Close · Aerospace & Defense

Disclosure Schedules for Aerospace & Defense Independent Sponsors

Securities and M&A counsel for independent sponsors preparing aerospace and defense transactions, from LOI to close to the capital markets that open up afterward.

EV range $15M to $200M EV EBITDA $3M to $30M Audience Buy & Sell-side
The deal context

An independent sponsor closing aerospace and defense transactions in the $15M to $200M EV range has a defined set of moves at the Disclosure Schedules stage. Most of them are not in a generic M&A textbook.

The typical aerospace and defense platform sits at $15M to $200M EV with EBITDA in the $3M to $30M range. The thesis runs on tier-two or tier-three supplier consolidation with certifications as moat. Foreign LP capital can trigger CFIUS review on the cleanest of deals. Map the cap table early.

The moves

How Disclosure Schedules actually gets structured.

  1. Coordinate disclosure schedule preparation with the seller's diligence file, not against it.

  2. Specifically disclose against specific reps, with cross-reference indexing.

  3. Use the schedules to surface known issues, not to hide them.

  4. Update schedules at signing and again at closing where allowed.

  5. In aerospace and defense, layer in ITAR / EAR registration transferred or refiled before close as part of the Disclosure Schedules workstream.

The common mistake

Treating disclosure as a dump. The schedules carry the same legal weight as the reps; they need the same precision.

Jason's take
"Disclosure schedules are the most underrated document in M&A. They protect both sides when done right."
Jason Powell · Disclosure Schedules
Capital after close

The deal is one thing. The capital that opens up after close is another.

Refinancing, recaps, growth rounds, and the right strategic conversation eighteen months early are all downstream of relationships that take years to build and minutes to use.

MONTH 18
Senior refi
MONTH 24
Dividend recap
MONTH 36
Growth equity
YEAR 4–5
Strategic exit
ENGAGE THE PRACTICE

Disclosure Schedules for Aerospace & Defense, on independent sponsor terms.

Independent sponsor counsel that already speaks fluent deal-by-deal economics, structures clean LPAs, and travels with capital markets relationships for what comes after close.