Janes Capital Partners Research
Advisory Approach
Janes Capital Partners is a pure-play Aerospace & Defense investment banking firm founded in 1999 by Rear Admiral (RADM) David Janes and Stephen Perry. The firm operates with a singular focus: serving lower middle market A&D companies through M&A advisory services. Their thesis is that deep industry specialization, combined with exhaustive buyer outreach and institutional-quality process management, delivers superior outcomes for founder-owned businesses where operational complexity creates valuation opacity.
The firm's sweet spot is founder-owned aerospace and defense manufacturers, components suppliers, and specialty technology companies with enterprise values between $10M and $250M. They avoid businesses below $10M TEV, pure asset sales, and situations requiring limited buyer outreach.
Sector Focus
Janes Capital Partners is exclusively focused on the Aerospace & Defense industry, with comprehensive coverage across every sub-sector:
Aerospace: Aerostructures, aircraft interiors, avionics, commercial airframes, components & subsystems, composites, connectors, controls & systems, engines & engine systems, fasteners, machined & cast parts, and MRO (maintenance, repair & overhaul).
Defense: C4ISR systems, defense electronics, energetic materials, land systems, missiles, naval systems, sensors, systems integrators, tactical & protection equipment, and unmanned aerial vehicles (UAVs).
Space: Propellant materials, propulsion devices, satellite technology, and space sensors.
Government: Cybersecurity, information technology, intelligence services, security services & systems, and training services.
This specialization is not accidental—it's strategic. The firm's bankers have spent decades building relationships with every major A&D strategic buyer and A&D-focused private equity firm. They understand industry-specific value drivers, from AS9100 certification status to ITAR compliance, from government contract concentration to aftermarket revenue streams.
Deal Track Record
Janes Capital Partners has completed 80+ Aerospace & Defense transactions valued at over $6.0 billion in aggregate transaction value since 1999. Their recent transaction activity demonstrates deep expertise across A&D sub-sectors:
2025-2026 Transactions:
- ExoAnalytic Solutions to Anduril Industries (2026) – Space domain awareness and missile defense technology provider with global network of 400+ optical telescopes
- High Tech Solutions to BTX Precision (2025) – Precision machining specialist for aerospace, defense and space; 58 employees, 56,000 sq ft facility in Missouri
- OSL Technology to Terma A/S (2025) – UK-based counter-drone and airspace security specialist; cross-border deal with Danish strategic buyer
- American Casting Company strategic investment by Arcline Investment Management (2025) – Investment castings for aerospace and defense from superalloys
- McStarlite Co. to Standex International Corporation (2025) – Premier sheet metal specialist forming complex aerospace components; four facilities in Harbor City, CA
Notable Historical Transactions:
- Pyramid Precision Machine to CoreDux/Arcline (2023) – High-complexity precision components for semiconductor manufacturing and aerospace
- IDL Precision Machining to Cadrex Manufacturing Solutions/CORE Industrial Partners
- Precision Fuel Components to VSE Corporation (2023) – Everett-based fuel system components
- Networks Electronic Company to ESCO Technologies (NYSE: ESE)
- Onamac Industries to Due West Partners
- IntelliPower to AMETEK (NYSE: AME)
- AC&A to AE Industrial Partners
- TMD Technologies to CPI/Odyssey Investment Partners
- Composite Engineering (CEi) to Kratos Defense & Security Solutions
- Matrix Composites to ITT Inc. (NYSE: ITT) – $29 million transaction
- Lightning Diversion Systems to Ducommun (NYSE: DCO) – $60 million transaction
- General Dynamics acquisition of Advatech Pacific's Cross Domain Solutions Division
- Admiralty Partners acquisition of GE Aviation Santa Ana Operations
- Honeywell Lubrication & Scavenge Pumps to TransDigm
- Thermal Structures to HEICO
The firm has closed 9 cross-border transactions with Oaklins colleagues worldwide, demonstrating global reach. Nearly all processes include international buyers, leveraging relationships across Europe, Asia, and the Middle East.
Process & Fee Structure
Janes Capital Partners runs institutional-quality sell-side processes tailored for lower middle market companies:
Process Timeline: 6-9 months from engagement to close
Key Process Elements:
- Strategic preparation including financial modeling and CIM development
- Proactive buyer outreach to 200-400 targeted parties (vs. industry average of 50-100)
- NDA negotiation and distribution management
- Structured bid deadline management and evaluation
- Management presentation coaching
- Comprehensive due diligence coordination
- Final negotiation and closing support
Fee Structure:
- Retainer: Monthly fee during engagement (credited against success fee)
- Success fee: Industry-standard Lehman or modified Lehman formula on total enterprise value
- Minimum engagement size: $10M TEV floor
The firm requires exclusivity and will not take engagements where the seller wants to run a limited process. Their value proposition is exhaustive buyer outreach—every deal is spearheaded by a senior banker with hands-on involvement at every stage.
Buyer Network
Janes Capital Partners maintains deep relationships across the A&D buyer universe:
Private Equity: Arcline Investment Management, AE Industrial Partners, Odyssey Investment Partners, CORE Industrial Partners, Due West Partners, Warburg Pincus, and 30+ other A&D-focused PE firms. The firm has closed transactions with 12+ PE buyers.
Strategic Buyers: Anduril Industries, Terma A/S (Denmark), BTX Precision, Standex International Corporation, HEICO Corporation, AMETEK, VSE Corporation, ESCO Technologies, TransDigm, Kratos Defense & Security Solutions, ITT Inc., Ducommun, General Dynamics, Northrop Grumman, Boeing, and 100+ other strategic acquirers across commercial aerospace, defense electronics, and space sectors.
International Reach: Through Oaklins membership, the firm connects buyers in 45+ countries. Recent cross-border deals include sales to Danish, German, and UK buyers. Nearly all processes include international strategic acquirers.
Regulatory Expertise: Deep knowledge of ITAR, CFIUS, and Exon-Florio regulations enables smooth cross-border transactions.
Competitive Positioning
Janes Capital Partners differentiates through pure-play specialization:
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Only A&D – Unlike generalist middle-market banks, 100% of their deal flow is Aerospace & Defense. This means every banker understands the difference between a shop-fabricated part and a PMA-validated aftermarket component.
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Oaklins Network – Membership in Oaklins (850 professionals, 45 countries, 1,900+ transactions in past 5 years) provides global reach while maintaining local expertise. Stephen Perry co-chairs Oaklins' global A&D practice.
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Exhaustive Outreach – 200-400 buyer contacts per engagement vs. 50-100 industry average. This generates competitive tension that drives valuations higher.
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Senior Banker Hands-On – Every deal is spearheaded and managed by a Managing Director with 20+ years of experience. No junior delegation.
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Proprietary Research – The firm publishes A&D Quarterly Reports, Segment Reports, and Weekly Transaction Analysis—demonstrating thought leadership and keeping a pulse on market conditions.
Not a Fit If
Janes Capital Partners typically declines:
- Businesses below $10M TEV
- Pure asset sales or liquidations
- Businesses with significant pending litigation or regulatory issues
- Founders who want a limited buyer process (the firm's value is exhaustive outreach)
- Non-A&D businesses (they are pure-play specialists)
Team
Stephen Perry – Managing Director & Co-Founder. 30+ years of investment banking experience. Formerly at Credit Suisse/First Boston, Kayne Anderson, and Irving Trust Company. Closed 50+ A&D transactions valued at over $5 billion. Notable transactions include Frontier Systems to Boeing, Scaled Composites to Northrop Grumman, Advatech Pacific to General Dynamics, and GE Aviation Santa Ana to Admiralty Partners. MBA from UCLA Anderson, BA from Georgetown. FINRA Series 7, 24, 27, 63, 65, 79, 99.
Ken Fukumoto – Director. Joined 2014. Focuses on A&D M&A transactions. Previously at Aleutian Capital Group. BS in Engineering Physics from Fordham University. FINRA Series 24, 63, 79.
Chris Reinecke – Vice President. Specializes in sell-side M&A for commercial aerospace, military defense, and space sectors. Previously at Morgan Stanley (securitized products) and City National Bank (middle-market commercial banking). BS from Chapman University. FINRA Series 7, 24, 66, 79.
Bruce Renner – Analyst. Supports M&A deal execution and A&D industry analytics. Previously at Echelon Partners and PwC (M&A valuation). BS from University of Southern California. FINRA SIE, 79.
The firm maintains a lean structure—approximately 5-10 deal professionals—with all deal execution led by senior bankers. This ensures high-touch service and institutional-quality process management for every client.
Geographic Coverage
Headquartered in Irvine, California (100 Spectrum Center Drive, Suite 460), the firm serves clients nationally but has particular density in aerospace corridors:
- Southern California (Orange County, Los Angeles, San Diego)
- Pacific Northwest (Seattle, Everett)
- Midwest (Wichita, Cincinnati)
- New England (Hartford, Boston)
- Arizona (Phoenix)
- Texas (Dallas-Fort Worth)
Through Oaklins, the firm can execute transactions globally, with recent cross-border deals to buyers in Denmark, Germany, UK, and other European markets.