The Pro Sports of Business: What PE Demands From Aerospace Leaders w/ Adam Coffey

The New Defense Procurement Model: Faster, Smarter, More Investable w/ Meghan Welch

Defense is not just changing because the technology is changing. It is changing because the old way of buying, building, funding, and deploying that technology no longer matches the speed of the threat. For decades, aerospace and defense have been built around massive programs, long procurement cycles, and the assumption that the government could define a requirement, put it out to bid, and eventually get the capability into the hands of the warfighter. But Ukraine, Iran, China, unmanned systems, AI, cyber, and contested logistics have made one thing clear: “eventually” is no longer good enough. The next era will not be defined by one platform or one prime. It will be defined by systems, speed, supply chains, and the middle-market companies that can actually execute. Private equity is moving in, and venture capital is trying to understand defense tech. The primes are being forced to rethink what they build, buy, and divest. And founders who survived years of disruption are now sitting on businesses that may be more valuable than ever. Meghan Welch has a front-row view of all of it. As an investment banker focused on aerospace and defense, she joins me to break down why the industry is in the early innings of a major M&A boom, why the middle market has become the engine of the Defense Industrial Base, and why the companies that can scale, execute, and solve real bottlenecks may define the next era of American defense. You’ll also learn; * Why defense is moving away from single-platform thinking and toward systems, software, unmanned technology, and cross-domain capability * How Ukraine, Iran, China, AI, cyber, and contested logistics are reshaping the way the industry thinks about future warfare * Why traditional defense procurement has struggled to keep pace with commercial technology * What OTAs, gauntlet-style competitions, and faster acquisition models mean for defense tech companies * Why private capital needs stronger, multi-year demand signals before it can fully lean into national security technology * Why the middle market has become the engine of the Defense Industrial Base * What private equity sees in aerospace and defense, and why the sector is being treated as a safe-haven investment * Why large primes may need to rethink bureaucracy, acquisitions, venture arms, and divestitures * How dual-use technology, from Joby to SpaceX, could shape the future of defense logistics, launch, range, and payload * Why energetics, precision manufacturing, MRO, maritime, and labor constraints are becoming critical investment and national security issues About the Guest Meghan Welch is the Managing Director of Brown Gibbons Lang & Company (BGL).  Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, divestitures, capital markets, financial restructurings, valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, Los Angeles, Boston, and New York, and real estate offices in Chicago and Cleveland. The firm is also a founding member of REACH Cross-Border Mergers & Acquisitions, enabling BGL to service clients in 30 countries around the world. For more information, visit www.bglco.com [http://www.bglco.com] or connect with Meghan on LinkedIn [https://www.linkedin.com/in/meghan-welch-aba5b04/].    About Your Host Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years’ experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women’s Association, and SOCAL Aviation Association.    For more aerospace industry news & commentary: https://craigpicken.com/insights/ [https://craigpicken.com/insights/].  To learn more about Craig Picken, visit https://craigpicken.com/ [https://craigpicken.com/].     Check out this episode on our website [https://aerospaceexecutive.podbean.com/], Apple Podcasts [https://podcasts.apple.com/us/podcast/the-aerospace-executive-podcast/id1353891134/], or Spotify [https://open.spotify.com/show/4yFXeO6eiYQTSDEtlQ2K6x?si=61d6b2bd825c4ed1/], and don't forget to leave a review if you like what you heard. Your review feeds the algorithm, so our show reaches more people. Thank you!

The Pro Sports of Business: What PE Demands From Aerospace Leaders w/ Adam Coffey

Private equity is often talked about like it’s either a villain or a jackpot. Founders fear it, corporate executives romanticize it, employees hear horror stories, and everyone seems to have an opinion about what happens when PE walks into a business. But that framing misses the bigger shift happening across American industry. Private equity is no longer some niche financial corner of the market. It has become one of the most powerful forces shaping who owns companies, how businesses scale, how executives are evaluated, and how wealth gets created.  The misconception is that PE is simply about financial engineering. But the real story is execution. In a PE-backed company, the pace changes, scoreboard, and expectations change. You’re no longer running a comfortable, founder-dependent business or managing a narrow slice of a giant corporate machine. You’re being asked to build value quickly, professionally, and repeatedly. But for the people who can make that transition, the opportunity is enormous. Private equity can give founders a way to take chips off the table without walking away from the business they built. It can help executives move from earning a comfortable income to building real wealth. And it can turn unglamorous, overlooked industries like aerospace suppliers and manufacturing businesses into serious wealth-building platforms. In this episode, I sit down with Adam Coffey, a veteran private equity CEO, author of The Private Equity Playbook, and operator behind more than $2.5 billion in exits as a CEO. We talk about what private equity actually demands from founders and executives, why so many people misunderstand the opportunity, and what it really takes to survive and win in a PE-backed environment.   You’ll also learn; * Why private equity has become one of the biggest forces shaping modern business ownership * What it means to treat business like a professional sport * Why many founders do not survive the first PE hold period * How selling to private equity changes your role from owner to shareholder, employee, and partner * Why the founder mentality that built the company can eventually become the thing that limits it * Why PE firms want process, leadership depth, and scalable systems, not founder heroics * What Adam calls the “rule of 130,” and why it matters for founder risk * The difference between being a platform company and an add-on acquisition * What Fortune 500 executives often get wrong about moving into private equity * Why “boring” industries often create more wealth than glamorous corporate careers   About the Guest Adam Coffey is a CEO, board member, best-selling author, and acclaimed international speaker. He is a visionary leader who drives transformative growth and fosters high-performance cultures. With 25+ years of experience as CEO, Adam built 4 companies for 9 private equity firms. During this time period, he completed 58 acquisitions; his track record includes notable outcomes measured in the billions, averaging 4x MOIC at exit. Adam is a respected mentor to MBA candidates and a sought-after speaker at top business schools. He brings diverse expertise from commercial and industrial service businesses, alongside being a licensed general contractor, pilot, former GE executive, and US Army veteran. As an author, Adam's books "The Private Equity Playbook" (2019)(2024), "The Exit Strategy Playbook" (2021), and Empire Builder (2023) all became #1 Amazon Best Sellers. Recognized as one of the "Most Influential Leaders" by the Orange County, CA Business Journal (4x), he founded the CEO Advisory Guru in 2021, providing consulting services to private equity firms, their portfolio companies, and to founders. Connect with Adam on LinkedIn [https://www.linkedin.com/in/adamecoffey/].  About Your Host Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years’ experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women’s Association, and SOCAL Aviation Association.   For more aerospace industry news & commentary: https://craigpicken.com/insights/ [https://craigpicken.com/insights/].  To learn more about Craig Picken, visit https://craigpicken.com/ [https://craigpicken.com/].

Space Infrastructure…The New Logistics Opportunity w/ Dr. Robert Sproles

The space industry is treated like it’s a collection of launches - rockets, satellites, new vehicles, and programs. But that framing misses what’s actually being built right now and how significant it is. What’s happening in space is not just a launch boom. It’s the early construction of a permanent logistics and infrastructure layer that will eventually make access to orbit feel normal, repeatable, and almost invisible.  The same way we stop thinking about the shipping routes behind Amazon deliveries or the cargo planes moving goods across continents, future businesses won’t obsess over which rocket carried their payload. They’ll care about reliability, timing, orbit, and outcomes. That shift changes the role companies like Exolaunch play in the market. They are not simply “booking rides” to space. They’re helping create the connective tissue between launch providers, satellite operators, insurers, regulators, logistics systems, and the growing commercial demand for orbital infrastructure. And as launch capacity remains constrained, that coordination layer becomes incredibly valuable. One of the most overlooked dynamics in space right now is that demand is no longer the problem. The real bottleneck is orchestration. There are more satellites, more commercial applications, more defense use cases, more data demands, and more infrastructure ambitions than the market can currently support.  Launch windows are getting booked years in advance. Entire business models now depend on access to orbit. And increasingly, companies are realizing that flexibility matters more than loyalty to any single launch provider. In this episode, I sit down with Dr. Robert Sproles, CEO of Exolaunch, to talk about what this next phase of the space economy actually looks like. We unpack why launch is becoming an infrastructure business, how Exolaunch built a global launch integration company without venture capital, and what most people misunderstand about how commercial space is evolving. You’ll also learn: * Why the biggest story in space is not rockets, but infrastructure * What “launch-constrained” really means, and why demand still exceeds available capacity * Why launch availability is starting to resemble supply chain and logistics management * How Exolaunch became a critical coordination layer between launch providers and satellite companies * Why future space customers may stop caring which rocket carries their payload * How launch integration is evolving into a full-service ecosystem, including insurance, customs, tariffs, logistics, and mission planning * Why launch flexibility matters more than locking into a single provider * What happens when launch providers prioritize their own internal programs over commercial availability * Why some launch vehicles are booked years into the future * How the growth of orbital infrastructure mirrors the historical buildout of railroads, shipping, and aviation * Why “up mass” and “down mass” are becoming equally important commercial opportunities * How returning material from orbit could unlock entirely new manufacturing markets * Why Europe’s engineering ecosystem helped Exolaunch scale efficiently without heavy VC funding * What bootstrapped growth looks like inside a capital-intensive industry * How Exolaunch uses aggregation to reduce risk for both launch providers and satellite operators * Why passion and curiosity matter more than resumes in fast-moving aerospace environments * What the next 10–20 years of commercial space infrastructure could look like if current trends continue   About the Guest Dr. Robert Sproles is the CEO of Exolaunch. Exolaunch is a global leader in launch mission management, satellite integration, and satellite deployment technologies. With a decade of flight heritage and 650+ satellites launched across 41 missions to date, Exolaunch leverages industry insight to tailor turnkey solutions that meet customer needs and respond to market trends. Exolaunch fulfills launch contracts for industry leaders, the world's most innovative startups, research institutions, government organizations, and international space agencies. The company develops and manufactures its own flight-proven, industry-leading satellite separation systems and payload launch stacks, with the fastest-growing heritage in the market. Exolaunch, headquartered in Germany, operates globally with offices in the US, France, and Japan. Exolaunch promotes safe, sustainable, and responsible use of space and is committed to making space accessible for all. With over 20 years of experience in engineering leadership, Robert is passionate about strategic planning and developing technical capabilities at scale. To learn more, visit https://www.exolaunch.com/ [https://www.exolaunch.com/] and connect with him on LinkedIn [https://www.linkedin.com/in/robertsproles/].    About Your Host   Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years’ experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women’s Association, and SOCAL Aviation Association.    Check out this episode on our website [https://aerospaceexecutive.podbean.com/], Apple Podcasts [https://podcasts.apple.com/us/podcast/the-aerospace-executive-podcast/id1353891134/], or Spotify [https://open.spotify.com/show/4yFXeO6eiYQTSDEtlQ2K6x?si=61d6b2bd825c4ed1/], and don't forget to leave a review if you like what you heard. Your review feeds the algorithm, so our show reaches more people. Thank you!    For more aerospace industry news & commentary: https://craigpicken.com/insights/ [https://craigpicken.com/insights/].  To learn more about Craig Picken, visit https://craigpicken.com/ [https://craigpicken.com/].

$100 Oil, Spirit Airlines and Why Aerospace Buyers Are Still Leaning In w/ Bill Alderman

Oil is $100, airline losses are starting to show up, and Spirit’s collapse is exposing just how hard it is to run an ultra-low-cost model when low cost has disappeared. Any one of those signals could make buyers cautious. Taken together, they should raise a bigger question: why are buyers inside middle-market aerospace and defense still leaning in? Public aerospace companies are still trading at strong multiples. Strategics still have currency. Private equity is still chasing platforms. Founder-owned businesses with real capabilities are still getting serious attention. Middle-market aerospace may be feeling pressure, but it is not behaving like a fragile market. What makes this part of the industry so unusual is that value is not tied to one clean growth story. Commercial airlines may be exposed to fuel prices. Ultra-low-cost carriers may struggle when “low cost” disappears from the system. But the middle market is full of companies supporting business aviation, defense, engine work, MRO, parts, certifications, and long-standing product lines that remain incredibly hard to replace. This is why buyers are not just chasing growth. They are chasing durability. In a world where many sectors are being disrupted quickly, aerospace and defense still reward businesses that can do difficult, regulated, safety-critical work consistently. In this episode, I sit down with Bill Alderman for our 300th episode of the Aerospace Executive podcast and for Bill’s 25th year in the business. In this conversation, we unpack what the market is really telling us right now: where the strength is real, where the risks are starting to show, and why the best buyers in this industry still understand something tourists often miss: that aerospace rewards people who think long term.   You’ll also learn; * Why $100 oil is not an immediate market killer, but could become a serious drag if it stays elevated * What airline losses may be signaling, and why Spirit’s collapse is not necessarily the canary in the coal mine * Why rich public market multiples give aerospace buyers more room to pay attractive prices * How business aviation flight hours, fractional ownership, and OEM backlogs are strengthening the aftermarket story * Why “capacity,” maintenance demand, and physical capability continue to matter in an AI-disrupted economy * What makes aerospace and defense more durable than many other sectors * Why carve-outs and spin-offs can unlock focus, energy, and operational performance * How companies can become too large and lose the focus that made individual divisions valuable * Why brands like Bendix, Slick, and other long-standing product names still carry enormous value in the maintenance hangar * What private equity “tourists” often misunderstand about aerospace and defense * Why industry knowledge matters when owning companies that support safety-critical systems * The difference between making money in aerospace and respecting the long-term responsibility that comes with owning aerospace assets   About the Guest William H. Alderman (Bill) is the Founding Partner of Alderman & Company. Bill is an M&A specialist in the middle market of the aerospace and defense industry with over $2 billion in mergers and acquisition-related transactions to his name. Before founding Alderman & Company in 2001, Bill worked for 15 years on Wall Street and in the Aerospace & Defense Industry, principally on M&A transactions in the middle market. His employers included BT Securities, Fieldstone, and General Electric. Bill is a Securities Principal registered with the Financial Industry Regulatory Authority (“FINRA”) and has four securities industry licenses (Series 7, 24, 63, and 65). Bill is a commercial pilot and owns and operates a Cirrus SR22. * URL Link: https://www.aldermanco.com/ [https://www.aldermanco.com/] * LinkedIn - https://www.linkedin.com/in/williamalderman/ [https://www.linkedin.com/in/williamalderman/] About Your Host Craig Picken is an Executive Recruiter, writer, speaker, and ICF-trained Executive Coach. He is focused on recruiting senior-level executives in sales and operations across the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers. Since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years’ experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, the International Aviation Women’s Association, and the SOCAL Aviation Association.

IPOs Are Back and Changing Aerospace Deals, Here’s Why w/ Nick Fazioli

Aerospace has always been a cyclical industry, one sector up, another down, capital moving cautiously between them. That’s not what’s happening right now. Every major sector is ripping at the same time, for completely different reasons. Commercial is coming back online. Aftermarket and MRO have been running hot since COVID. Defense is being pulled forward by geopolitical demand. Business aviation has settled into a stronger, more stable “new normal.”  It’s rare to see this kind of synchronized momentum across the entire ecosystem, and when it happens, it changes how capital behaves. For years, aerospace exits were predictable. You built a solid business, ran an M&A process, and sold. IPOs were barely part of the conversation. Industrial manufacturing wasn’t exactly exciting to public market investors. Now, IPOs are not only viable, but they’re also often the better option. Industrial businesses that used to be seen as slow, capital-heavy, and unsexy are suddenly being revalued as AI-proof, infrastructure-critical, and in some cases, direct beneficiaries of the AI boom.  And that shift is forcing a new level of sophistication from operators. Because today, you’re not just deciding whether to sell; you’re deciding how to exit in a market with more options than ever before. Traditional M&A, IPOs, continuation vehicles—paths that barely existed or weren’t taken seriously six or seven years ago are now all on the table at the same time. At the same time, there’s a quiet risk underneath all of this. Fuel prices, geopolitical instability, and supply chain pressure. None of these have gone away. So the question isn’t just how long this run continues; it’s whether operators are actually prepared for the version of the market we’re in now. In this episode, I’m joined by the Global Head of Aerospace and Aviation Investment Banking at Jefferies, Nick Fazioli. He breaks down what’s really driving this moment across aviation, defense, and industrials, and what it means for operators thinking about growth, capital, and exit strategy in a market that looks very different from it did just a few years ago.   You’ll also learn; * The unexpected shift: how “boring” industrial manufacturing became one of the most attractive investment categories * Why IPOs are suddenly back, and in some cases outperforming traditional M&A exits * How AI is indirectly reshaping aerospace valuations through energy, infrastructure, and supply chain demand * The rise of continuation vehicles and why operators now have more exit paths than ever before * Where private equity and institutional capital are actually placing bets right now (and why MRO is so competitive) * The hidden risks: fuel prices, geopolitics, and consumer pressure, and how quickly they could impact the system * Why operators need to become far more strategic, not just in building businesses, but in positioning them for exit     About the Guest Nick Fazioli is the Global Head of Aerospace and Aviation Investment Banking at Jefferies, where he leads one of the most active practices across commercial aviation, business aviation, and aerospace services. Over the past 16 years, he’s been at the center of some of the most significant transactions in business aviation, including the sale of Marquis Jet to NetJets and West Star Aviation’s exit to Greenbriar Equity Group. With a front-row seat to M&A, capital markets, and the evolving investor landscape, Nick brings a unique perspective on where capital is flowing and how operators should be thinking about growth and exit strategy in today’s market. Connect with Nick on LinkedIn [https://www.linkedin.com/in/nickfazioli/].  About Your Host Craig Picken is an Executive Recruiter, writer, speaker, and ICF Trained Executive Coach. He is focused on recruiting senior-level leadership, sales, and operations executives in the aviation and aerospace industry. His clients include premier OEMs, aircraft operators, leasing/financial organizations, and Maintenance/Repair/Overhaul (MRO) providers, and since 2008, he has personally concluded more than 400 executive-level searches in a variety of disciplines. Craig is the ONLY industry executive recruiter who has professionally flown airplanes, sold airplanes, and successfully run a P&L in the aviation industry. His professional career started with a passion for airplanes. After eight years’ experience as a decorated Naval Flight Officer – with more than 100 combat missions, 2,000 hours of flight time, and 325 aircraft carrier landings – Craig sought challenges in business aviation, where he spent more than 7 years in sales with both Gulfstream Aircraft and Bombardier Business Aircraft. Craig is also a sought-after industry speaker who has presented at Corporate Jet Investor, International Aviation Women’s Association, and SOCAL Aviation Association.    For more aerospace industry news & commentary: https://craigpicken.com/insights/ [https://craigpicken.com/insights/].  To learn more about Craig Picken, visit https://craigpicken.com/ [https://craigpicken.com/].