Aerospace & Defense

On September 30, 2025, KeyBanc Capital Markets acted as Co-Manager on a $286.35 million Follow-On Offering for AAR Corp. (AAR or the Company).

AAR is a leading independent provider of solutions to the global aviation aftermarket. The Company offers a broad line of products and services to commercial and defense aerospace customers. AAR operates globally in over 20 countries through four business segments: Parts Supply, Repair & Engineering, Integrated Solutions and Expeditionary Services. For the year ended May 31, 2025, the Company generated sales of $2.8 billion. For the quarter ended August 31, 2025, the Company generated sales of $739.6 million. AAR was founded in 1951, is based in Wood Dale, Illinois and as of May 31, 2025 employed approximately 5,600 employees worldwide.

On September 10, 2025, KeyBanc Capital Markets (KBCM) successfully priced $225 million of Convertible Senior Notes due 2031 for Astronics Corporation (Astronics or the Company). Proceeds will be used to fund the repurchase of a portion of the existing 5.500% Convertible Senior Notes due 2030 and to fund a Capped Call in connection with the offering. KBCM acted as Joint Bookrunner on the transaction. 

Astronics Corporation (NASDAQ: ATRO) serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. The Company works side-by-side with customers, integrating their array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, militaries, completion centers, and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics.

On August 26, 2025, KeyBanc Capital Markets (KBCM) successfully advised G2 Secure Staff, LLC (G2 Secure Staff, or the Company), a portfolio company of Tenex Capital Management, L.P. (Tenex), on its sale to Menzies Aviation Ltd. (Menzies Aviation). KBCM was chosen to serve as G2 Secure Staff’s Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with Tenex and the Company and proven M&A execution capabilities. 

G2 Secure Staff is a provider of outsourced aviation services to the US airline industry, supporting airlines across terminals, cabins, ramps, cargo, and security functions. The Company operates across ~90 airports nationwide in key primary and secondary hubs for all of the major US carriers and employs ~12,000 people.

Tenex Capital Management is a private equity firm that invests in middle market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing, and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities.

Menzies Aviation is the leading service partner to the world's airports and airlines, with operations on six continents, at more than 300 airports in 65-plus countries, serving more than 4.8 million flights a year and handling over 2.4 million tons of cargo. Supported by a team of over 50,000 highly trained people, Menzies Aviation provides complex and time-critical ground services, including passenger, lounge and ramp services; air cargo services, including handling, warehousing and wholesale freight forwarding; and fuel services, including fuel farm management and into-plane fueling.

On August 29, 2025, KeyBanc Capital Markets (KBCM) successfully advised United Titanium, Inc. (United Titanium or the Company), on its sale to Riverspan Partners (Riverspan). KBCM was chosen to serve as United Titanium’s Exclusive Sell-Side Advisor based on its industry-leading industrial investment banking franchise, longstanding relationship with the Company and proven M&A execution capabilities.

Founded in 1962 and headquartered in Wooster, Ohio, United Titanium is a leading manufacturer of engineered mission-critical fasteners, fittings and precision components. The Company specializes in hard-to-manufacture alloys including titanium, zirconium, cobalt, nickel, tantalum, nitronic and other specialty alloys. United Titanium serves customers across the defense, electronics, medical, petrochemical, commercial and industrial distribution end markets.

Riverspan is a middle-market private equity firm headquartered in Chicago, Illinois. Founded in 2022, the firm seeks to invest in companies within the chemicals and materials, engineered components, industrial services and manufacturing sectors. The firm is currently investing out of its first institutional fund.