Middle market private equity firm
AE Industrial Partners
Formerly AeroEquity
- HeadquartersBoca Raton, FL S1
- Founded1998 S2
- Websiteaeroequity.com
- Last verifiedOctober 22, 2026
At a glance
| Assets under management | $9B (as of Mar 2026) S7 |
|---|---|
| Latest fund | AE Industrial Partners Fund III, $1.3B (Jul 2024) S6 |
| Deal types | Platform, Add-on S3 |
| Sectors | Industrial & Manufacturing, IT Services & MSP, Cybersecurity, HVAC, Plumbing & Electrical, Transportation & Logistics |
What AE Industrial Partners buys
AE Industrial Partners is a Boca Raton, Florida firm that invests in three areas tied to national and economic security. National security covers defense technology, space and technology services for the intelligence community and the Defense Department. Aerospace covers precision parts, repair and overhaul shops and aviation services. Industrial services is now led by a commercial HVAC platform. Its private equity funds take control-oriented stakes in middle market companies, and the firm says it is often the first institutional owner after years of founder, family or corporate ownership. It managed about $9.0 billion as of March 2026 and closed its third flagship fund at $1.28 billion in July 2024.
AE Industrial does not publish revenue or EBITDA limits. Its platform deals run from founder-owned companies to large carve-outs such as Rocketdyne, bought from L3Harris in 2026. For a smaller company, the likeliest route is an add-on to a current platform: United Building Solutions in commercial HVAC, ATC or AIM MRO in aircraft repair, Global Precision in machined parts, or CASE in federal IT services.
Recent deals
Announced in the 24 months before October 22, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | REDLatticeAgreed to go public through a merger with Bold Eagle Acquisition Corp.; AE Industrial is leading a $60 million common stock investment and stays the largest shareholder | Investment | Cybersecurity | Source |
| Aug 2026 | Attilius TechnologiesNew national security data intelligence platform, formed by buying and renaming an existing analytics provider | Platform | IT Services & MSP | Source |
| Aug 2026 | RocketdyneClosed the purchase of L3Harris's space propulsion, power and electronics units; L3Harris keeps a minority stake | Platform | Industrial & Manufacturing | Source |
| Jul 2026 | Powder Alloy CorporationOhio maker of engineered metal and ceramic powders, founded in 1973, now the base of a specialty materials platform | Platform | Industrial & Manufacturing | Source |
| Jul 2026 | ALL.SPACESatellite communications terminal maker added to York Space Systems | Add-on | Industrial & Manufacturing | Source |
| Jun 2026 | Aero ControlsSeattle component repair specialist added to Air Transport Components; its team and leaders stay in place | Add-on | Source | |
| Jun 2026 | SolestialSpace solar technology company added to York Space Systems | Add-on | Industrial & Manufacturing | Source |
| Apr 2026 | McCarl's ServicesCommercial and industrial HVAC and refrigeration contractor in western Pennsylvania, Ohio and West Virginia, added to United Building Solutions | Add-on | HVAC, Plumbing & Electrical | Source |
| Apr 2026 | PAS MROBearing repair specialist added to Air Transport Components | Add-on | Source | |
| Mar 2026 | Headwater Precision and Lush Heat TreatmentMachining capacity in the U.S. and heat treatment in Europe added to Global Precision (G.S. Precision) | Add-on | Industrial & Manufacturing | Source |
| Mar 2026 | Orbion Space TechnologyMichigan maker of electric propulsion systems added to York Space Systems | Add-on | Industrial & Manufacturing | Source |
| Mar 2026 | Advanced Air West Palm Beach (AA Bushings)Landing gear bushing and fastener supplier added to AIM MRO | Add-on | Industrial & Manufacturing | Source |
| Jan 2026 | York Space SystemsPortfolio company priced its initial public offering on the NYSE at $34 a share | Investment | Industrial & Manufacturing | Source |
| Jan 2026 | DFW Mechanical GroupCommercial and industrial mechanical contractor serving Texas, Oklahoma, Georgia and Florida, added to United Building Solutions | Add-on | HVAC, Plumbing & Electrical | Source |
| Oct 2025 | SciTecFirefly Aerospace agreed to buy the national security software firm for about $855 million in cash and stock | Add-on | Source | |
| Oct 2025 | Calca SolutionsHydrazine producer sold to NewMarket Corporation | Exit | Industrial & Manufacturing | Source |
| Aug 2025 | Firefly AerospacePortfolio company priced its initial public offering on Nasdaq at $45 a share | Investment | Industrial & Manufacturing | Source |
| Jul 2025 | ATLAS Space OperationsYork Space Systems' parent agreed to buy the satellite ground network operator | Add-on | Source | |
| Jul 2025 | Ragnarok TechnologiesIT services provider for federal and commercial clients added to CASE | Add-on | IT Services & MSP | Source |
| Jun 2025 | Air Transport ComponentsArizona aircraft component repair and overhaul shop, the base of a new repair services platform | Platform | Source | |
| Jun 2025 | Edge AutonomyUncrewed aircraft maker sold to Redwire | Exit | Industrial & Manufacturing | Source |
| Feb 2025 | United Building Solutions and Total Comfort SolutionsNortheast commercial HVAC services company joined with a North Florida provider to form a national platform; both leadership teams stayed | Platform | HVAC, Plumbing & Electrical | Source |
| Jan 2025 | Global Engineering & TechnologyWichita aircraft interiors service provider added to Yingling Aviation | Add-on | Source | |
| Dec 2024 | Kellstrom AerospaceEngine aftermarket parts distributor sold to VSE Corporation for $200 million | Exit | Distribution | Source |
Portfolio by sector
From the firm's portfolio page S4.
Aerospace
- AIM MRO
- Air Transport Components
- Alpine Air
- Applied Composites
- Global Precision (G.S. Precision)
- Moeller Aerospace
- Powder Alloy Corporation
- Yingling Aviation
Aerospace, National Security
- Blue Raven Solutions
Industrial Services
- United Building Solutions
National Security
- Attilius Technologies
- CASE
- Columbia Helicopters
- Firefly Aerospace
- REDLattice
- Rocketdyne
- Sierra Space
- ThayerMahan
- York Space Systems
Other
- Global Jet Capital
Greymont’s take
How AE Industrial Partners fits a seller
AE Industrial suits owners of technical businesses that sell into defense, space, aviation or critical building systems, where a buyer with deep industry contacts can add real value. Its investments page shows several current holdings that came from founders or families, including CASE, Columbia Helicopters and Global Precision. Most recent activity is add-ons. United Building Solutions bought DFW Mechanical and McCarl's in 2026, and ATC added PAS MRO and Aero Controls. In the Aero Controls deal, the existing team and leaders stayed in place.
Exits vary. The firm has sold to larger companies, such as Calca to NewMarket and Kellstrom to VSE, and has taken Firefly and York public. An owner who rolls equity into a platform should ask how long AE Industrial plans to hold it and whether a public listing or a sale to a bigger defense or aerospace company is the more likely end point.
Questions owners ask
Does AE Industrial buy HVAC companies?
Yes, through United Building Solutions, the commercial HVAC platform it formed in February 2025 together with Total Comfort Solutions of North Florida. The platform has since added DFW Mechanical Group in January 2026 and McCarl's Services in April 2026.
Does AE Industrial invest in government IT services companies?
Yes. CASE, a founder-owned provider of cloud, cyber and software work for the intelligence community and the Defense Department, has been in the portfolio since October 2021 and bought Ragnarok Technologies in July 2025. In August 2026 the firm also launched Attilius Technologies, a national security data intelligence platform.
How large is AE Industrial's latest private equity fund?
Fund III, its third flagship private equity fund, closed in July 2024 with $1.28 billion of commitments. The firm reported about $9.0 billion of assets under management across all of its strategies as of March 31, 2026.
Does AE Industrial take majority control?
Its private equity strategy makes control-oriented investments, and recent platform deals such as Powder Alloy Corporation and Air Transport Components were outright acquisitions. In the Rocketdyne carve-out it bought a controlling interest while L3Harris kept a minority stake.
Sources
- S1AE Industrial Partners home page Accessed October 22, 2026
- S2AE Industrial Partners: About (firm history) Accessed October 22, 2026
- S3AE Industrial Partners: Investment Strategies Accessed October 22, 2026
- S4AE Industrial Partners: Investments Accessed October 22, 2026
- S5AE Industrial Partners: News Accessed October 22, 2026
- S6AE Industrial Partners Closes Fund III with $1.28 Billion in Capital Commitments (July 9, 2024) Accessed October 22, 2026
- S7AE Industrial Closes Purchase of L3Harris's Space Propulsion, Power and Electronics Units (August 4, 2026) Accessed October 22, 2026
- S8AE Industrial Establishes Commercial HVAC Services Platform through Investment in United Building Solutions (February 18, 2025) Accessed October 22, 2026
- S9CASE Acquires Ragnarok Technologies (July 16, 2025) Accessed October 22, 2026
- S10AE Industrial Establishes National Security Intelligence Platform, Attilius Technologies (August 10, 2026) Accessed October 22, 2026
- S11NewMarket Corporation Completes the Acquisition of Calca Solutions LLC (Business Wire, October 1, 2025) Accessed October 22, 2026
- S12AE Industrial Partners Fact Sheet (April 2026) Accessed October 22, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with AE Industrial Partners. Figures are as reported on the dates shown and may have changed. Request a correction