Best ADG Groups??

Based on the most helpful WSO content, here’s an updated overview of the top ADG (Aerospace, Defense, and Government Services) groups and other notable players in the space:

Top ADG Groups:

1. Houlihan Lokey (HL):

   • Strong presence in the ADG space, particularly in the MM market.
   • Their ADG team is based in Tysons, with about 30 bankers split across DC, London, and LA.
   • Known for a high deal volume, focusing on LMM-MM sponsor sell-sides.
   • Recent deals include:
     • Sell-side advisor for ManTech's acquisition of Gryphon Technologies ($350M).
     • Buy-side advisor for CI Capital's acquisition of Cadmus.

2. Baird:

   • Another strong player in the MM ADG space.
   • Focuses on defense and government services, with a solid deal flow.
   • Recent deals include:
     • Sell-side advisor for Shield AI's acquisition of Martin UAV.
     • Sell-side advisor for ACP's acquisition of Stellant.

3. Jefferies:

   • Covers ADG across New York, DC, and Charlotte, with about 20 bankers in total.
   • Known for a strong deal flow and a "fratty" but personable culture.
   • Recent deals include:
     • Buy-side advisor for KKR's acquisition of Atlantic Aviation ($4.5B).
     • Sell-side advisor for CACI's acquisition of SA Photonics ($275M).

Other Notable Players:

1. DC Advisory:

   • Has an ADG practice as part of its broader M&A coverage.
   • Opened a larger DC office in 2018, consolidating previous offices in Baltimore, Tysons, and Reston.
   • Focuses on areas like Technology & Software, Infrastructure Software, and ADG.

2. KippsDeSanto (Capital One):

   • Boutique exclusively focused on ADG, founded in 2007.
   • Works with younger/smaller, tech-focused ADG clients.
   • Known for its reputation of being "sweaty" in the past, though this may have changed.

3. Raymond James:

   • Defense & Government Services group based in Reston.
   • Focuses on C4ISR and Government IT markets.
   • Recent deals include the sell-side advisor role for PIXIA's $250M sale to Cubic.

4. Harris Williams:

   • ADG group split between DC and Richmond.
   • Directors in the group are often ex-military, and the firm has a strong focus on PE-backed deals.
   • Recent notable advisory roles include PAE's merger with Gores Holdings III.

5. Stifel:

   • ADG group based in Bethesda, with a history of strong resumes among its MDs.
   • Focuses on diversified industries, including aerospace and defense.

6. Rothschild (DC):

   • Covers metals and mining but has a smaller presence in the ADG space.

Summary:

HL, Baird, and Jefferies remain the top players in the ADG space, particularly for MM and LMM deals. DC Advisory, KippsDeSanto, and Raymond James are also notable, with specialized focuses and growing deal flows. If you're looking for a boutique or regional player, KippsDeSanto and Harris Williams are worth considering.

Sources: Lazard and Jefferies A&D Groups, IB in Greater Washington DC, IB in Greater Washington DC, Define “good” WLB, Define “good” WLB