“I enjoyed a close partnership with our team of advisors, who provided us with high level strategic insights as well as strong tactical execution in the transaction closing. Calder Capital is a truly integrated part of the Ajax Defense team.”
– Patrick Malcor, CEO, Ajax Defense, Louisville, KY (Buyer)“My experience working with Calder Capital was excellent. Previously, I would typically get 3-4 calls per month from people looking to buy my company and I always told them I was not interested. When Parker Schapp initially made contact, I was still not ready. However, Parker immediately had a much less presumptuous approach than the others. I asked him to call me back in 6 months. After putting him off a second time, I decided to slowly move forward with the possibility of selling. Parker was extremely patient and knowledgeable, and he made the effort to understand my business before suggesting I meet with Mr. Malcor.”
– Mike Rees, Former Owner, BiTec, Dayton, OH (Seller)
Transaction Summary
Calder Capital, a nationwide mergers and acquisitions advisory firm, is thrilled to announce the successful acquisition of BiTec of Dayton, Ohio by Ajax Defense of Louisville, Kentucky.
The Acquisition Story
Ajax Defense (“Ajax”), founded in 2022 and headquartered in Louisville, Kentucky, is a veteran-owned holding company focused on acquiring and investing in U.S. defense and aerospace businesses. CEO Patrick Malcor engaged Calder’s Buy-Side team to find an acquisition that 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, formerly owned by Mike Rees, is a highly respected manufacturing company specializing in aerospace and defense components, with over 40 years of experience and certifications including ISO 9001:2015 and AS9100. The Company has built a strong reputation for delivering complex machined components and advanced composite lay-up parts to leading industry customers.
Malcor stated, “We’re excited about working with the experienced team of professionals at BiTec and helping them continue their growth and development. Their strong position and track record in the thriving Ohio aerospace and defense sector is something we can build upon for a very exciting future. Plus, we’re thrilled to continue working with Mike Rees, a visionary leader in manufacturing excellence, and to carry out new strategic initiatives in BiTec and in other Ajax Defense subsidiaries.”
Mike Rees commented, “I look forward to collaboratively working with the folks at Ajax to expand BiTec’ impact in the local community by providing great opportunities for additional high skilled employment. The vision and drive of Mr. Malcor and his team will undoubtedly propel all Ajax subsidiaries forward to heights I have never imagined. I am thrilled to be a part of the journey.”
Calder Capital’s Transaction Team and Sale Process
Patrick Robey of Calder Capital served as the Lead Mergers & Acquisitions Advisor to Ajax Defense. Serving as Directors were Hannah Nabhan and Parker Schaap of Calder Capital.
Calder’s Buy-Side team generated 38 off-market seller introductions, leading to 23 client pursuits, seven offers on unique businesses, and resulted in the successful acquisition of BiTec.
Malcor commented, “I enjoyed a close partnership with our team of advisors, who provided us with high level strategic insights as well as strong tactical execution in the transaction closing. Calder Capital is a truly integrated part of the Ajax Defense team.”
Rees said, “My experience working with Calder Capital was excellent. Previously, I would typically get 3-4 calls per month from people looking to buy my company and I always told them I was not interested. When Parker Schapp initially made contact, I was still not ready. However, Parker immediately had a much less presumptuous approach than the others. I asked him to call me back in 6 months. After putting him off a second time, I decided to slowly move forward with the possibility of selling. Parker was extremely patient and knowledgeable, and he made the effort to understand my business before suggesting I meet with Mr. Malcor.”
Robey shared, “Congratulations to Ajax Defense, BiTec, and to our team for executing another successful transaction in the defense industry. I’m eager to see BiTec’s capabilities fit into Ajax’s long-term growth strategy.”
Sam Scharich, Calder’s Buy-Side Managing Director, mentioned, “BiTec is an excellent strategic fit for Ajax, and we’re thrilled to have helped them get this deal across the finish line. Aerospace manufacturing continues to be an attractive and highly competitive sector, which is exactly why an off-market, relationship-driven approach can create real advantages for buyers. This transaction is a great example of how the right fit can come together through targeted outreach and persistence, and we’re excited to see Ajax continue building on its momentum. We look forward to working with their team on more opportunities ahead.”
Calder Capital served as the Exclusive Buy-Side Mergers and Acquisitions Advisor to Ajax Defense. Legal counsel for the buyer was provided by Potomac Law. Financial and advisory support included Bryan Hughes of Sikich and James Snepp of Harding Shymanski.
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].
