INVESTMENT CRITERIA / AEROSPACE & DEFENSE
What we look for.
We buy and build lower-middle-market aerospace and defense companies with $1M–$8M of EBITDA — the suppliers, components, and services that keep defense programs running. If that is your company, we should talk.
01
The parameters
Sector
Aerospace & defense, exclusively. Components, subsystems, manufacturing, and mission services across air, land, sea, and space.
Company size
$1M–$8M EBITDA. Lower middle market.
Structure
Control or majority positions. Flexible on hold period.
Situations
Founder and owner transitions, management buyouts, corporate carve-outs, and buy-and-build platforms.
Geography
United States. U.S.-owned and U.S.-controlled, consistent with defense contracting requirements.
Our role
Long-term, hands-on partner to management — operational, not passive.
02
A strong fit
We lean in when
Green light
- Recurring revenue tied to defense programs of record
- Differentiated capability, IP, or qualified position on a platform
- A founder or owner planning a transition
- Room to grow through operations and add-on acquisitions
Outside our box
Not a fit
- Companies with no aerospace or defense nexus
- Pre-revenue or pure R&D with no production
- Foreign-owned or foreign-controlled targets
- Situations requiring passive, minority-only capital
03
Common questions
What size companies does Ghost Capital acquire?
We target lower-middle-market aerospace and defense companies with roughly $1M–$8M of EBITDA.
What types of deals does Ghost Capital pursue?
Founder and owner transitions, management buyouts, corporate carve-outs, and buy-and-build platform acquisitions — taking control or majority positions.
Where does Ghost Capital invest?
U.S.-based aerospace and defense companies that are U.S.-owned and U.S.-controlled, consistent with defense contracting requirements.