Summary
Calder Capital is pleased to announce that the acquisition of BiTec by Ajax Defense has been named a finalist for Industrials Deal of the Year ($10MM TO $25MM) in the 25th Annual M&A Advisor Awards. Calder served as the exclusive Buy-Side M&A advisor to Ajax Defense of Louisville, Kentucky, in its acquisition of BiTec of Dayton, Ohio.
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Recognition Details
Founded in 2022, Ajax Defense is a veteran-owned holding company focused on acquiring and investing in U.S. defense and aerospace businesses. Led by CEO Patrick Malcor, Ajax engaged Calder’s Buy-Side team to identify an acquisition aligned with its long-term vision of strengthening national security, rebuilding the defense industrial base, and supporting the mission of advanced manufacturing in the U.S.
BiTec is a manufacturer of complex machined components and advanced composite lay-up parts for aerospace and defense customers. Its specialized capabilities, experienced workforce, and AS9100 and ISO 9001:2015 certifications made it a fit for Ajax’s acquisition strategy.
The acquisition added complementary manufacturing expertise to Ajax’s portfolio, which includes Kentucky-based Whelan Machine, and created opportunities for further investment in BiTec’s capabilities and customer relationships.
BiTec owner, Mike Rees, was not initially pursuing a sale and had declined previous acquisition inquiries. However, Calder’s approach emphasized understanding his business, respecting his timing, and establishing whether Ajax’s plans aligned with his priorities for BiTec’s employees and future.
During the acquisition search, Calder’s Buy-Side team generated 38 off-market seller introductions, resulting in 23 client pursuits and seven offers on unique businesses before the successful acquisition of BiTec.
Patrick Robey of Calder Capital served as Lead Mergers & Acquisitions Advisor, with Hannah Nabhan and Parker Schaap serving as Directors on the transaction.
“Finding a company that meets a buyer’s criteria is only part of the work. Helping both parties work through the details and reach a successful close was a collaborative effort, and we were pleased to support Ajax’s vision. We’re excited to see the transaction recognized as a finalist by The M&A Advisor,” shared Robey.
“These exceptional individuals, firms, and transactions have truly distinguished themselves from an outstanding pool of candidates,” stated Roger Aguinaldo, Founder and CEO of The M&A Advisor. “In an ever-evolving and highly competitive M&A landscape, we are proud to recognize the dealmakers, firms, and professionals who demonstrate the highest standards of excellence and continue to shape the future of our industry.”
For a complete list of the award finalists from The M&A Advisor, please click here.
To read the full press release about the acquisition, please click here.
Calder’s History with The M&A Advisor’s Awards
Calder Capital has been recognized over the years by The M&A Advisor with as an award finalist and award winner, due to advisory excellence, resilience, innovation, and a client-first approach. To view all awards and recognitions received by Calder Capital, including past finalist placements by The M&A Advisor, please click here.
Calder Capital’s past awards from The M&A Advisor include:
| Year | Recognition | Subject |
| 2026 | International M&A Awards, Corporate/ Strategic Deal of the Year ($10MM-$25MM) | ADAC/ EBW Electronics |
| 2026 | Emerging Leader Award | Garrett Monroe |
| 2026 | Emerging Leader Award | Parker Schaap |
| 2026 | Emerging Leader Award | Jon Pastoor |
| 2026 | Emerging Leader Award | Jakob Simonds |
| 2025 | Cross-Border Deal of the Year (Under $100MM) | BCU Electric |
| 2025 | International M&A Awards, Industrials Deal of the Year ($10MM-$50MM) | BCU Electric |
| 2025 | Emerging Leader Award | Sam Scharich |
| 2025 | Emerging Leader Award | Matthew Baas |
| 2025 | Emerging Leader Award | Patrick Robey |
About The M&A Advisor
Now in its 28th year, The M&A Advisor was founded in 1998 to offer insights and intelligence on mergers and acquisitions, establishing the industry’s leading media outlet. Today, the firm is recognized as a premier leadership organization for mergers & acquisitions, restructuring, and corporate finance professionals, delivering a range of integrated services designed to accelerate the pace of dealmaking. To learn more, please visit www.MAAdvisor.com.
About Ajax Defense
Ajax Defense is a Louisville, Kentucky-based holding company focused on acquiring and investing in U.S. defense and aerospace businesses. Founded in 2022, Ajax is led by experienced operators and is committed to strengthening critical supply chains, supporting national security, and driving long-term growth across its portfolio companies. To learn more, please visit www.Ajax-Defense.com.
About BiTec
BiTec is a Dayton, Ohio-based manufacturer with over 40 years of experience producing complex machined components and advanced composite lay-up parts for the aerospace and defense industries. BiTec also offers custom CNC, reverse engineering, and 3D printing services. To learn more, please visit www.TrifectaGroupMfg.com.
About Calder Capital
Founded in 2013, Calder Capital is a cross-industry mergers and acquisitions advisory firm with offices across the United States. Calder provides valuation, sell-side, and buy-side services. We are nationally recognized for excellence in advising $1-100M enterprise value transactions in manufacturing, construction, distribution, and business services. Calder serves business owners, entrepreneurs, family offices, financial buyers, and investors. Learn more at www.CalderGR.com.
Notice: Calder Capital, LLC is not affiliated with any similarly named organizations or entities. To verify communications from our firm, visit our website or contact [email protected].