis breakdown). Control system inventory (Mazatrol, Heidenhain, Siemens, Fanuc, Haas Next Generation). CAM software stack (Mastercam, Siemens NX CAM, Fusion 360, Esprit, hyperMILL). Inspection equipment (CMM brand and model, profilometers, optical inspection, NDT equipment if applicable). Tooling library inventory and value. Outstanding capital lease balances.

Workforce, skilled programmers, and certifications. Headcount roster with tenure, comp, certifications (CNC programmer level, NDT Level II/III if applicable, quality engineer credentials, FAA repair station certifications if applicable), and 1099 vs W-2 status. Skilled programmer-to-operator ratio. Quality engineer / quality manager separate from owner. Apprenticeship pipeline. Wage rates vs local market benchmarks. Workforce age distribution. Training program documentation. Critical skill bench depth.

Quality systems, certifications, and environmental. Current AS9100D / ISO 13485 / ISO 9001 / NADCAP / ITAR / CMMC 2.0 documentation. Audit findings and corrective actions over 24-36 months. Customer audit history and findings. Supplier corrective action history (SCARs received). Cp/Cpk capability data. AS9102 FAI library. Process validation documentation. Calibration traceability to NIST. Environmental compliance: hazardous waste manifests, air permits, wastewater. EPA / OSHA history. Phase 1 environmental site assessment.

The precision machining sale process timeline: month by month

Precision machining sale processes are longer and more rigorous than other manufacturing sub-verticals because diligence is more complex. Sub-$1M SDE deals run 7-10 months from launch to close. $1M-$5M EBITDA deals run 9-13 months. $5M+ EBITDA platform deals can run 12-18 months because of QoE engagements, equipment appraisals, environmental Phase 1, customer reference calls with aerospace primes (which require their schedule cooperation), R&W insurance underwriting, and ITAR transfer notifications to the State Department.

Months 1-2: positioning and outreach. Build the CIM (35-60 pages for $1M+ EBITDA precision shops — longer than other sub-verticals because certifications, end markets, and capabilities require detailed documentation). Identify target buyer archetype mix. Reach out to industrial PE platforms (IGP, Trive, GenNx360, Bromford), aerospace/defense PE (AE Industrial, Arlington, Veritas, Cerberus, KKR Industrials), medical device-focused PE, aerospace strategic acquirers (Howmet, Heico, TransDigm, Spirit, Senior, Moog, Curtiss-Wright), search funders with industry background, family offices with industrial mandates. Target 10-20 serious initial conversations.

Months 2-4: management meetings and indications of interest. Take 5-10 buyer meetings. PE platforms send 2-3 person teams including operating partners with manufacturing expertise. Aerospace/defense PE platforms include former aerospace executives. Strategic acquirers bring engineering, quality, and operations leaders who scrutinize equipment, capabilities, certifications, and customer overlap. Receive 3-7 indications of interest. Negotiate to a single LOI, often with 2-3 finalist rounds for premium platforms.

Months 4-8: LOI, diligence, and financing. Sign LOI with 60-120 day exclusivity (longer for precision because diligence is more complex). Buyer-side diligence: financial QoE ($60-150K cost for $2M+ EBITDA); M&E equipment appraisal; QMS audit by quality consultant; CMMC 2.0 readiness assessment if defense; environmental Phase 1; customer reference calls with top aerospace/medical/defense customers; programmer/operator interviews; ITAR transfer planning if applicable. Buyer financing: PE platforms have it lined up; strategic acquirers may use balance sheet cash.

Months 8-11: definitive agreement and close. Negotiate purchase agreement: working capital target, indemnification caps (often higher than other sub-verticals due to product liability exposure), R&W insurance for $2M+ EBITDA deals (common in aerospace/medical), environmental indemnity, non-compete (typically 5 years and 100-300 mile radius), seller employment / consulting agreement (especially important if seller is the only senior aerospace/medical programmer or if the seller is the AS9100D management representative). Equipment and tooling FMV appraisals lock in asset allocation. ITAR transfer notification to State Department if applicable. Final walkthrough. Employee notification 24-72 hours pre-close. Customer notification per contract requirements. Aerospace prime notification per supplier-management requirements (some primes require advance notice for ownership changes). Escrow funding. Signing.

Months 11+: transition. Post-close transition typically 90-180 days for sub-$1M SDE deals (longer training period typical), 120-240 days for platform deals. Seller often available for an additional 6-18 months. ITAR transfer completion (can take 60-180 days post-close). AS9100D / ISO 13485 certification continuity through ownership change (registrar notification required). Customer relationship transfer protocol — aerospace primes require introduction to new ownership and confirmation of program continuity. Earnout periods if applicable run 12-36 months post-close.

Common mistakes precision machining sellers make (and how to avoid them)

Mistake 1: letting AS9100D, ISO 13485, or NADCAP certification lapse pre-sale. Lapsed certifications are catastrophic. A lapsed AS9100D can’t be quickly re-certified — the surveillance audit cycle takes 12-18 months to restart. Buyers walk from deals where certifications have lapsed because re-certification cost and timeline make the deal unworkable. Maintain certifications rigorously through sale process. Budget 12-18 months pre-sale to ensure no audit findings or non-conformities outstanding.

Mistake 2: single-program concentration. A precision shop where one aerospace program (e.g., F-35 components) is 60% of revenue is fundamentally a 4-5x business no matter how strong the certifications because program risk dominates the underwriting. Buyers will pro-forma program cancellation or production rate changes (which happen regularly — F-35 production rates have fluctuated, 737 MAX deliveries paused in 2024, A350 ramp has had delays). The 18-24 month fix: aggressively diversify across multiple programs and end markets. Even a 20% diversification toward medical device or other end markets meaningfully widens the buyer pool.

Mistake 3: undervaluing certification investment ROI. Owners frequently consider AS9100D ($80-200K + 12-18 months) or ISO 13485 ($60-150K + 12-18 months) and conclude the investment isn’t worth it. Then they sell at 5x ($10M on $2M EBITDA) instead of 7x ($14M) because the buyer pool is constrained to general industrial. The $4M of foregone sale value is a 20-50x return on certification investment. Pursue certifications 18-24 months before sale if your end-market exposure makes them relevant.

Mistake 4: hiring a generalist business broker. Precision machining M&A is the most specialist segment of manufacturing M&A. Aerospace/defense PE platforms have specific buy boxes around certifications, program incumbency, and customer relationships. Medical device PE platforms have specific FDA registration and validated process requirements. Aerospace strategic acquirers have program-specific consolidation strategies. A generalist broker who closed a restaurant last year doesn’t know who’s actively buying precision machining in your specific end-market exposure, doesn’t have the relationships, and runs a generic auction that signals inexperience to sophisticated buyers.

Mistake 5: under-investing in quality systems documentation. PE buyers and aerospace strategic acquirers expect rigorous QMS documentation. Owners with informal documentation (procedures stored in someone’s memory, calibration tracked on a spreadsheet, FAI records incomplete) signal an owner-dependent operation. The 18-month investment in proper QMS software (Arena, MasterControl, IQS, ETQ, Greenlight Guru for medical device) plus dedicated quality manager hire typically returns 0.5-1x EBITDA at exit through reduced diligence friction and higher buyer confidence.

Mistake 6: announcing the sale to programmers and quality staff too early. Senior CNC programmers, quality engineers, and AS9100D management representatives are extremely portable. Each loss during the LOI period is interpreted as instability by the buyer and can re-trade the deal. The AS9100D management representative leaving during diligence is particularly damaging because that role is required by the standard and replacement takes time. Wait until LOI signed (with retention bonuses for key staff if needed), then disclose strategically — usually within 30-60 days of close, with retention bonuses paid at and after close to lock retention through the 6-12 month transition.

Tax planning for precision machining exits: where the after-tax math gets tricky

Precision machining exits at $5M+ EBITDA are increasingly structured as stock sales rather than asset sales because R&W insurance has made stock sales more accessible to buyers and the certification continuity benefits favor stock structure. Sub-$5M EBITDA precision deals are typically asset sales (buyer prefers depreciation step-up and liability isolation). Stock sales benefit the seller (single layer of capital gains, ITAR registration continuity, AS9100D / ISO 13485 certification continuity without re-certification). Asset sales benefit the buyer but expose the seller to dual taxation: ordinary income recapture on equipment / inventory and capital gains on goodwill.

Typical asset allocation in a $10M precision machining sale. Tangible assets (CNC machining centers, CMM, swiss-style equipment, inspection lab equipment, tooling library): $1.5M-$3.5M, taxed as ordinary income recapture at up to 37% federal + state. Goodwill (customer relationships, certifications, validated processes, program incumbency, trained workforce): $5.5M-$8M, taxed as long-term capital gains at 15-20% federal + state. Non-compete agreement: $100-$300K, ordinary income to seller, deductible to buyer. Consulting / training / quality systems transition agreement: $100-$500K, ordinary income spread over the agreement period.

Why asset allocation negotiation matters more in precision. The buyer wants to push value toward equipment and consulting (faster expensing). The seller wants to push value toward goodwill (capital gains). The IRS requires reasonable allocation (Form 8594) but there’s a real range. In precision machining, intangible assets (certifications, validated processes, FAI library, customer relationships) are particularly valuable and can support meaningful goodwill allocation. A skilled tax attorney can shift $300K-$1M of after-tax proceeds in the seller’s favor on a $10M deal.

State tax considerations for precision machining sellers. Wyoming, Texas, Florida, Tennessee, Nevada: 0% state capital gains. California, New York, New Jersey, Oregon: 8-13%+. On a $10M precision machining sale, the state tax difference can be $700K-$1.3M. Some sellers strategically relocate before sale — this requires real domicile change well before sale (12-24 months minimum) to survive aggressive state revenue department scrutiny.

Rollover equity treatment in precision machining PE deals. If you roll 20-30% of equity into the buyer’s platform (common in industrial PE platform deals), that portion typically receives tax-deferred treatment under Section 351 or 721, depending on the buyer’s structure. You don’t pay tax on the rollover until the platform exits in 3-5 years — potentially at a higher multiple. The math on rollover equity in precision machining PE rollups has historically been very favorable, with many sellers earning more on the rolled portion than the cash portion at second exit because precision machining platforms have expanded multiples meaningfully through scale and certification stacking.

How to position for the right precision machining buyer archetype

Position for industrial PE platforms (IGP, Trive, GenNx360, Bromford) when: You have $2M+ EBITDA, ISO 9001 minimum (AS9100D / ISO 13485 strongly preferred for premium), modern equipment, end-market diversification, real plant management, and willingness to roll equity 15-30%. Emphasize: certifications, end-market diversification, capacity utilization, OEE, second-tier management, capex efficiency.

Position for aerospace/defense PE (AE Industrial, Arlington, Veritas, Cerberus) when: You have $2M+ EBITDA, AS9100D + NADCAP for aerospace work or ITAR + CMMC 2.0 for defense, prime contractor approvals (Boeing, Lockheed, Northrop, Raytheon, GE Aviation, Pratt & Whitney) with program-position incumbency, and willingness to roll equity 20-30%. Emphasize: prime contractor relationships, program incumbency, certifications, technical capability, security/CMMC 2.0 maturity.

Position for medical device-focused PE when: You have $1.5M+ EBITDA, ISO 13485 + FDA establishment registration, validated processes (IQ/OQ/PQ documentation), specialty capabilities (electropolishing, passivation, laser welding), and customer relationships with major medical device OEMs (Medtronic, Stryker, J&J, Abbott, Boston Scientific). Emphasize: ISO 13485 maturity, FDA-cleared product history, validated process documentation, specialty capabilities, customer diversification.

Position for aerospace strategic acquirers (Howmet, Heico, TransDigm, Spirit, Senior, Moog, Curtiss-Wright) when: You have $2M+ EBITDA, AS9100D + NADCAP, prime contractor approvals, and there’s a clear strategic acquirer that would benefit from your capacity, capability, geography, or program-specific position. Emphasize: program incumbency, capability complement to acquirer’s existing platforms, customer overlap, geographic logic. Targeted outreach to 3-5 known strategic acquirers often beats broad auction.

Position for search funders (with industry background) when: You have $750K-$3M EBITDA, real second-tier team (programmer / quality manager separate from owner), documented systems, established certifications, low customer concentration, and an owner-replaceable role within 60-180 days. Emphasize: defensibility, organic growth opportunity, manageable operational complexity. Search funders without precision/aerospace background struggle with the technical complexity, so target searchers with industry background specifically.

Conclusion

Selling a precision machining business in 2026 is a real opportunity — with the highest multiples in manufacturing M&A and the most active aerospace, medical device, and defense PE buyer pools. But the multiples and outcomes diverge wildly based on certifications (AS9100D, ISO 13485, ITAR, NADCAP, CMMC 2.0), end-market mix (aerospace, medical, defense, semiconductor, industrial), tolerance capability, 5-axis CNC capacity, customer concentration, and which buyer archetype you target. Owners who succeed are the ones who stop benchmarking against generic manufacturing heuristics and start benchmarking against the actual 2026 precision machining buyer pool: aerospace/defense PE paying 6.5-8.5x EBITDA on AS9100D + ITAR platforms, medical device PE paying 6-8.5x on ISO 13485 platforms, industrial PE paying 5.5-7.5x on diversified precision platforms, aerospace strategics paying 7-10x for program-incumbent acquisitions. Get your books clean 18-24 months ahead. Maintain certifications rigorously. Diversify program and end-market concentration. Document Cp/Cpk, FAI library, and QMS rigorously. Build a real quality manager separate from yourself. Position for the right buyer archetype rather than running a generic auction. The owners who do this work see 30-50% better after-tax outcomes than the ones who go to market unprepared. And if you want to talk to someone who already knows the aerospace, medical, and defense PE buyers personally instead of running an auction, we’re a buy-side partner — the buyers pay us, not you, no contract required.

Frequently Asked Questions

What multiple should I expect when selling my precision machining business in 2026?

Multiples vary by size and certification stack. Sub-$1M SDE: 4-5.5x SDE. $1M-$3M EBITDA: 5-7x EBITDA. $3M-$10M EBITDA: 5.5-8x EBITDA. $10M+ platforms: 6.5-9x EBITDA. AS9100D adds 1-2 turns; ISO 13485 adds 1-2 turns; ITAR + NADCAP adds 0.5-1 turn. Stacking aerospace + medical + defense certifications can move a $3M EBITDA business to 7-9x EBITDA territory.

Who are the most active PE buyers of precision machining businesses in 2026?

Industrial PE platforms include Industrial Growth Partners (IGP), Trive Capital, GenNx360, Bromford Industries (Cortec). Aerospace/defense PE includes AE Industrial Partners, Arlington Capital Partners, Veritas Capital, Cerberus Capital, KKR Industrials defense vertical, J.F. Lehman & Company. Medical device-focused PE pursues ISO 13485-certified targets. Aerospace strategics include Howmet Aerospace, Heico, TransDigm, Spirit AeroSystems, Senior Aerospace, Moog, Curtiss-Wright.

How much does AS9100D certification add to my sale price?

AS9100D adds 1-2 turns of EBITDA at sale by opening the buyer pool to aerospace-focused PE platforms and aerospace strategic acquirers. Certification cost is $80-200K plus 12-18 months. On a $2M EBITDA business, the multiple uplift is $2-4M of additional sale price — a 20-50x return on certification investment. The investment is highest-ROI work an owner can do 18-24 months pre-sale if aerospace exposure is real.

What about ISO 13485 for medical device work?

ISO 13485 + FDA establishment registration adds 1-2 turns of EBITDA by opening the buyer pool to medical device-focused PE and medical device OEM strategics. Certification cost is $60-150K plus 12-18 months. On a $2M EBITDA medical device-exposed business, the multiple uplift is $2-4M. Validated processes (IQ/OQ/PQ documentation) for FDA-cleared products add another 0.25-0.5 turn.

Do I need ITAR registration to sell to defense customers?

ITAR registration ($2,250 annual fee with U.S. State Department Directorate of Defense Trade Controls) is mandatory for handling defense articles or controlled technical data. Without ITAR, you cannot serve defense customers. CMMC 2.0 compliance (replacing NIST 800-171 self-assessment) is becoming mandatory for prime and subcontract relationships in 2026-2027. ITAR + CMMC 2.0 adds 0.5-1 turn of EBITDA by opening the defense PE buyer pool (AE Industrial, Arlington, Veritas, Cerberus, KKR Industrials defense).

How does 5-axis CNC capability affect my sale price?

True simultaneous 5-axis CNC capacity (DMG Mori, Makino, Mazak Variaxis, Hermle, Matsuura, Yasda) adds 1-1.5x EBITDA premium because it opens the buyer pool to aerospace, medical implant, and complex part end markets that 3-axis shops can’t serve. A shop with 30%+ of capacity on true 5-axis (not 3+2 indexed) commands premium multiples and wider buyer interest.

What tolerances do precision machining buyers expect?

±0.001″ (1 thou) is general precision baseline. ±0.0005″ (half-thou) is aerospace/medical premium territory requiring temperature-controlled environment, validated CMM inspection, and Cp/Cpk ≥ 1.67. ±0.0001″ (1 tenth) is swiss-style precision (Tornos, Citizen, Star CNC) and high-precision grinding territory. Tolerance capability must be documented through Cp/Cpk capability studies and CMM inspection records, not just claimed.

How important are Cp/Cpk capability indices?

Critical. Cpk ≥ 1.67 is the aerospace standard for critical features (about 0.6 defects per million). Cpk ≥ 1.33 is the medical device validated process minimum. Buyers will examine 24-36 months of Cpk data on critical part features during diligence. Owners who can produce documented Cpk data trade at premium; owners who’ve never measured Cpk get discounted by 0.5-1x EBITDA because it signals operational immaturity.

What is AS9102 First Article Inspection (FAI)?

AS9102 is the aerospace standard for First Article Inspection — comprehensive inspection of the first part produced (or first part after process change) to validate manufacturing process meets all design requirements. FAI reports document every dimension, characteristic, and material requirement. A robust AS9102 FAI library covering 100+ part numbers is required for aerospace work and signals supplier maturity. Buyers will examine the FAI library during diligence.

How long does it take to sell a precision machining business?

Sub-$1M SDE: 7-10 months. $1M-$5M EBITDA: 9-13 months. $5M+ EBITDA platforms: 12-18 months because of QoE engagements, equipment appraisals, environmental Phase 1, customer reference calls with aerospace primes, R&W insurance underwriting, and ITAR transfer notifications. Add 12-24 months on the front for proper preparation if certifications, customer concentration, or quality systems aren’t already buyer-ready.

Should I run a broker auction or do targeted outreach?

Targeted outreach almost always beats broad auction in precision machining because the buyer pool is highly specialized. Aerospace/defense PE has specific buy boxes around certifications and program incumbency. Medical device PE has specific FDA registration requirements. Aerospace strategics have program-specific consolidation strategies. Generic broker auctions burn relationships and signal inexperience to sophisticated specialty buyers. Working with someone who already knows the aerospace, medical, and defense PE buyers personally tends to deliver materially better outcomes.

What if my revenue is concentrated in one aerospace program?

Single-program concentration (e.g., 60% of revenue from F-35 components) is a major multiple-killer regardless of certifications. Buyers pro-forma program cancellation or production rate changes (which happen regularly — F-35 production rates fluctuate, 737 MAX deliveries paused in 2024, A350 ramp has had delays). Address this 18-24 months before market through aggressive diversification across multiple programs and end markets. Even 20% diversification toward medical device or other aerospace programs meaningfully widens the buyer pool.

How is CT Acquisitions different from a sell-side broker or M&A advisor?

We’re a buy-side partner, not a sell-side broker. Sell-side brokers represent you and charge you 8-12% of the deal (often $1-3M+ on precision machining platforms) plus monthly retainers, run a 12-15 month auction process, and require 12-month exclusivity. We work directly with 76+ buyers — including 38 actively pursuing manufacturing, with industrial PE platforms (IGP, Trive, GenNx360, Bromford), aerospace/defense PE (AE Industrial, Arlington, Veritas, Cerberus, KKR Industrials), medical device PE, aerospace strategic acquirers (Howmet, Heico, TransDigm, Spirit, Senior, Moog, Curtiss-Wright), search funders with industry background, and family offices — who pay us when a deal closes. You pay nothing. No retainer, no exclusivity, no contract until a buyer is at the closing table. We move faster (90-180 days from intro to close) because we already know who the right buyer is rather than running an auction to find one.

Sources & References

All claims and figures in this analysis are sourced from the publicly available references below.

1. U.S. Small Business Administration: 7(a) Loan Program
2. AS9100 / SAE International Aerospace Standards
3. ISO 13485 Medical Devices Quality Management
4. U.S. Department of State: ITAR Registration (DDTC)
5. NADCAP Performance Review Institute
6. DoD: CMMC 2.0 Cybersecurity Maturity Model Certification
7. AE Industrial Partners (Aerospace/Defense PE)
8. Arlington Capital Partners (Aerospace/Defense PE)