Baird's Leading Government & Defense Investment Banking Practice

2021: A Record Shattering Year for Government & Defense Industry Consolidation and Technology Investment

By any measure, 2021 was a record-breaking year for the Government & Defense (G&D) sector – transaction volume, M&A valuation, and capital inflows across private equity, corporates, venture capital, SPACs, and lenders. We saw an acceleration of highly strategic deals at “super premium” valuations and a continuation of preemptive buyer interest. It was also the year for investments in disruptive technologies across key areas including space, autonomy, electronic warfare, and AI / ML.  

Baird’s Government & Defense team is proud to celebrate the accomplishments of our amazing clients in 2021. Select client 2021 transaction highlights are included below. Our Government & Defense M&A team closed 21 transactions totaling more than $7.5 billion in aggregate value. Our deals included both sell-side and buy-side transactions involving owner / entrepreneur and employee-owned businesses, corporate divestitures, and private equity-owned companies. Like the broader industry M&A profile, our transactions highlight buyer priorities in C4ISR, data analytics, digital transformation, healthcare, and technology across DoD, Intel, and Civilian agencies as well as State & Local governments.