M&A advisory for SpaceTech companies
Space-tech M&A is being rebuilt around dual-use defence applications and the institutional capital that has followed them in. Defence primes, aerospace strategics and infrastructure-focused growth platforms have led recent transactions across launch, satellite manufacturing, Earth observation and satellite communications. FCC and ITU spectrum positions, ITAR and EAR export-control regimes, and CFIUS-equivalent reviews in allied jurisdictions add regulatory diligence that materially affects timeline and deal structure.
The buyer set is concentrated around defence primes including Lockheed Martin, Northrop Grumman, RTX and Boeing, aerospace strategics such as Airbus, satellite operators and manufacturers including Maxar, Viasat and Iridium, and commercial launch and platform players such as SpaceX and Blue Origin where adjacencies exist. Flow has direct access to these acquirers and to the infrastructure and dual-use sponsors that can clear the regulatory and security workstreams. The process is sequenced around backlog quality, the split between government and commercial revenue, spectrum and licensing position, and the credibility of the path from milestone-based programme revenue to recurring satellite services.
Flow team has relevant sector experience and has worked with space-tech companies across launch and propulsion, satellite manufacturing and components, Earth observation and satellite data, satellite communications and constellations, and ground-segment and mission-operations software.
"SpaceTech" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing SpaceTech M&A targets
Launches completed
Satellites operational
Contracted backlog
Government vs commercial revenue mix
Design wins
$ / kg to orbit
Constellation coverage
Spectrum / licence position
Ground stations / antennas
Remaining performance obligations
Programme gross margin
Recurring data / comms revenue
Founders and investors we've worked with
We've supported winning builders across SpaceTech and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
See our M&A advisory experience across SpaceTech and beyond.
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