How to Sell an Aerospace Manufacturing Business (2026): AS9100D, NADCAP, ITAR, and the 7-10x EBITDA Tier 1 OEM Premium

Selling an aerospace manufacturing business in 2026 is a fundamentally different transaction than selling a generic precision machining or fabrication business. Aerospace M&A is shaped by certification stacks (AS9100D + NADCAP + ITAR), Tier 1 OEM customer relationships (Spirit AeroSystems, Triumph Group, Howmet, Heico, TransDigm, Moog, Curtiss-Wright flowing work from Boeing, Airbus, Lockheed Martin, Raytheon, Northrop Grumman, GE Aerospace, Pratt & Whitney), long-term program contracts (7-15 year typical), and a buyer pool of aerospace-specialty PE platforms that have built sector expertise over multiple fund vintages. The multiples are double generic manufacturing, but the diligence rigor is also double, and the preparation horizon is among the longest in any sub-vertical.

This guide is for aerospace manufacturing owners running between $5M and $100M of revenue, with normalized earnings between $750K SDE and $15M EBITDA. We’ll walk through the certification stack (AS9100D, NADCAP, ITAR, FAA-PMA, EAR), Tier 1 OEM customer landscape and how named-OEM relationships drive multiples, MRO vs OEM split economics, the active aerospace-specialty PE platforms (AE Industrial Partners, Liberty Hall Capital Partners, Arlington Capital aerospace fund, Industrial Growth Partners aerospace), the public-company strategic acquirer pool (TransDigm, Heico, Moog, Curtiss-Wright, Howmet, Park Aerospace, Astronics), workforce considerations (skilled trades shortage in aerospace machining), and the 24-36 month preparation playbook that materially improves outcomes.

The framework draws on direct work with 76+ active U.S. lower middle market buyers, including 38 manufacturing-focused platforms with explicit aerospace theses. We’re a buy-side partner. The buyers pay us when a deal closes — not you. That includes aerospace-specialty PE (AE Industrial Partners with multiple aerospace platforms over fund vintages, Liberty Hall Capital Partners with aerospace specialty, Arlington Capital Partners aerospace fund, Industrial Growth Partners aerospace, Greenbriar Equity Group, Veritas Capital aerospace / defense, Behrman Capital, plus aerospace-focused regional consolidators), public-company strategic acquirers (TransDigm Group on NYSE: TDG, Heico Corporation on NYSE: HEI, Moog Inc. on NYSE: MOG.A, Curtiss-Wright on NYSE: CW, Howmet Aerospace on NYSE: HWM, Park Aerospace on NYSE: PKE, Astronics on NASDAQ: ATRO), family offices with aerospace / defense theses, and search funders pursuing $1M-$3M EBITDA aerospace shops with second-tier management depth. The point isn’t to convince you to sell — it’s to give you an honest read on what selling an aerospace manufacturing business actually looks like in 2026.

One realistic note before you start. Aerospace has unprecedented structural tailwinds in 2026. Boeing and Airbus combined backlogs exceed 13,000 aircraft (8+ years of production). Defense modernization (F-35 production, B-21 Raider, hypersonics, missile defense, Replicator drone program) drives sustained Lockheed Martin, Raytheon, Northrop Grumman demand. Space (SpaceX supply chain, Blue Origin, Rocket Lab, government space contracts) creates a new segment. MRO demand is robust as commercial fleets age. The right aerospace manufacturer in the right segment with the right certification stack is among the most acquirable lower middle market businesses in the U.S. right now — if positioned correctly. The wrong positioning — or unaddressed certification gaps, customer concentration, or workforce-continuity risk — can compress the multiple by 2-3x EBITDA.

“Aerospace is the sub-vertical where certifications ARE the multiple. The same operating business as a generic precision machinist trades at 5x EBITDA. Add AS9100D + NADCAP + ITAR + named Tier 1 customer relationships and that exact same business trades at 8-9x. The math doesn’t lie: on $3M EBITDA, you’re looking at $9-12M of additional enterprise value purely for the certification stack and customer base — assets that take 24-36 months to build and only a buyer who already knows the OEM landscape understands how to value.”

Key Takeaways

• Aerospace manufacturing multiples by certification scope: sub-$1M EBITDA aerospace job shop = 4-5.5x SDE / EBITDA; $1M-$3M EBITDA AS9100D commercial = 6-7.5x EBITDA; $3M+ EBITDA AS9100D + NADCAP commercial = 7-9x EBITDA; $3M+ EBITDA AS9100D + NADCAP + ITAR defense = 8-10x EBITDA.
• Active PE platforms in 2026: AE Industrial Partners (multiple aerospace platforms), Liberty Hall Capital Partners (aerospace specialty), Arlington Capital Partners aerospace fund, Industrial Growth Partners aerospace, Greenbriar Equity Group, Veritas Capital aerospace / defense, Behrman Capital, plus 10+ aerospace-focused regional consolidators.
• Public-company strategic acquirers: TransDigm Group (NYSE: TDG), Heico Corporation (NYSE: HEI), Moog Inc. (NYSE: MOG.A), Curtiss-Wright (NYSE: CW), Howmet Aerospace (NYSE: HWM), Park Aerospace (NYSE: PKE), Astronics (NASDAQ: ATRO).
• Certification stack: AS9100D (aerospace QMS baseline, 12-18 months to certify, $50-150K cost), NADCAP (special processes), ITAR ($2,250/year DDTC registration for defense), FAA-PMA (Parts Manufacturer Approval for aftermarket), EAR (export controls). The certification stack is the moat PE buyers pay for.
• Named OEM customers: Boeing, Airbus, Lockheed Martin, Raytheon, Northrop Grumman, GE Aerospace, Pratt & Whitney. Most LMM aerospace manufacturers serve through Tier 1 suppliers: Spirit AeroSystems, Triumph Group, Howmet, Heico, TransDigm, Moog, Curtiss-Wright. Long-term agreements (7-15 year programs) typical.
• MRO vs OEM: OEM production work trades at 7-10x EBITDA. MRO (maintenance, repair, overhaul) work trades at 6-8x EBITDA. Defense premium adds 0.5-1x to ITAR-registered shops. Space (SpaceX supply chain), rotorcraft, and propulsion sub-segments command additional premium in 2026.

Why aerospace manufacturing M&A commands premium multiples

Aerospace manufacturing trades at the highest multiples of any lower middle market manufacturing sub-vertical, and the premium is structural — not cyclical. Five drivers create the premium: (1) certification scope creates real switching cost — AS9100D, NADCAP, ITAR, FAA-PMA take 24-36 months to build and customers can’t easily move work; (2) OEM customer programs are long-term (7-15 year contracts) with high revenue durability; (3) Boeing and Airbus combined backlogs exceed 13,000 aircraft (8+ years of production visibility); (4) defense modernization budgets are growing and structural (F-35, B-21, hypersonics, missile defense, Replicator); (5) space supply chain (SpaceX, Blue Origin, government space) creates a new growth segment. PE buyers pay 7-10x EBITDA because they expect to exit at 8-12x in 4-5 years — and the historical exit data supports that thesis.

PE buyer theses are aerospace-specialty. AE Industrial Partners has built multiple aerospace platforms across fund vintages, with deep operating partner expertise in airframe structures, interiors, propulsion, defense electronics, and MRO. Liberty Hall Capital Partners is a dedicated aerospace specialty firm. Arlington Capital Partners has a dedicated aerospace fund. Industrial Growth Partners has aerospace-focused funds. Greenbriar Equity Group has aerospace / defense investments. Veritas Capital focuses on government services / aerospace / defense. Behrman Capital has aerospace exposure. The specialty PE pool is deep and competitive.

Public-company strategic acquirers add bidder competition. TransDigm Group (NYSE: TDG, highly active aerospace component acquirer with consolidator strategy and very high target multiples), Heico Corporation (NYSE: HEI, active aerospace components and FAA-PMA acquirer), Moog Inc. (NYSE: MOG.A, motion control specialty), Curtiss-Wright (NYSE: CW, defense / commercial aerospace), Howmet Aerospace (NYSE: HWM, structural castings and forgings), Park Aerospace (NYSE: PKE, advanced composite materials), Astronics (NASDAQ: ATRO, lighting and electronics). These public-company strategics often pay above PE multiples for clear synergy fits.

What this means for aerospace manufacturing sellers. If you have AS9100D, NADCAP where applicable, ITAR if defense, named OEM customer relationships through Tier 1 suppliers, and a documented program portfolio, you’re in the highest-multiple lower middle market manufacturing segment in the U.S. right now. The buyer pool is competitive, with both aerospace-specialty PE and public-company strategics actively bidding. Run a real auction process to capture the multiple; do not accept the first IOI.

The certification stack: AS9100D, NADCAP, ITAR, FAA-PMA, EAR

The aerospace certification stack is the single biggest multiple driver and the most-rigorously-diligenced area of the deal. AS9100D is the aerospace QMS standard (revised 2016 from AS9100C). It builds on ISO 9001 with aerospace-specific requirements: configuration management, counterfeit parts prevention, FOD (foreign object debris) control, special processes, traceability, risk management, product safety, and customer-specific requirements. AS9100D certification typically takes 12-18 months from kickoff to first registered audit and costs $50-150K including consultant support, internal training, gap remediation, surveillance audits, and triennial recertification. The certification itself isn’t enough — you need 12-24 months of certified operating history with named-customer programs to credibly position as the specialty.

NADCAP for special processes. NADCAP (National Aerospace and Defense Contractors Accreditation Program) certifies special processes that customers cannot adequately verify by inspection alone. Common NADCAP certifications: chemical processing (anodizing, plating, etching, conversion coating), heat treatment, welding (and brazing), non-destructive testing (UT, RT, MT, PT, ET, VT), surface enhancement (shot peening), materials testing, composites, and electronic processes. NADCAP audits are operationally intensive (every 12-24 months) and are mandatory for many Boeing, Airbus, Lockheed Martin, Raytheon, and Northrop Grumman programs. NADCAP-certified shops command material multiple premium versus AS9100D-only shops in special-process segments.

ITAR for defense work. ITAR (International Traffic in Arms Regulations) governs defense-related items and services. ITAR registration is via the State Department Directorate of Defense Trade Controls (DDTC) at $2,250 annual fee. ITAR registration is required for any defense-classified work (Lockheed Martin classified programs, Raytheon classified programs, Northrop Grumman classified programs, sensitive Department of Defense work). Buyers without ITAR registration cannot acquire ITAR-classified work without registration themselves — which adds 3-6 months to deal timeline. Maintaining ITAR registration through close is non-negotiable for defense-specialty shops. EAR (Export Administration Regulations) covers dual-use items not under ITAR.

FAA-PMA for aftermarket / MRO. FAA-PMA (Parts Manufacturer Approval) is the FAA approval pathway for non-OEM parts manufacturers to produce replacement parts. PMA approval is granted on a part-by-part basis and represents a real moat in MRO and aftermarket markets. Heico Corporation built its public-company strategic thesis largely around acquiring FAA-PMA-approved parts manufacturers. PMA-approved parts trade at premium because each PMA is a regulatory moat — competitors can’t easily replicate without their own PMA application (typically $50-300K per part and 6-18 months).

Customer-specific certifications and approvals. Beyond the regulatory stack, named OEMs and Tier 1s have customer-specific approval requirements. Boeing has an extensive supplier-approval system (D6-50 series, Q-clauses). Airbus has its own supplier qualification pathway. Lockheed Martin has supplier qualification programs (Star Award supplier recognition). Raytheon, Northrop Grumman, and Pratt & Whitney each have their own supplier qualification pathways. Customer audits, special-process qualifications (e.g., Boeing PSCAQ, BAC standards), and program-specific PPAP-equivalent submissions all overlay the regulatory baseline.

Named OEM customers and the Tier 1 supplier landscape

Named OEM customer relationships drive multiples in aerospace M&A more than any other variable except certification scope. The named OEMs that PE buyers and strategic acquirers care about: Boeing (largest U.S. commercial aviation OEM, with Boeing Commercial Airplanes BCA and Boeing Defense, Space & Security BDS divisions), Airbus (European commercial aviation OEM with U.S. operations in Mobile Alabama and Wichita), Lockheed Martin (largest U.S. defense contractor, F-35, F-16, missiles, helicopters, space), Raytheon Technologies (RTX, defense / commercial aerospace through Raytheon, Pratt & Whitney, Collins Aerospace), Northrop Grumman (B-21 Raider, classified programs, missile defense), GE Aerospace (formerly GE Aviation, jet engines, large portion of commercial engine market), Pratt & Whitney (jet engines, RTX subsidiary), Bombardier, Embraer, Textron Aviation.

Most LMM aerospace manufacturers serve through Tier 1 suppliers. Direct OEM relationships are rare in lower middle market — most aerospace manufacturers flow work through Tier 1 suppliers: Spirit AeroSystems (largest commercial aerospace structures Tier 1, primary supplier to Boeing 737, 787, 777, Airbus A320, A350), Triumph Group (commercial / defense structures and systems), Howmet Aerospace (structural castings, forgings, fasteners), Heico Corporation (FAA-PMA aftermarket leader), TransDigm Group (highly diversified components), Moog Inc. (motion control), Curtiss-Wright (defense / commercial aerospace components), GKN Aerospace, Hexcel (composites), Park Aerospace (composites), Astronics (lighting / electronics), Woodward (engine controls), Crane Aerospace, Eaton Aerospace, Parker Aerospace, Honeywell Aerospace.

How buyers diligence customer relationships. Customer interviews with top 5-10 customers (typically 30-60 minutes each, with the buyer asking about supplier performance, on-time delivery, quality, program longevity, growth potential, and concentration risk). Long-term agreement (LTA) review — buyers want to see written multi-year contracts where possible. Program-by-program revenue analysis (which Boeing program, which Airbus program, which Lockheed Martin program). Backlog visibility by program. Customer-required certifications and approvals. Customer audit history. Customer-specific quality metrics (escapes, on-time delivery, supplier scorecards).

Customer concentration norms in aerospace. Customer concentration above 30-40% on a single Tier 1 customer is common in aerospace and not necessarily a discount driver if the program portfolio with that customer is diversified across multiple OEM end-programs and multi-year LTAs are in place. Buyers price aerospace concentration based on program-level diversification more than customer-level concentration. A 40% Spirit AeroSystems relationship spread across 8 programs serving Boeing 737, 787, and Airbus A350 is more durable than a 25% relationship concentrated in a single program.

Who actually buys aerospace manufacturing businesses in 2026: the five archetypes

The aerospace manufacturing buyer pool is among the deepest and most competitive in lower middle market manufacturing. Five archetypes dominate. Knowing which fits your business is the highest-leverage positioning decision.

Archetype 1: Aerospace-specialty PE platforms. AE Industrial Partners (multiple aerospace platforms over multiple fund vintages, deep operating partner bench), Liberty Hall Capital Partners (dedicated aerospace specialty, multiple platform investments), Arlington Capital Partners aerospace fund, Industrial Growth Partners aerospace, Greenbriar Equity Group, Veritas Capital aerospace / defense, Behrman Capital. Typical target: $2M-$25M EBITDA with AS9100D certification, NADCAP if special processes, ITAR if defense, named OEM relationships through Tier 1 suppliers, and second-tier management. Multiples: 7-10x EBITDA on platform deals; 6-8x on bolt-ons. Cash + 15-30% rollover + earnout. Close timeline: 90-150 days.

Archetype 2: Public-company strategic acquirers. TransDigm Group (NYSE: TDG, highly active aerospace component acquirer paying premium multiples for proprietary content), Heico Corporation (NYSE: HEI, active aerospace components and FAA-PMA acquirer), Moog Inc. (NYSE: MOG.A, motion control specialty), Curtiss-Wright (NYSE: CW, defense / commercial), Howmet Aerospace (NYSE: HWM, structural castings / forgings), Park Aerospace (NYSE: PKE, composites), Astronics (NASDAQ: ATRO, lighting / electronics), Woodward (engine controls), Heico Electronic Technologies. Typical target: $3M-$30M EBITDA. Multiples: 8-12x EBITDA at platform scale, often paid with cash and a smaller rollover component than PE rollups. Close timeline: 90-180 days.

Archetype 3: Aerospace-focused regional consolidators. Smaller PE-backed aerospace consolidators acquiring sub-platform-scale aerospace shops in geographic clusters (Wichita / Tulsa, Seattle / Pacific Northwest, Connecticut / Massachusetts, Southern California, Texas, Florida) or by capability segment (machining, fabrication, assembly, surface treatment, MRO). Typical target: $1M-$5M EBITDA. Multiples: 5.5-7.5x EBITDA. Close timeline: 90-150 days.

Archetype 4: Search funders and family offices. Aerospace-experienced searchers (often former Boeing, Airbus, Lockheed Martin, Raytheon program managers transitioning to ownership) targeting $1M-$3M EBITDA aerospace shops. Multiples: 5-7x EBITDA. Family offices with aerospace / defense theses pursuing $2M-$8M EBITDA shops with multi-decade operating history. Multiples: 5.5-7x EBITDA. Close timeline: 120-180 days.

Archetype 5: SBA 7(a)-financed individuals. First-time owner-operators using SBA 7(a) targeting sub-$1M SDE aerospace job shops. Often industry executives transitioning to ownership. Typical target: $300K-$700K SDE with documented systems and AS9100D certification. Multiples: 4-5.5x SDE. Close timeline: 60-120 days. Note: SBA buyers struggle with ITAR-classified work because SBA underwriting and clearance overlap creates complexity.

Realistic aerospace manufacturing multiples by size and certification: 2026 deal data

Aerospace manufacturing multiples cluster by certification scope and customer base far more than by raw size. A $1.5M EBITDA AS9100D + NADCAP + ITAR shop with named-OEM relationships outprices a $4M EBITDA aerospace job shop without certifications. Certification scope is the moat; customer base is the durability driver.

Sub-$1M SDE aerospace job shop (no AS9100D): 3.5-4.5x SDE. Generic precision machining or fabrication occasionally serving aerospace. Buyer pool: SBA individuals primarily. Multiples compress because the seller can’t credibly position as an aerospace specialty without AS9100D.

Sub-$1M SDE AS9100D aerospace shop: 4-5.5x SDE. AS9100D certification + named-OEM exposure (even smaller-scale Tier 2 work) shifts the multiple meaningfully. Buyer pool widens to include aerospace-experienced search funders and SBA buyers transitioning from larger aerospace companies.

$1M-$3M EBITDA AS9100D commercial aerospace: 6-7.5x EBITDA. Search funder, regional consolidator, and aerospace-specialty PE bolt-on territory. Multiples improve with: (a) NADCAP for special processes; (b) named Tier 1 OEM relationships (Spirit AeroSystems, Triumph Group, Howmet, Heico); (c) multi-year LTAs; (d) modern equipment (5-axis CNC, automation); (e) second-tier management depth.

$3M+ EBITDA AS9100D + NADCAP commercial aerospace: 7-9x EBITDA. Aerospace-specialty PE platform territory (AE Industrial, Liberty Hall, Arlington Capital aerospace, IGP aerospace). Multiples premium for diversified Tier 1 customer base, multi-year program portfolios, modern equipment, and growth runway.

$3M+ EBITDA AS9100D + NADCAP + ITAR defense: 8-10x EBITDA. Highest-multiple lower middle market aerospace segment. ITAR-registered shops on classified Lockheed Martin, Raytheon, Northrop Grumman programs command premium driven by defense modernization tailwinds and limited ITAR-cleared buyer pool.

FAA-PMA aftermarket / MRO premium. FAA-PMA-approved parts manufacturers and MRO operations serving commercial aviation aftermarket trade at 6-8x EBITDA. Heico Corporation has historically paid above-average multiples for FAA-PMA portfolios. Structural premium for diversified PMA portfolios with high-volume part runs.

MRO vs OEM: how the split affects the multiple

Aerospace manufacturing splits broadly into OEM (original equipment manufacturer production) and MRO (maintenance, repair, overhaul, often aftermarket). OEM production work involves manufacturing new components for delivery into Boeing, Airbus, Lockheed Martin, Raytheon, Northrop Grumman, GE Aerospace, Pratt & Whitney program lines, typically through Tier 1 suppliers. MRO involves maintenance, repair, and overhaul of existing fleet aircraft, engines, and components — often serving airline operators, MRO networks, and military depot operations. Many shops serve both.

OEM work: 7-10x EBITDA. Highest-multiple aerospace segment. Long-term program contracts (7-15 years), high revenue durability tied to OEM production rates, and certification-protected customer relationships. Boeing and Airbus combined backlogs exceed 13,000 aircraft (8+ years of production visibility). Defense modernization (F-35, B-21, hypersonics) drives sustained Lockheed Martin / Raytheon / Northrop Grumman demand.

MRO work: 6-8x EBITDA. Slightly lower multiples than OEM because MRO margins are more competitive and capability commoditizes faster. But MRO has its own resilience: aircraft fleets continue to need maintenance regardless of new-build cycle. FAA-PMA-approved parts manufacturers (Heico Corporation’s thesis) trade at the high end of MRO range because PMA approval is a real regulatory moat. Engine MRO (CFM, Pratt & Whitney engines) and avionics MRO are sub-segments with differentiated multiples.

Defense premium adds 0.5-1x to multiples. ITAR-registered shops on classified Lockheed Martin, Raytheon, Northrop Grumman programs add 0.5-1x EBITDA to commercial aerospace multiples. The premium reflects defense modernization tailwinds (F-35 production, B-21 Raider, hypersonics, missile defense, Replicator drone program), longer program tenure (defense programs run 20-40+ years), and limited ITAR-cleared buyer pool (which tightens competition but increases per-bidder willingness to pay).

Space and rotorcraft sub-segments command premium in 2026. Space supply chain (SpaceX Starship and Falcon, Blue Origin, Rocket Lab, government space programs through Lockheed Martin Space, Northrop Grumman Space, Raytheon space business) creates a new premium segment. Rotorcraft (Sikorsky / Lockheed Martin, Bell, Boeing rotorcraft) commands premium given Future Vertical Lift program and military rotorcraft modernization. Propulsion (GE Aerospace, Pratt & Whitney engine programs, Rolls-Royce, Honeywell) is a sustained-premium segment.

What aerospace manufacturing buyers diligence: the checklist that determines your final price

Aerospace diligence is the most operationally and regulatorily rigorous in lower middle market manufacturing M&A. Buyers want to verify earnings, validate certification scope and audit history, confirm customer relationships and program portfolios, assess equipment fleet, dissect customer concentration, evaluate workforce continuity, and identify product liability, export control, and successor liability exposure.

Earnings quality and program-level cost analysis. 24-36 months of monthly P&Ls. Job costing by program / customer / part number. Standard cost variance analysis. Add-back documentation. CPA-prepared financial statements. Bank reconciliations. AR aging. Inventory accounting (raw material, WIP, finished goods) with material certification traceability. Program-level margin analysis.

Certification scope and audit history. AS9100D certification documentation with surveillance audit reports (last 3 years). NADCAP certification documentation by special-process category. ITAR registration documentation if defense. EAR compliance documentation. FAA-PMA approval documentation if aftermarket. Customer audit results (Boeing audit, Airbus audit, Lockheed Martin audit, etc.). Quality KPIs (escape rate, on-time delivery, supplier scorecard performance). CAPA history. Counterfeit parts prevention program documentation.

Customer relationships and program portfolio. Top 10 customers as percentage of revenue 3-year history. Customer-by-customer program list with revenue, Boeing / Airbus / Lockheed Martin / Raytheon / Northrop Grumman end-program identification, multi-year LTA terms, backlog visibility. Customer references the buyer can call. Customer-specific certifications and approvals (Boeing PSCAQ, special-process qualifications, BAC standards). Program lifecycle stage.

Equipment, software, and capex history. CNC machining inventory with manufacturer, build year, hours, capability (3-axis, 4-axis, 5-axis, multi-pallet, twin-pallet, robot-loaded). EDM inventory if applicable. Sheet metal fab inventory if applicable (fiber laser, CNC press brakes, robotic welding). Heat treatment equipment if applicable (vacuum furnace, salt bath). Surface treatment equipment if applicable (anodize, plating, conversion coating). NDT equipment (UT, RT, MT, PT). CMM inspection equipment. CAD/CAM software stack. ERP / MES system. 5-year capex history.

Workforce continuity and skills. Skilled trades roster with age, tenure, certifications (NDT Level II / III, AS9100D internal auditor, NADCAP-trained operators). Apprentice / journeyman pipeline. Cross-training matrix. Compensation. Turnover history. Recruiting pipeline. Aerospace-specific skills (5-axis programming, special-process operation, complex assembly, flight-hardware quality mindset) take years to develop and are scarce.

Product liability, export control, and successor liability. Active product liability exposure on installed parts. FAA Form 8130-3 documentation if applicable. ITAR / EAR export control compliance history. Past export violations or DDTC voluntary disclosures. Counterfeit parts incidents. Customer warranty exposure. Insurance coverage (aviation product liability, general liability, EPL). Environmental Phase I or Phase II (heat treat / surface treat operations have hazardous waste exposure).

Aerospace manufacturing sale process timeline: month-by-month

Aerospace manufacturing sale processes typically run 10-15 months from launch to close — longer than other manufacturing sub-verticals due to certification-stack diligence depth and customer interview rigor. Defense-classified work adds time (ITAR transfer review, classified contract continuity). Public-company strategic acquirer timelines (TransDigm, Heico, Moog, Curtiss-Wright, Howmet) include integration planning.

Months 1-2: positioning and outreach. Build the CIM (45-80 pages typical for aerospace given certification, customer, and program-level documentation requirements). Position by certification scope and customer base. Reach out to aerospace-specialty PE platforms (AE Industrial Partners, Liberty Hall Capital Partners, Arlington Capital aerospace, Industrial Growth Partners aerospace, Greenbriar Equity Group, Veritas Capital, Behrman Capital), public-company strategic acquirers (TransDigm, Heico, Moog, Curtiss-Wright, Howmet, Park Aerospace, Astronics, Woodward), aerospace regional consolidators, family offices, search funders. Sign NDAs. Target 10-20 serious initial conversations.

Months 2-5: management meetings and IOIs. Aerospace-specialty PE and public-company strategic acquirers send 4-8 person teams (operating partners, sector leads, deal team, sometimes outside aerospace consultants) for facility tours. Tours cover machining floor, special-process operations, quality lab, NDT capability, ITAR-controlled area access (if applicable, with cleared personnel), program management offices. Receive 5-10 IOIs with non-binding price ranges. Negotiate to a single LOI.

Months 5-11: LOI, diligence, and definitive agreement. Sign LOI with 60-120 day exclusivity (longer than other sub-verticals given diligence depth). Buyer-side diligence includes financial QoE ($75-200K) with program-level cost analysis; operational QoE ($40-100K) covering equipment modernity, OEE, capex, special-process capability; commercial diligence (top 10 customer interviews, Tier 1 supplier reference calls, OEM-program reference calls); regulatory diligence (DDTC ITAR registration review, FAA PMA documentation review, EPA environmental review for heat treat / surface treat operations); certification audit (often by an outside aerospace consulting firm reviewing AS9100D and NADCAP scope and depth); workforce due diligence (skilled trades retention plan); insurance and product liability review (aviation product liability has unique structure).

Months 11-15: close and transition. Definitive agreement negotiation: working capital target (often material in aerospace given long-cycle inventory and program WIP), indemnification caps, R&W insurance for $3M+ EBITDA deals (premium typically 2-4% of coverage), non-compete (5-7 years for aerospace, often industry-specific), seller employment / consulting (12-36 months common to support certification-transition and customer-relationship continuity), earnout structure (12-36 months tied to EBITDA milestones, customer retention, certification audit results, and program retention). DDTC ITAR transfer notification (mandatory). FAA-PMA transfer documentation. AS9100D notification of ownership change to certifying body. Customer notification per LTA terms. Final walkthrough. Employee notification. Escrow funding. Signing.

Common mistakes aerospace manufacturing sellers make (and how to avoid them)

Mistake 1: positioning as a generic precision manufacturer when you have aerospace specialty. If 50%+ of your revenue is aerospace and you have AS9100D, present yourself as an aerospace specialty manufacturer. The aerospace positioning brings AE Industrial Partners, Liberty Hall, Arlington Capital aerospace, IGP, plus public-company strategic acquirers (TransDigm, Heico, Moog, Curtiss-Wright, Howmet) into the deal — and they pay 2-3x EBITDA more than generic manufacturing buyers. The headline difference at $3M EBITDA is $6-9M of enterprise value.

Mistake 2: under-investing in NADCAP for special processes. If you operate special processes (heat treatment, chemical processing, welding NDT, surface enhancement) without NADCAP, you’re leaving multiple on the table and limiting your buyer pool. NADCAP certification by process category typically takes 6-12 months and costs $30-100K. The multiple impact is 0.5-1.5x EBITDA per NADCAP-certified process category.

Mistake 3: ignoring ITAR registration when you serve defense customers. Defense work without ITAR registration limits you to non-classified content and excludes you from premium defense modernization programs. ITAR registration is $2,250 annually with State Department DDTC — trivially cheap. The compliance overhead is real but manageable. Defense exposure with ITAR adds 0.5-1x EBITDA to commercial aerospace multiples.

Mistake 4: weak program-level documentation in the CIM. PE buyers and strategic acquirers underwrite program-by-program revenue and durability. A CIM that says ‘we serve Boeing and Airbus’ without identifying specific Boeing 737, 787, or Airbus A350 programs and revenue distribution loses bidder interest. Build a program portfolio matrix: customer / OEM end-program / part numbers / annual revenue / LTA terms / lifecycle stage.

Mistake 5: aging equipment fleet without modernization. 5-axis CNC machining (Mazak, Mori Seiki / DMG MORI, Makino, Okuma, Haas, Doosan) is the productivity backbone of modern aerospace machining. Shops with 3-axis-only fleets face material multiple compression. Investing in 1-2 modern 5-axis machining centers ($600K-$1.5M per machine) 18-24 months pre-sale typically returns 3-5x in valuation.

Mistake 6: workforce-continuity risk without succession plan. Aerospace skilled trades (5-axis programmers, special-process operators, complex assemblers, NDT Level II / III inspectors) take years to develop and are scarce. If your operation depends on 2-3 senior technicians who could retire any time, buyers heavily discount. Build a documented succession plan with cross-training matrices, apprentice pipeline, and named successors for critical roles.

Mistake 7: trying to sell quickly without preparation. Aerospace preparation horizon is 24-36 months — the longest in any manufacturing sub-vertical. Building AS9100D + NADCAP, securing named-OEM relationships, and developing skilled-trades depth all take time. Sellers who try to compress preparation into 6 months get the generic-manufacturer multiple, not the aerospace multiple. The 12-24 month wait typically returns 2-3x in valuation.

How to position for the right aerospace manufacturing buyer archetype

Position for aerospace-specialty PE platforms (AE Industrial Partners, Liberty Hall, Arlington Capital aerospace, IGP aerospace, Greenbriar, Veritas Capital, Behrman) when: You have $2M+ EBITDA, AS9100D + NADCAP for relevant special processes, ITAR for defense, named OEM / Tier 1 relationships, multi-year LTAs, modern equipment fleet, second-tier management depth, and willingness to roll equity 15-30%. Emphasize: certification scope, named-OEM relationships, program portfolio, growth runway, and integration into broader aerospace platform thesis.

Position for public-company strategic acquirers (TransDigm, Heico, Moog, Curtiss-Wright, Howmet, Park Aerospace, Astronics) when: You have $3M+ EBITDA, specialty capability or proprietary content (aerospace components with sole-source positions, FAA-PMA portfolios, motion control, defense electronics, composites), management depth, and willingness to integrate into a public-company structure. Public strategics often pay 8-12x EBITDA for clear specialty fits, with cash-heavy structures.

Position for aerospace regional consolidators when: You have $1M-$5M EBITDA, AS9100D, geographic fit with aerospace clusters (Wichita / Tulsa, Pacific Northwest, Connecticut / Massachusetts, Southern California, Texas, Florida), and willingness to roll equity. Regional consolidators value workforce continuity heavily and pay premium for documented succession plans.

Position for search funders and family offices when: You have $1M-$3M EBITDA (search funders) or $2M-$8M EBITDA (family offices), AS9100D, real second-tier management, recurring program revenue, and end-market specialty. Aerospace-experienced searchers (former Boeing, Airbus, Lockheed Martin, Raytheon program managers) value the credentialed business model.

Position for SBA individuals when: Your SDE is $300K-$700K, AS9100D-certified, the business runs on documented systems, owner role is replaceable with 90-180 days of training, and customer base is non-classified (SBA + ITAR overlap creates complexity). SBA buyers in aerospace are typically industry-experienced (former Boeing, Lockheed Martin, Raytheon, or Tier 1 supplier executives).

Tax planning for aerospace manufacturing exits

Aerospace manufacturing exits are typically structured as stock sales at $3M+ EBITDA (preserves AS9100D / NADCAP / ITAR registrations and customer LTAs) or asset sales below that threshold. Stock sales avoid the certification re-registration delay (asset sales often require new entity to re-certify AS9100D, which can take 12-18 months). For ITAR shops, stock sales avoid DDTC re-registration. For FAA-PMA shops, stock sales avoid PMA transfer review.

Typical asset allocation in a $5M EBITDA aerospace machining sale at $40M EV. Tangible assets (CNC, special-process equipment, inventory, AR): $8-13M, taxed as ordinary income recapture at up to 37% federal plus state. Goodwill: $25-30M, taxed as long-term capital gains at 23.8% federal plus state. Non-compete: $300K-$1M. Consulting / employment: $500K-$2M (especially when AS9100D / NADCAP transition or customer-relationship continuity requires extended seller engagement).

Stock sale economics at platform scale. At $3M+ EBITDA platform-scale aerospace deals, stock sales preserve full federal capital gains treatment (23.8% federal-only at long-term holding) on the entire purchase price. Buyers typically discount headline price 5-10% for the lost depreciation step-up but the seller’s after-tax outcome is often better than asset-sale equivalent. Tax-attorney-driven transaction structuring matters at this scale.

Section 1202 QSBS for aerospace C-corps held 5+ years. Section 1202 QSBS can exclude up to $10M of capital gains from federal tax for qualifying C-corp stock held 5+ years. The $50M aggregate gross asset test typically permits aerospace shops up to $10-15M EBITDA scale. Many aerospace family-owned C-corps qualify but the structure is rarely optimized. Talk to a tax attorney 18+ months before sale — QSBS can dramatically improve net-after-tax outcomes.

Rollover equity tax deferral. Rolling 20-30% of equity into an AE Industrial Partners, Liberty Hall, Arlington Capital aerospace, or IGP aerospace platform typically qualifies for tax-deferred treatment under Section 351 or 721. Aerospace platforms have historically achieved strong exit multiples (8-12x EBITDA exit), making rollover economics particularly favorable.

State tax considerations. Texas (major aerospace cluster: Boeing San Antonio, Lockheed Martin Fort Worth, Bell Helicopter, Raytheon, plus emerging space economy), Florida (Boeing, Lockheed Martin, Raytheon, plus space economy), Tennessee, Nevada, Wyoming offer 0% state capital gains. Major aerospace states with state tax: Washington (Boeing), California (Lockheed Martin Skunk Works, SpaceX, Northrop Grumman, Raytheon), Connecticut (Pratt & Whitney, Sikorsky), Massachusetts, Kansas (Spirit AeroSystems Wichita), Oklahoma (Tulsa MRO cluster). On a $40M sale, state-tax differential can be $1.5-3.5M.

When to wait: signals that delaying 18-36 months pays off

Aerospace manufacturing preparation leverage is among the highest in any manufacturing sub-vertical because the certification stack, customer-base development, and skilled-trades workforce all compound over multi-year horizons. But the longer preparation horizon means the wait is meaningful. Health, age, and personal liquidity considerations weigh heavily.

Signal 1: you serve aerospace customers without AS9100D. If 30%+ of your revenue is aerospace without AS9100D, achieving certification 18-24 months pre-sale is the highest-leverage move in any manufacturing sub-vertical. The certification cost ($50-150K) typically returns 5-10x in valuation through specialty multiple uplift (6-9x EBITDA versus 4-5x for generic precision manufacturing). On $2M EBITDA, the differential is $4-8M of additional pre-tax proceeds.

Signal 2: you operate special processes without NADCAP. Heat treatment, chemical processing, welding NDT, surface enhancement, materials testing without NADCAP limit your customer base and compress your multiple. NADCAP certification by process category (6-12 months, $30-100K each) adds 0.5-1.5x EBITDA per category. ROI typically 3-6x.

Signal 3: you have defense exposure without ITAR registration. ITAR registration is trivially cheap ($2,250 annually) but takes 60-120 days for DDTC processing plus internal compliance program buildout. Adding ITAR registration 12-18 months pre-sale unlocks classified-content positioning and adds 0.5-1x EBITDA to defense-aerospace multiples.

Signal 4: aging equipment fleet without 5-axis or modern automation. Investing in 1-2 modern 5-axis CNC machining centers ($600K-$1.5M each) 18-24 months pre-sale shifts the equipment narrative and adds 0.5-1x EBITDA in valuation. ROI often 3-5x.

Signal 5: weak program-level documentation or customer relationship continuity. Building program portfolio matrices, securing multi-year LTAs with named Tier 1 suppliers, and documenting customer-specific qualifications (Boeing PSCAQ, Lockheed Martin Star supplier, Raytheon supplier qualification) over 12-18 months supports premium multiple positioning.

Signal 6: skilled-trades workforce concentration risk. If your operation depends on 2-3 senior aerospace technicians without documented succession, buyers price the workforce-risk discount in. Building cross-training, apprentice pipeline, and named successors over 24-36 months addresses the concern and supports premium multiple.

When NOT to wait. Health forcing exit. Co-owner conflict. Personal financial liquidity needs. Specific defense-program risk (e.g., your concentration is in a program subject to potential cancellation). Customer attrition signaling structural decline. PE / public-strategic activity slowing in your specific sub-segment.

Earnouts, rollover equity, and seller financing in aerospace manufacturing deals

Aerospace manufacturing deals at $1M+ EBITDA almost always include some combination of earnout, rollover equity, and seller financing. Aerospace-specialty PE platforms (AE Industrial Partners, Liberty Hall, Arlington Capital aerospace, IGP) structure deals with cash + 15-30% rollover + 18-36 month earnout. Public-company strategic acquirers (TransDigm, Heico, Moog, Curtiss-Wright, Howmet) typically pay more cash with smaller rollover and shorter earnouts. Aerospace earnout structures often include certification-audit milestones and customer-program retention thresholds.

Typical aerospace-specialty PE structure at $5M EBITDA / $40M EV (8x). Cash at close: $26-30M (65-75%). Rollover equity into the platform: $7-10M (17-25%). Earnout: $4-7M (10-18%) tied to EBITDA milestones, customer retention (especially top Tier 1 OEM relationships), AS9100D / NADCAP audit results, and program retention. Aerospace earnout realization rates run 70-85% historically — higher than generic manufacturing because revenue durability is structurally stronger.

Public-company strategic acquirer structures. TransDigm, Heico, Moog, Curtiss-Wright, and Howmet typically structure deals 80-90% cash with smaller rollover (often via stock of the public company itself) and shorter earnouts (12-18 months). The benefit: more cash certainty, public company stock optionality. The trade-off: lower upside than rolling into a PE platform with a 4-5 year exit horizon at higher exit multiples.

Rollover equity into aerospace-specialty PE platforms. Rolling 20-30% into an AE Industrial Partners, Liberty Hall, Arlington Capital aerospace, or IGP aerospace platform creates exposure to platform exit (typically 4-5 years to a larger PE, public strategic, or sometimes IPO). Aerospace platforms have historically achieved strong exit multiples (8-12x EBITDA exit), with rollover economics typically delivering 2-3x money-on-money over the hold period.

SBA seller-financing for sub-$1M aerospace shops. SBA 7(a) loans capped at $5M total project. Buyer equity 10% minimum. Seller note 20-30% of purchase price, subordinated, on standby for 24+ months. Aerospace SBA buyers are typically industry executives transitioning to ownership, often with prior Boeing, Lockheed Martin, Raytheon, or Tier 1 supplier experience. Note: ITAR-classified work creates complexity for SBA financing because of the overlap between SBA underwriting requirements and ITAR access controls.

Conclusion

Selling an aerospace manufacturing business in 2026 is the highest-multiple opportunity in lower middle market manufacturing M&A — with structural tailwinds from Boeing and Airbus 13,000+ aircraft backlogs, defense modernization (F-35, B-21, hypersonics, missile defense), and emerging space supply chain demand. But the multiples and outcomes diverge dramatically based on certification scope (AS9100D, NADCAP, ITAR, FAA-PMA), named OEM customer relationships (Boeing, Airbus, Lockheed Martin, Raytheon, Northrop Grumman, GE Aerospace, Pratt & Whitney through Tier 1 suppliers), MRO vs OEM mix, defense vs commercial split, equipment modernization, skilled-trades workforce continuity, and program-level documentation. Owners who succeed are the ones who stop benchmarking against generic precision-manufacturing multiples and start benchmarking against the actual 2026 aerospace buyer pool: aerospace-specialty PE platforms (AE Industrial Partners, Liberty Hall Capital Partners, Arlington Capital aerospace fund, Industrial Growth Partners aerospace, Greenbriar Equity Group, Veritas Capital, Behrman Capital) paying 7-10x EBITDA on platforms, public-company strategic acquirers (TransDigm Group, Heico Corporation, Moog Inc., Curtiss-Wright, Howmet Aerospace) paying 8-12x EBITDA at platform scale, aerospace regional consolidators paying 5.5-7.5x EBITDA on bolt-ons, search funders and family offices paying 5-7x EBITDA for $1M-$3M EBITDA targets, and SBA buyers paying 4-5.5x SDE on sub-$1M AS9100D shops. Get your books clean and program-level documented 18-24 months ahead. Build the certification stack (AS9100D, NADCAP for special processes, ITAR for defense, FAA-PMA for aftermarket) over 24-36 months. Document named-OEM customer relationships and multi-year LTAs. Modernize equipment fleet (5-axis CNC, automation). Build workforce-continuity story. Position for the right buyer archetype rather than running a generic auction. The owners who do this work see 50-100% 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 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 aerospace manufacturing business in 2026?

Sub-$1M SDE aerospace job shop (no AS9100D): 3.5-4.5x SDE. Sub-$1M SDE AS9100D aerospace: 4-5.5x SDE. $1M-$3M EBITDA AS9100D commercial: 6-7.5x EBITDA. $3M+ EBITDA AS9100D + NADCAP commercial: 7-9x EBITDA. $3M+ EBITDA AS9100D + NADCAP + ITAR defense: 8-10x EBITDA. FAA-PMA aftermarket / MRO: 6-8x EBITDA. Aerospace commands the highest multiples in lower middle market manufacturing.

Who are the most active PE buyers of aerospace manufacturing businesses right now?

AE Industrial Partners (multiple aerospace platforms over multiple fund vintages with deep operating partner expertise), Liberty Hall Capital Partners (dedicated aerospace specialty), Arlington Capital Partners aerospace fund, Industrial Growth Partners aerospace, Greenbriar Equity Group, Veritas Capital aerospace / defense, Behrman Capital, plus 10+ aerospace-focused regional consolidators. Public-company strategic acquirers include TransDigm Group, Heico Corporation, Moog, Curtiss-Wright, Howmet Aerospace, Park Aerospace, and Astronics.

How does AS9100D certification affect my sale?

Materially. AS9100D is the aerospace QMS baseline required for production work. Achieving certification typically takes 12-18 months and costs $50-150K. The multiple impact: aerospace-specialty PE platforms (AE Industrial, Liberty Hall, Arlington Capital aerospace, IGP) won’t engage without AS9100D. Going from generic precision manufacturer (4-5x EBITDA) to AS9100D aerospace specialist (6-9x EBITDA) typically returns 5-10x the certification cost in valuation.

What is NADCAP and why does it matter?

NADCAP (National Aerospace and Defense Contractors Accreditation Program) certifies special processes (chemical processing, heat treatment, welding NDT, surface enhancement, materials testing). NADCAP is mandatory for many Boeing, Airbus, Lockheed Martin, Raytheon, Northrop Grumman programs. Each NADCAP-certified process category adds 0.5-1.5x EBITDA in valuation. Certification by category typically takes 6-12 months and costs $30-100K each.

Do I need ITAR registration if I serve defense customers?

Yes if you handle defense-classified work (Lockheed Martin classified programs, Raytheon classified programs, Northrop Grumman classified programs). ITAR registration with State Department DDTC is $2,250 annually plus internal compliance program buildout. ITAR adds 0.5-1x EBITDA to commercial aerospace multiples and unlocks the defense-specialty buyer pool (Veritas Capital aerospace / defense, Arlington Capital aerospace fund). Buyers without ITAR registration cannot acquire ITAR-classified work without registration themselves — which adds 3-6 months to deal timeline.

What about FAA-PMA approvals?

FAA-PMA (Parts Manufacturer Approval) is the FAA approval pathway for non-OEM parts manufacturers to produce replacement parts. PMA approval is granted on a part-by-part basis ($50-300K per part, 6-18 months) and represents a real regulatory moat in MRO and aftermarket markets. Heico Corporation built its public-company strategic thesis largely around acquiring FAA-PMA-approved parts manufacturers. PMA portfolios trade at premium because each PMA is a competitive moat.

How does customer concentration work in aerospace?

Customer concentration above 30-40% on a single Tier 1 customer (Spirit AeroSystems, Triumph Group, Howmet, Heico, TransDigm, Moog, Curtiss-Wright) is common in aerospace and not necessarily a discount driver if the program portfolio with that customer is diversified across multiple OEM end-programs and multi-year LTAs are in place. Buyers price aerospace concentration based on program-level diversification more than customer-level concentration.

Should I serve OEM or MRO work?

Both have premium positioning. OEM (original equipment manufacturer) production work into Boeing, Airbus, Lockheed Martin, Raytheon, Northrop Grumman, GE Aerospace, Pratt & Whitney through Tier 1 suppliers commands 7-10x EBITDA. MRO (maintenance, repair, overhaul) work commands 6-8x EBITDA. FAA-PMA-approved parts manufacturers (Heico thesis) trade at the high end of MRO range. Defense (ITAR-registered) adds 0.5-1x EBITDA premium. Space, rotorcraft, and propulsion sub-segments command additional premium in 2026.

How long does it take to sell an aerospace manufacturing business?

10-15 months from launch to close typical — longer than other manufacturing sub-verticals due to certification-stack diligence depth and customer interview rigor. Defense-classified work adds time (ITAR transfer review, classified contract continuity). Public-company strategic acquirer timelines (TransDigm, Heico, Moog, Curtiss-Wright, Howmet) include integration planning. Add 24-36 months on the front for proper preparation if AS9100D, NADCAP, ITAR, customer relationships, equipment modernization, and workforce continuity aren’t buyer-ready.

Should I sell to an aerospace-specialty PE or a public-company strategic?

Depends on size, sub-segment, and structure preference. Aerospace-specialty PE (AE Industrial Partners, Liberty Hall, Arlington Capital aerospace, IGP) pay 7-10x EBITDA at platform scale with 15-30% rollover and 4-5 year value creation thesis. Public-company strategics (TransDigm Group, Heico Corporation, Moog, Curtiss-Wright, Howmet) pay 8-12x EBITDA with cash-heavy structures. Run multiple types in parallel to maintain leverage.

Should I structure as a stock sale or asset sale?

Stock sales are strongly preferred at $3M+ EBITDA platform-scale aerospace deals because they preserve AS9100D / NADCAP / ITAR / FAA-PMA registrations and customer LTAs. Asset sales often require new entity to re-certify (12-18 months), which is a deal-killer. Stock sales also preserve full federal capital gains treatment (23.8% federal-only) on the entire purchase price. At sub-$3M EBITDA scale, asset sales are more common but certification continuity should be a priority in deal structuring.

Should I sell now or wait for the next defense / commercial cycle?

Generally now. Aerospace 2026 has unprecedented structural tailwinds: Boeing and Airbus combined backlogs exceed 13,000 aircraft (8+ years production visibility), defense modernization budgets growing (F-35 production, B-21 Raider, hypersonics, missile defense, Replicator drone program), MRO demand robust as commercial fleets age, and space supply chain emerging. PE buyers and public strategics are competing for platform deals. The buyer pool may not stay this competitive indefinitely — if you’re within 18-24 months of the right preparation, capturing this market is more likely to outperform waiting through cycle uncertainty.

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 5-10% of the deal (often $1M-$4M+ on aerospace deals) plus monthly retainers, run a 10-15 month auction process, and require 12-month exclusivity. We work directly with 76+ buyers — including 38 manufacturing-focused platforms covering aerospace (aerospace-specialty PE like AE Industrial Partners, Liberty Hall, Arlington Capital aerospace, IGP, Greenbriar, Veritas Capital, Behrman Capital, plus 10+ regional consolidators; public-company strategics like TransDigm, Heico, Moog, Curtiss-Wright, Howmet, Park Aerospace, Astronics; family offices; aerospace-experienced search funders) — 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 (90-150 days from intro to close at platform scale) because we already know which aerospace buyer fits your specific certification scope and customer base rather than running a generic auction to find one.

Sources & References

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

1. AS9100D Aerospace Quality Management System Standard — AS9100D is the aerospace QMS standard required for production work into Boeing, Airbus, Lockheed Martin, Raytheon, Northrop Grumman, GE Aerospace, Pratt & Whitney programs.
2. NADCAP — Performance Review Institute — NADCAP certifies aerospace special processes (chemical processing, heat treatment, welding NDT, surface enhancement) required by major aerospace OEMs and Tier 1 suppliers.
3. U.S. State Department Directorate of Defense Trade Controls (DDTC) ITAR — ITAR registration with DDTC ($2,250 annual fee) is required for defense-related aerospace manufacturing, including Lockheed Martin, Raytheon, and Northrop Grumman classified program work.
4. FAA Parts Manufacturer Approval (PMA) — FAA-PMA is the regulatory pathway for non-OEM aerospace parts manufacturers to produce replacement parts; each PMA represents a regulatory moat in aftermarket and MRO markets.
5. AE Industrial Partners — AE Industrial Partners is among the most active aerospace-specialty PE firms with multiple platforms across multiple fund vintages.
6. Liberty Hall Capital Partners — Liberty Hall Capital Partners is a dedicated aerospace specialty PE firm with multiple platform investments across commercial, defense, and aftermarket aerospace.
7. Arlington Capital Partners — Arlington Capital Partners operates a dedicated aerospace fund focused on lower middle market aerospace and defense acquisitions.
8. FAA Aircraft Certification Service — FAA aircraft certification governs the regulatory framework for U.S. aerospace manufacturing, including type certifications, supplemental type certifications, and parts manufacturer approvals.