FOCUS Government, Aerospace and DefenseG orup · 2020-05-16 · Seasoned, Systematic, SuccessfulSM Q1 2015 Report Vol. 8, No. 2 FOCUS Government, Aerospace and DefenseG orup Investment

Seasoned, Systematic, SuccessfulSM

Q1 2015 Report

Vol. 8, No. 2

FOCUS Government, Aerospace and Defense Group

Investment Banking and Advisory ServicesThe FOCUS government, aerospace, and defense practice provides three highly tailored investment banking services to emerging middle market and larger GAD sector firms:

Sellside EngagementsBuyside EngagementsCapital Formation

In this Issue

2 Major Q1 2015 Deals in the GAD Sector

4 Performance: S&P 500 vs. GAD

Government Sector Q1 2015

5 Aerospace Sector Q1 2015 Defense Sector Q1 2015

6 M&A Activity in the GAD Sector

7 Selected GAD Transactions Q1 2015

9 Recent FOCUS GAD Transactions

11 FOCUS GAD Team

www.focusbankers.com/GAD 2 Atlanta •Los Angeles •Washington, DC

GOVERNMENT

Correctional Properties, LLC Acquisition of LCS Correction Services, Inc.As of January 26, 2015, LCS Correction Services, LLC has been acquired by Correctional Properties, LLC for $312M, in an all cash deal with an added potential $38M earn out. LCS Correction Services, Inc. was founded in 1990 and is based out of Lafayette, Louisiana.

LCS Correction Services, Inc. offers correctional and detention services to county, state, and federal government agencies in the United States. The primary operations of the company are the management of correctional and detention facilities, including over 6,500 beds. This equates to an estimated purchase price of over $48,000 per bed. More than two-thirds of the company’s revenues are due to ongoing contracts with Federal agencies.

In addition to the management of the correctional facili-ties, the company offers a range of other services, includ-ing medical, commissary, recreation, telephone, law library access, and educational and substance abuse programs. The company also offers transportation services for short and long distance offender transport, which also includes over-night staging.

The acquisition of LCS Correction Services, Inc. is esti-mated to immediately increase Correctional Properties, LLC’s revenues by approximately $75M. It also is expected that Correctional Properties, LLC will be able to substan-tially increase the utilization of the LCS Facilities within the next 12 to 24 months.

Correctional Properties, LLC is part of the GEO Group. This transaction will help solidify GEO Group’s position as the largest provider of correctional and detention bed space to the Federal Government, with over 106 facilities and over 85,500 beds.

Business Wire. (2015). THE GEO Group Announces Acquisition of Eight Correctional and Detention Facilities Totaling More Than 6,500 Beds. Available: http://www.businesswire.com/news/home/20150126005618/en/GEO-Group-Announces-Acquisition-Correctional-Detention-Facilities#.VSR6nfnF-ao. Last accessed April 7, 2015.

The Advertiser. (2015). Lafayette-based LCS Corrections sells prison sites for $312 million. Available: http://www.theadvertiser.com/story/money/business/2015/01/27/lafayette-based-lcs-corrections-sells-prison-sites-million/22434743/. Last accessed April 7, 2015.

The GEO Group Website: www.geogroup.com

AEROSPACE

TransDigm Group Incorporated Acquisition of Telair International GmbH, Nordisk Aviation Products, and AAR Cargo SystemsAs of February 23, 2015, Telair International GmbH, Nordisk Aviation Products, and AAR Cargo Systems have been acquired by TransDigm Group Incorporated from AAR Corp. The total consideration for this transaction was $725M in cash. This transaction has been financed through existing cash and approximately $75M borrowed through existing credit facilities. The revenues are esti-mated to be approximately $300M with EBITDA mar-gins reaching approximately 20 percent for the financial year ending May 2015. These estimated financials account for an enterprise value to revenue multiple of 2.42X and an enterprise value to EBITDA (earnings before interest, taxes, depreciation, and amortization) of 12.08X.

Telair is a global leader in aerospace on-board cargo loading and handling restraint systems. The business is comprised of three separate operating units—Telair Inter-national GmbH, Nordisk Aviation Products, and AAR Cargo Systems. Telair International GmbH, headquar-tered in Miesbach, Germany, is the largest operating unit in Telair—accounting for approximately 60 percent of the unit’s total revenues and an even greater percentage of the profits.

Nordisk Aviation Products, headquartered Holmestrand, Norway, is the market leader in designing, engineering, and manufacturing of innovative and cost-effective unit load devices. Nordisk products are in service in nearly every airline or freight company worldwide.

AAR Cargo Systems, headquartered in Goldsboro, North Carolina, is a supplier, designer, and manufacturer of in-aircraft cargo loading components and systems in a variety of commercial and military aircraft platforms.

Major Q1 2015 Deals in the GAD Sector


This acquisition aims to enhance the TransDigm Group’s market presence in the commercial aerospace and cargo markets—specifically in the growing aftermarket. Trans-Digm Group Incorporated, headquartered in Cleveland, Ohio, reported total revenues of $2.43B in 2014 with an estimated 7,300 employees.

PR Newswire (2015). TransDigm to Acquire Telair Cargo Group. Available: http://www.prnewswire.com/news-releases/transdigm-to-acquire-telair-cargo-group-300039461.html. Last accessed April 7, 2015.

The Wall Street Journal. (2015).TransDigm to Buy Telair Cargo Group for $725 Million. Available: http://www.wsj.com/articles/transdigm-to-buy-telair-cargo-group-for-725-million-1424698845. Last accessed April 7, 2015.

TransDigm Group Website: www.transdigm.com

Telair International Website: www.telair.com

DEFENSE

Poynting Holdings Limited Acquisition of Antenna Research Associates, Inc.As of February 19, 2015, Antenna Research Associ-ates, Inc. has been acquired by Poynting Holdings Lim-ited for $16.89M, with $5M in cash and the remainder in Poynting shares – no profit warranties were included in this transaction. Based on prior year revenue estimates, the total consideration equates to an approximate enterprise value to revenue multiple of 1.0X.

Antenna Research Associates, Inc., founded in 1963 and headquartered out of Beltsville, Maryland, has approxi-mately 100 employees and offers RF and antenna systems to the military, commercial, and other EMC markets. The company designs, manufactures, and supplies an exten-sive array of RF products and solutions for military satel-lite communication, including flight-qualified airborne antennas, high-performance handheld tactical SATCOM antennas, and ruggedized vehicular antennas. The com-pany also produces systems for surveillance, radar, threat emitters, and signal jamming.

Poynting’s acquisition of Antenna Research Associates, Inc. will help boost Poynting’s RF and antenna systems market presence specifically in the United States—where Antenna Research Associates, Inc. realized over 90 percent of its sales.

Poynting Holdings Limited was founded in 1990 and is headquartered in Centurion, South Africa. The company anticipates revenues of approximately $14.34M in 2014 with a gross profit of about $7.02M.

Trust Matsilele. (2015). Poynting Set to Acquire Antenna Research Associates. Available: http://www.cnbcafrica.com/news/southern-africa/2015/02/19/poynting-ara-acquistion/. Last accessed April 7, 2015.

Poynting Holdings Limited Website: www.poynting.co.za

Antenna Research Associates Website: www.ara-inc.com


Performance: S&P 500 vs. GAD (04/02/14 - 04/01/2015)

GOVERNMENT Sector Q1 2015

■ GAD Government Group (Market Cap)—Index Value

■ GAD Defense Group (Market Cap)—Index Value

■ GAD Aerospace Group (Market Cap)—Index Value

■ S&P 500 Index (^SPX)—Index Value

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

Apr-0

2-20

14

Apr-1

1-20

14

Apr-2

3-20

14

May-0

2-20

14

May-1

3-20

14

May-2

2-20

14

Jun-

03-2

014

Jun-

12-2

014

Jun-

23-2

014

Jul-0

2-20

14

Jul-1

4-20

14

Jul-2

3-20

14

Aug-

01-2

014

Aug-

12-2

014

Aug-

21-2

014

Sep-

02-2

014

Sep-

11-2

014

Sep-

22-2

014

Oct-01

-201

4

Oct-10

-201

4

Oct-21

-201

4

Oct-30

-201

4

Nov-1

0-20

14

Nov-1

9-20

14

Dec-0

1-20

14

Dec-1

0-20

14

Dec-1

9-20

14

Dec-3

1-20

14

Jan-

12-2

015

Jan-

22-2

015

Feb-

02-2

015

Feb-

11-2

015

Feb-

23-2

015

Mar-04

-201

5

Mar-13

-201

5

Mar-24

-201

5

Source: Capital IQ; stock prices as of 04/02/2015

GOVERNMENT

Company NameTotal Enterprise Value

Latest ($ million)

LTM Total Revenue

($ million)

LTM EBITDA ($ million)

TEV/Total Revenues LTM

—Latest

TEV/EBITDA LTM—Latest

LTM Period Date (Used for LTM Figures)

American Science & Engineering Inc. (NasdaqGS:ASEI)

$275.3 $161.2 $11.5 1.7X 23.9X Dec-31-2014

CACI International Inc. (NYSE:CACI) $3,295.6 $3,436.3 $315.2 1.0X 10.5X Dec-31-2014

MAXIMUS, Inc. (NYSE:MMS) $4,211.4 $1,761.4 $277.0 2.4X 15.2X Dec-31-2014

NCI, Inc. (NasdaqGS:NCIT) $102.4 $317.0 $20.3 0.3X 5.0X Dec-31-2014

NIC Inc. (NasdaqGS:EGOV) $1,068.5 $ 272.1 $71.2 3.9X 15.0X Dec-31-2014

The KEYW Holding Corporation (NasdaqGS:KEYW)

$394.4 $ 290.5 $6.4 1.4X 61.6X Dec-31-2014

Versar Inc. (AMEX:VSR) $41.7 $116.9 $1.3 0.4X 32.1X Dec-26-2014

Summary StatisticsHigh $4,211.4 $3,436.3 $315.2 3.9X 61.6X

Low $41.7 $116.9 $1.3 0.3X 7.5X

Mean $1,341.3 $907.9 $100.4 1.6X 23.3X

Median $394.4 $290.5 $20.3 1.4X 15.2X

Source: Capital IQ


AEROSPACE Sector Q1 2015

DEFENSE Sector Q1 2015


AEROSPACE


Latest ($ million)

LTM Total Revenue

($ million)



—Latest



AAR Corp. (NYSE:AIR) $1,769.4 $1,925.0 $182.1 0.9X 9.7X Feb-28-2015

Astronics Corporation (NasdaqGS:ATRO) $1,759.3 $661.0 $129.0 2.7X 13.6X Dec-31-2014

CPI Aerostructures Inc. (AMEX:CVU) $130.0 $39.7 -$33.6 3.3X N/A Dec-31-2014

Esterline Technologies Corp. (NYSE:ESL) $4,203.8 $2,011.6 $352.6 2.1X 11.9X Jan-30-2015

HEICO Corporation (NYSE:HEI) $4,047.2 $1,133.7 $268.1 3.6X 15.1X Jan-31-2015

LMI Aerospace Inc. (NasdaqGS:LMIA) $420.1 $387.8 $42.6 1.1X 9.9X Dec-31-2014

Orbital Sciences Corp. (NYSE:ORB) $4,407.8 $3,744.9 $427.6 1.2X 10.3X Dec-31-2014

Triumph Group, Inc. (NYSE:TGI) $3,589.6 $1,361.7 $254.1 2.6X 14.1X Jan-02-2015

ViaSat Inc. (NasdaqGS:VSAT) $3,591.1 $1,354.7 $231.7 2.7X 15.5X Oct-03-2014


Low $130.0 $39.7 -$33.6 0.9X 9.7X

Mean $2,540.9 $1,408.2 $202.8 2.2X 12.1X

Median $2,679.5 $1,247.7 $218.1 2.4X 11.9X


DEFENSE


Latest ($ million)

LTM Total Revenue

($ million)



—Latest



AeroVironment, Inc. (NasdaqGS:AVAV) $410.8 $246.4 $15.3 1.7X 26.8X Jan-31-2015

Breeze-Eastern Corporation (AMEX:BZC) $83.8 $87.1 $12.1 1.0X 6.9X Dec-31-2014

Cubic Corporation (NYSE:CUB) $1,330.6 $1,398.4 $123.6 1.0X 10.8X Sep-30-2014

Ducommun Inc. (NYSE:DCO) $551.5 $742.4 $79.0 0.7X 7.0X Mar-31-2015

GenCorp Inc. (NYSE:GY) $1,959.3 $1,597.4 $141.5 1.2X 13.8X Nov-30-2014

Kratos Defense & Security Solutions, Inc. (NasdaqGS:KTOS)

$947.6 $868.0 $60.9 1.1X 15.6X Sep-28-2014

ManTech International Corporation (NasdaqGS:MANT)

$1,239.0 $1,774.0 $126.2 0.7X 9.8X Dec-31-2014


Low $83.8 $87.1 $12.1 0.7X 6.9X

Mean $931.8 $959.1 $79.8 1.0X 13.0X

Median $947.6 $868.0 $79.0 1.0X 10.8X


M&A Activity in the GAD SectorGAD M&A Transactions by Quarter (Q4 2013 to Q1 2015)

0

5

10

15

20

25

30

35

Num

ber o

f Tra

nsac

tions

■ Government ■ Aerospace ■ Defense

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015


M&A Activity in the GAD SectorSelected GAD Transactions Q1 2015*

GOVERNMENT

N. Harris Computer Corporation Acquires InterAct911 CorporationN. Harris Computer Corporation has acquired Inter-Act911 Corporation for an undisclosed amount. Inter-Act911 Corporation creates incident and emergency response management software solutions for first respond-ers and correctional officers worldwide. The company offers InterAct InterDEx, software which connects first responders across work shifts, jurisdictions, and geographic boundaries. (March 10, 2015)

TriTech Software Systems Inc. Acquires CompuDyne – Public Safety & Justice, Inc.TriTech Software Systems Inc. has acquired the Public Safety & Justice unit of CompuDyne for an undisclosed amount. The business unit provides computer based dis-patch, records management, and corrections management solutions to State and Federal law enforcement agencies. The company also provides consulting, designing, and sup-port services. (February 6, 2015)

Kanders & Company, Inc. and HDT Global, Inc. Acquire DHS Technologies LLCKanders & Company, Inc. and HDT Global, Inc. have acquired DHS Technologies LLC, a provider of quick erect mobile infrastructure systems and support equipment. The company offers deployable rapid assembly shelter sys-tems and components to the military and federal govern-ment. (February 5, 2015)

HDR, Inc. Acquires Infrastructure Corporation of AmericaHDR, Inc. has acquired Infrastructure Corporation of America, for an undisclosed amount. The company pro-vides maintenance services for transportation infrastruc-ture to local, state, and federal governments as well as the Department of Transportation in the U.S. ( January 7, 2015)

AEROSPACE

Roller Bearing Company of America, Inc. Acquires Avborne Accessory and Sonic Industries and Sargent Aerospace & Defense and Sargent Aerospace CanadaRoller Bearing Company of America, Inc. has acquired the combined operations of Avborne Accessory, Sonic Indus-tries, Sargent Aerospace & Defense, and Sargent Aero-space Canada for $500.0M. The companies provide repair and overhaul services to the commercial and military avia-tion industries worldwide. The companies manufacture precision-engineered components for the aerospace and defense sectors. (March 26, 2015)

Arthur J. Gallagher & Co. Acquires NationAir Insurance Agencies, Inc.Arthur J. Gallagher & Co. has acquired NationAir Insur-ance Agencies, Inc. for an undisclosed amount. The company provides insurance brokerage solutions for com-mercial, public, and private aviation groups in the United States. (March 3, 2015)

OAG Aviation Group Limited Acquires FlightView, Inc.OAG Aviation Group Limited acquired FlightView, Inc. for an undisclosed amount. FlightView, Inc. provides real-time flight information solutions for the aviation and travel industry. The company also offers flight tracking applica-tions for smart phones and other mobile devices. ( January 20, 2015)

Aergen Aviation Finance Limited Acquires Avioserv San Diego, Inc.Aergen Aviation Finance Limited has acquired Avioserv San Diego, Inc. from Vintage Fund Management, LLC for an undisclosed amount. The company’s operations include the supply and sale of serviceable aircraft engines, the lease and sale of engine parts and components to air-lines, and maintenance, repair, and overhaul facilities. ( Jan-uary 13, 2015)


STS Component Solutions, LLC Acquires Air-Pro, LLCSTS Component Solutions, LLC has acquired Air-Pro, LLC from Aero Maintenance Group LLC. The company manufactures and distributes hose assemblies for aircraft, turbine engines, and space applications. Air-Pro LLC now operates as a subsidiary of STS Component Solutions, LLC under the name STS Distribution Solutions Inc. ( January 8, 2015)

Chart Acquisition Corp. Acquires Tempus Applied Solutions, LLCChart Acquisition Corp. has acquired Tempus Applied Solutions, LLC for $100.2M. The company provides air-craft engineering, integration, and mission support opera-tions to the U.S. Department of Defense. ( January 5, 2015)

DEFENSE

Blue Wolf Capital Partners LLC Acquires North America Rescue, LLCBlue Wolf Capital Partners LLC has acquired North America Rescue, LLC from Sentinel Capital Partners, LLC. The company manufactures lifesaving rescue solu-tions for military personnel, tactical healthcare profession-als, and law enforcement personnel. The company offers esophageal detection devices, operator bags, maritime assault bags, manual needle sets, and other medical sup-plies. (March 2, 2015)

LexisNexis Risk Solutions Inc. Acquires BAIR Analytics Inc.LexisNexis Risk Solutions Inc. has acquired BAIR Ana-lytics Inc. for an undisclosed amount. BAIR Analytics Inc. is a provider of analytic software solutions for the law enforcement and defense sectors. The company’s solutions include crime pattern analytics, predictive analytics, crime mapping, and intelligence analysis. ( January 6, 2015)

The O’Neil Group Company, LLC and Braxton Science & Technology Group LLC Acquires Gnostech Inc.The O’Neil Group Company, LLC and Braxton Science & Technology Group LLC have acquired Gnostech Inc. for an undisclosed amount. Gnostech Inc. is a provider of engineering services to the Department of Defense and Homeland Security. It offers C4ISR, a joint mission plan-ning system as well as cyber security, IT networking, and consulting services. ( January 5, 2015)

Source: Transaction material sourced from S&P Capital IQ Database


Recent FOCUS GAD Transactions

“ Cybersecurity has been a target area of growth for our firm and the Endeavor acquisition provides us the necessary skill sets and customer base through which we can offer these services to a wide range of defense and civilian agencies. FOCUS provided an outstanding service and with their help we were able to look at a number of potential candidates before finalizing Endeavor as the ideal fit.” Payal Tak, President and CEO, TELESIS

“ It was time to put Avialec under the wing of a larger progressive organization with financial firepower to realize the many opportunities before us. Given their cross border transaction experience and broad U.S. coverage, FOCUS was the perfect firm to help us realize our goals. The transaction was managed in a timely manner with little disruption to our business. I could not have done it without them.” Barrie Prescott, CEO, Avialec


Recent FOCUS GAD Transactions (continued)

“ Through FOCUS and in particular Manan Shah’s efforts, we were very successful in creating a good deal of interest in our firm from a variety of buyers. Zantech management’s past experience in this sector and reputation was very comforting in my decision regarding this sale.” R.K. Pillai, Founder and Owner, Newtek International

“ John Slater of FOCUS was instrumental in helping the parties work through a number of difficult issues, while preserving the positive personal relationships with the management team which were critical to the company’s ongoing success post closing.” Jeff Davis, CEO, Acorn Growth Companies

“ We spent more than a decade building our business and knew how to run it at a level of performance well above others in our industry, but had no experience selling a company. For that depth of expertise, we partnered with FOCUS because of their seasoned team, systematic approach, and track record of middle market M&A successes.” Ray Daly, President and Co-Founder, VERTEX


FOCUS Government, Aerospace, and Defense GroupFOCUS GAD TeamBy Manan Shah, Partner and Government, Aerospace and Defense Group Team Leader, FOCUS Investment Banking LLC

The FOCUS GAD team consists of seven former C-level operators and professionals who leverage years of experi-ence in the government, aerospace, and defense sector—both domestically and abroad—to personally manage your transaction from inception to a successful close.

The FOCUS GAD team is uniquely qualified to help you meet your objectives because, unlike most government, aerospace, and defense specialty groups, we:

• Offerstrategicadvisoryservicesthatenhanceshare-holder value

• Supplyaproventransactionmethodologyfordeliveringresults

• DevotesignificantC-levelresourceswithoperatingexpertise in the GAD sector to executing transactions

• Deliverthemostexact,comprehensiveresearchtohelpclose a deal, deploying a team of research professionals dedicated to producing precise analysis

• Leverageyearsofexperienceinthemiddlemarkettomaximize opportunities for a successful transaction

• Haveanationalpresencewithglobalreach—regionaloffices ensure that all clients receive personalized service throughout every phase of a transaction

Members of the FOCUS GAD team attend many conferences and meetings both in the U.S. and interna-tionally. We are always delighted to receive introductions to innovative companies in the industry. We hope to see you at one of these events, and look forward to exploring your capital market needs as you continue to grow your enterprise.


Manan K. Shah Partner and Government, Aerospace and Defense Team Leader, Washington, DC

[email protected] 202-470-1980Manan K. Shah has over eighteen years of consulting, management and M&A advisory experience in the gov-ernment, aerospace, defense, business process outsourcing, software, and information technology sectors. Manan has represented numerous clients in the GAD sector ranging from multi-billion dollar corporations to small minority owned companies.

Brent CostelloManaging Director, Los [email protected]

818-613-0096Brent Costello has more than 30 years’ experience as an investment banker and M&A and corporate finance law-yer, representing a wide range of clients. He holds a J.D. from Georgetown University Law Center; and he gradu-ated with a B.A. (cum laude) from Yale University.

Eric OganesoffManaging Director, Washington, [email protected]

202-470-1969Eric Oganesoff, during the past twenty-five years, has con-ducted over fifty M&A, debt and capital raise transactions in information technology, manufacturing, government contracting and wireless technologies. He received a White House appointment to NASA in 1983.

Paul K. Richey Regional Managing Director, West, Los [email protected]

213-426-2122Paul Richey, a seasoned executive with more than 40 years in investment banking, has led M&A activities for pri-vately held companies, several of which have annual rev-enues in excess of $250 million.

John Slater Partner, [email protected]

404-963-8255John Slater, a M&A and capital raising veteran of twenty-three years, has managed more than 200 M&A and capital raising transactions with aggregate values in excess of $3 billion.

FOCUS Government, Aerospace and Defense Team

Gerald Turner Managing Director, Washington, [email protected]

202-470-1972Gerald Turner has over twenty-five years of executive level experience in a wide range of sectors including building and roofing materials, diverse financial services, and com-mercial data base management.

Douglas E. RodgersChief Executive Officer, Washington, [email protected]

202-470-1961Douglas E. Rodgers, CEO and Managing Partner of FOCUS since early 2002, has executive level management experience in software, information technology, aerospace, e-commerce, real estate and construction, manufacturing and distribution, serving both commercial and government clients. Mr. Rodgers is an Airline Transport rated pilot with over 7,000 flight hours.

Bruce J. Holmes, D.E.Senior Advisor, Washington, [email protected]

757-207-0966Dr. Bruce J. Holmes, after 33 years with NASA, is a consultant to industry, government, and universities in strategy, technology, aviation systems development, and public-private partnerships. He is known domestically and internationally for his strategic leadership in the engineer-ing and technological transformation in air transportation.

Dr. Paul A. RobinsonSenior Advisor, Washington, [email protected]

757-418-3516 Dr. Paul A. Robinson has over 25 years as an aerospace professional, working in research and development, prod-uct commercialization, and strategic planning. He joined NASA to develop and test systems to detect wind shear, and from this work received an R&D Magazine Award for one of the 100 most significant new products of the year. After leaving NASA, Dr. Robinson founded AeroTech Research, developing turbulence detection systems for air-craft.

About FOCUS Investment Banking LLCFOCUS Investment Banking LLC provides a range of middle market investment banking services with an emphasis on mergers, acquisitions, divestitures and corpo-rate finance. FOCUS is a national firm serving clients from offices in major cities across the United States. FOCUS specializes in business units with transactions or revenues in the $5-300 million range, serving entrepreneurs, corporate owners and various types of investors across a broad range of industries, throughout the U.S. and worldwide. FOCUS bankers are seasoned operating and financial executives with extensive transaction experience. Securities transactions conducted by FOCUS Secu-rities LLC, an affiliated company, registered Broker/Dealer and member FINRA/SIPC. For more information on FOCUS, visit www.focusbankers.com.

© 2015 FOCUS Investment Banking LLC

MID-ATLANTIC ReGION SOUTheAST ReGION WeSTeRN ReGIONFOCUS Investment Banking LLC FOCUS Investment Banking LLC FOCUS Investment Banking LLCheadquarters Atlanta Office Los Angeles Office1133 20th Street, NW 3353 Peachtree Road, Ne 355 South Grand AvenueSuite 200 Suite 1160 Suite 2450Washington, DC 20036 Atlanta, GA 30326 Los Angeles, CA 90071202.785.9404 404.504.8620 213.943.1395202.785.9413 (fax) 404.814.9141 (fax) 213.943.1397 (fax)

Securities transactions conducted by FOCUS Securities LLC, an affiliated company, registered Broker Dealer member FINRA/SIPC.

Documents

FOCUS Government, Aerospace and DefenseG orup · 2020-05-16 · Seasoned, Systematic, SuccessfulSM Q1 2015 Report Vol. 8, No. 2 FOCUS Government, Aerospace and DefenseG orup Investment