2021: A Record Shattering Year for Government & Defense Industry Consolidation and Technology Investment

By any measure, 2021 was a record-breaking year for the Government & Defense (G&D) sector – transaction volume, M&A valuation, and capital inflows across private equity, corporates, venture capital, SPACs, and lenders. We saw an acceleration of highly strategic deals at “super premium” valuations and a continuation of preemptive buyer interest. It was also the year for investments in disruptive technologies across key areas including space, autonomy, electronic warfare, and AI / ML.  

Baird’s Government & Defense team is proud to celebrate the accomplishments of our amazing clients in 2021. Select client 2021 transaction highlights are included below. Our Government & Defense M&A team closed 21 transactions totaling more than $7.5 billion in aggregate value. Our deals included both sell-side and buy-side transactions involving owner / entrepreneur and employee-owned businesses, corporate divestitures, and private equity-owned companies. Like the broader industry M&A profile, our transactions highlight buyer priorities in C4ISR, data analytics, digital transformation, healthcare, and technology across DoD, Intel, and Civilian agencies as well as State & Local governments.


$7.5 Billion
in Aggregate Value

It was also a record year for Baird’s Equity Capital Markets practice, which priced 47 IPOs and 57 follow-on offerings. We are proud of our award-winning Equity Research team, covering notable names in the sector across the defense primes, defense technology, and government services companies.

Select 2021 Transactions

Save the Date

We are fortunate to have hosted Baird's 4th Annual Government & Defense Conference which totaled more than 1,200 industry executive and investor registrants. This industry-leading, content-rich event featured 60 speakers from public and private companies, private equity, and government. We look forward to seeing you at our 2022 Government & Defense Conference on Thursday, November 17!

Government & Defense Team