Commercial Due Diligence.

Commercial Due Diligence for Aerospace & Defence

Defence businesses are complex to assess from the outside. Revenue depends on specific programmes, government budgets and a small number of prime contractors, and a business plan is only as strong as the assumptions behind it. Compass gives investors an independent, evidence-based view of a target's market and its prospects.

Who we work with.

  • Private equity and venture capital investors evaluating platform and add-on acquisitions

  • Strategic acquirers and corporate development teams

  • Lenders and co-investors requiring an independent market view


Why Compass?

  • Sector focus: aerospace, defence and national security only. There is no learning curve on your timeline.

  • Investor mindset: findings framed around valuation, risk and the equity story.

  • Transaction perspective: our strategies are built to hold up in front of investors and acquirers.

Market and budget outlook

We size the target's addressable market from defence budgets, programme funding and procurement plans, rather than from top-down estimates.

Programme and order book

We validate the backlog and pipeline programme by programme: timing, funding status and the likelihood of conversion.

Customer relationships

We analyse customer concentration and the target's position with prime contractors and end users, informed by customer interviews.

Competitive position

We assess technology, qualification status and switching costs against relevant competitors.

Business plan review

We test management's assumptions and build a bridge to a risk-adjusted case.



What we assess.