Baird Defense & Government 2023 Year-In-Review
The Defense & Government 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 Defense & Government 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 Defense & Government 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:
- Private equity dominating M&A transaction activity, particularly with add-ons to existing portfolio companies
- Significant investor interest in GovTech and Defense / MissionTech
- National security companies with capabilities in electronic warfare, cyber, C4ISR, and space commanding buyer interest
- New private equity platform companies with demonstrated growth and profitability with proven leadership teams
Select 2023 Defense & Government Transactions
On November 15, we hosted Baird’s 6th Annual Defense & Government 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.
We look forward to seeing you at our 2024 Defense & Government 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 Defense & Government team welcomes the opportunity to collaborate with you in the coming year. Wishing everyone a happy, healthy, and prosperous 2024!
