The Government & Defense sector was markedly more resilient than the broader economy in 2023 – with a focus on operational execution, financial discipline, and strategic realignment for growth

Baird’s Government & Defense team is proud of our success in 2023. While the market environment proved to be challenging with overall M&A volume down by 24%, Baird's Government & Defense team closed 12 M&A transactions valued at over $7 billion in aggregate. In addition, Baird was a bookrunner on the Leonardo DRS (NASDAQ: DRS) secondary offering. Our deals included both sell-side and buy-side engagements for private equity, corporate divestiture, and privately-held businesses. Select transaction highlights are included below.

Key themes in 2023 include:

  1. Private equity dominating M&A transaction activity, particularly with add-ons to existing portfolio companies
  2. Significant investor interest in GovTech and Defense / MissionTech
  3. National security companies with capabilities in electronic warfare, cyber, C4ISR, and space commanding buyer interest
  4. New private equity platform companies with demonstrated growth and profitability with proven leadership teams

Select 2023 Government & Defense Transactions

On November 15, we hosted Baird’s 6th Annual Government & Defense Conference with over 1,000 industry and government executives in attendance. Our conference featured 50+ speakers from public and private companies, private equity, and government. Please see link to our conference takeaways

  • Three men and a woman on stage in front of a Baird logo talking during a panel presentation.
  • Two men on stage in front of a Baird logo during a pane discussion.
  • Man smiling while talking to others during a dinner reception.
  • Two professionals in conversation during a reception.
  • Two men posing for a photo during a dinner reception.
  • Professional presenting on state standing next to a podium with a Baird logo
  • Two men talking during a dinner reception.
  • Conference presenter on stage at a podium.
  • Two men having a discussion during a dinner reception.
  • Man presenting on stage in front of a Baird logo.
  • Two professionally dressed men at a dinner reception.
  • Three men sitting in chairs on stage during a panel discussion in front of a Baird logo.
  • Three professional sat a dinner reception.
  • Wide angle view of a conference presentation.
  • Two professionals at a dinner reception.
  • Four professionals on stage in front of a Baird logo during a presentation.
  • Two men sitting on stage talking in front of a Baird logo.

We look forward to seeing you at our 2024 Government & Defense Conference, which we are hosting on Thursday, November 21, 2024.

We are grateful to have worked with each of our clients and industry partners in 2023. Looking ahead, the landscape is set for both challenges and opportunities given the political landscape and upcoming election, along with continued geopolitical and economic instability. The Baird Government & Defense team welcomes the opportunity to collaborate with you in the coming year. Wishing everyone a happy, healthy, and prosperous 2024!     

Baird’s Government & Defense Investment Banking Team