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3Wire Partners Launches Advisory Board, Enhancing ADG-Focused Investment & Merchant Banking Platform’s Capabilities and Reach

December 1, 2025

3Wire Partners (“3Wire”), an independent investment and merchant bank focused on the Aerospace, Defense & Government (ADG) markets, today announced the formation of its Advisory Board. The Advisory Board will support 3Wire across strategic advisory assignments, capital formation, and investment evaluation providing sector intelligence, operational perspective, and network access.

“Our 3Wire platform is built on alignment, specialization, and real-world judgment,” said Anita Antenucci, Founder and Managing Partner of 3Wire Partners. “This distinguished group brings a record of execution and deep sector expertise, adding a meaningful dimension to the perspective we deliver to clients, counterparties, and partners.”

The inaugural Advisory Board members include:

  • Jason Atkinson is a proven leader in defense manufacturing, large-scale program execution, and operational transformation. He currently serves as President of American Rheinmetall, where he oversees growth initiatives, major program launches, and enterprise-wide operational excellence. Previously, he was President and CEO of Loc Performance Products (acquired by Rheinmetall in 2024), a diversified provider of mechanical systems, armored products, and track solutions to commercial and defense markets.
  • Sean Bielat brings deep expertise at the intersection of defense technology, early-stage investment, and organizational leadership. He is the Founder and Managing Partner of Oscar Mike Venture Partners, an early-stage European defense technology fund, and an Executive Partner at Wincove Private Holdings. He also serves as Executive Chairman of USBid, Inc. and sits on the board of Adaptec Solutions, Inc. He previously led the carve-out of Endeavor Robotics, a defense technology company from iRobot, and its subsequent sale to FLIR Systems.
  • Vice Admiral Joseph W. Dyer (Ret.) offers more than four decades of leadership experience across defense, aerospace, and technology, with a long-standing focus on strategy, governance, and innovation. He serves as Chair of the Strategy and Technology Committee and as a member of the Audit Committee at ASGN Incorporated. He is also a director of Technology Service Corporation, Avian Inc., and Herrick Technology Laboratories, and an Advisor to the Center for the Study of Democracy. Admiral Dyer previously served as the President of the Government and Industrial Services Division, Chief Operating Officer and Chief Strategy Officer for iRobot Corporation.
  • The Honorable Ellen Lord is recognized for her extensive expertise in defense acquisition, sustainment, and industry leadership. She served as the first U.S. Under Secretary of Defense for Acquisition and Sustainment from 2017-2021 leading the Department of Defense’s personnel, policy, and processes for acquisition of hardware, software, and services. Ms. Lord has more than 30 years of corporate experience in the automotive and defense industries, serving in a variety of capacities, including as President and Chief Executive Officer of Textron Systems Corporation, a subsidiary of Textron Inc. from 2012-2017.  Ms. Lord serves on the Board of Directors for AAR Corporation, Parsons Corporation, SES S.A., Trident Solutions and Exiger. She is a Senior Fellow at Johns Hopkins Applied Physics Laboratory and serves on the Advisory Board for MIT Lincoln Laboratory.
  • Juan Navarro has extensive experience leading technology, cyber, and systems integration enterprises serving defense and federal customers. He is the CEO and President of Advanced IT Concepts (AITC), where he directs strategy, operations, and delivery of enterprise IT, cybersecurity, and training solutions across the U.S. Department of Defense and federal government. AITC’s footprint spans more than fifteen states, thirty locations, and international programs in Germany, Belgium, Korea, Honduras, and Saudi Arabia. Previously, Mr. Navarro was the Chief Executive Officer for HDT Global and Domo Tactical and held various roles including President of North America at Chemring.
  • John Nelson brings more than 35 years of experience in national security, intelligence systems, and organizational leadership, with deep expertise in resource management, planning, and policy development. He served for nearly two decades as President and CEO of Zeta Associates, a leading provider of signals collection, processing, and distribution technologies. He led the company through significant growth and its successful sale to Lockheed Martin.
  • Daniel Prieto is a nationally recognized expert in national security, emerging technology, and cyber policy, with more than 20 years of senior experience across government, industry, and academia. He is Managing Partner at Range Strategic Advisors, LLC, and advises, invests in, and serves on boards of early-stage companies in AI, cybersecurity, supply chain security, and next-generation geolocation. His career includes leadership roles at Google, IBM, McKinsey, AOL, J.P. Morgan, and senior positions within the White House, Department of Defense, and Capitol Hill.
  • Dr. David Vos is a pioneer in unmanned systems, flight control, and automated aviation, with more than three decades shaping the evolution of Unmanned Aerial Vehicles (UAVs). He co-founded The Vos Foundation and previously led Project Wing at Google X, culminating in the world’s first month-long drone delivery service at Virginia Tech. Prior to Google X, he served as Senior Director at Rockwell Collins following its acquisition of Athena Technologies, where he was Founder, CTO, and CEO.

About 3Wire

3Wire Partners is an independent investment and merchant bank focused on the aerospace, defense, and government (ADG) markets. The firm partners with business owners, operators and investors to establish and execute strategies tailored to their objectives, business models, and industry environments. Founded in 2022, 3Wire delivers strategic advisory, growth, and liquidity solutions backed by deep sector knowledge, experience, and network. Led by Founder and Managing Partner Anita Antenucci, a recognized authority in the ADG industrial base, the firm’s professionals have collectively advised on more than 400 transactions representing $50 billion in value. For more information, visit 3wp.com.

Press Contact:  

3wire@tridentgmg.com

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READ THE PRESS RELEASE

Quantitative Wrap-up of 2023

Since we started 3Wire and for the 2023 calendar year:

Another 280 M&A transactions were announced across the aerospace, defense, and government (ADG) sectors. This may seem low compared to the extraordinary volume of 464 and 391 deals in each of 2021 and 2022, but it matches the pre-Covid average of about 250 deals per year from 2010 to 2020.
280
U.S. ADG M&A Deals, 2023
464
U.S. ADG M&A
Deals, 2021
391
U.S. ADG M&A
Deals, 2022
60
%
Sponsor M&A Activity as % of total, 2023
Private equity sponsor activity in the sector decelerated less, even in the face of the highest interest rate environment since 2001, with 60% of all M&A activity being led by financial sponsors versus a 5-year average of 50%.
21
%
TOTAL SHAREHOLDER RETURN OF ADG INDEX, 2023
Total shareholder returns of public companies in the aggregate ADG sector of 21% meaningfully outpaced their own 10-year average of 12% but were just below the S&P of 26%, with the Aerospace index outperforming at 29%.
0
%
YoY EV / EBITDA Valuation Change, 2023
M&A valuations in the sector haven’t dramatically moved in 2023; average valuations have hovered around 13x EBITDA for disclosed transactions and slightly lower for undisclosed transactions, in part due to a smaller average transaction size.

Qualitative Developments in 2023

Armed conflicts in Ukraine and the Middle East this past year reinforced the critical roles of both new and old technology in modern conflict.

New
Ukraine spotlighted the very same technologies being adopted across consumer economies – artificial intelligence-driven models, Starlink mobile satellite-based internet service, inexpensive drones, and phone-based apps for crowdsourcing everything from military intelligence to recruitment to refugee relocation and support. Their widespread availability in the hands of an educated, tech-savvy, and passionately motivated populace unveils a different view of modern warfare and civic services.
Old
Meanwhile, the massive consumption of basic munitions and artillery, personnel armor, and other “old economy” manufactured equipment revealed the degree to which our highly consolidated and transformed industrial base lacks the adaptability to replenish stocks rapidly. As a result, greater attention has been placed on our national security supply chain's readiness, capacity, and security.

Investing in 2024

The outlook for 2024 ADG investing is multi-faceted – not limited to the cash-flow-driven buy-out strategies of the 1990s or the high-profile venture investors who have spotlighted successes like Palantir and SpaceX. It is “all of the above,” compounded by the unique mission requirements of its customers (often guarded by government classification), the complexity of contracting regulations, the contradiction of long-term contracts that remain subject to annual Congressional funding actions, and a new phenomenon of ESG concerns imposed on lenders and investors.

The robust diversity of the U.S. capital markets, which underpins the innovative and globally competitive technical sector, remains the most valuable weapon in our government’s arsenal. However, investing in the ADG sector demands a level of industry specialization that is not categorized by short- versus long-term holds, company size, or whether the company employs cutting-edge AI or the cutting tools of a manufacturing floor.

Success for investors in the sector is strongly correlated to having a team with the knowledge, network, and experience to access markets and align capital with the unique needs and opportunities of customers and owners alike.

3Wire Update, Looking Ahead

We established 3Wire to address the highly specialized and complex capital needs of the industrial base. Focusing on the aerospace, defense, and government services sectors, we aim to be a crucial partner and catalyst to founders, company owners, and capital sources for companies of national importance. By harnessing our extensive transaction experience, industry network, and partnership-focused approach, we are positioned to improve strategic planning for founders, companies, and investors while helping to ensure a strong national security position through a well-capitalized defense industrial base.

We are happy to share that in our first year of operation, we have seen this approach already gain strong traction in the marketplace –

From partnering with investors in businesses with scalable technology and talent for such customer needs, including:

Cadmus solving the most difficult environmental, energy, and development challenges
Digital Harmonic leading the image enhancement and signal-processing revolution
Parry Labs redefining the future of open systems edge computing for the modern battlespace

To advising investors in exiting well-positioned businesses at both ends of the “old” and “new” spectrum described above, including:

Advised on the $700 million sale of AE Industrial-backed American Pacific Corporation (AMPAC), the leading U.S. manufacturer of ammonium perchlorate for solid rocket motors since the dawn of ballistic technology, to NewMarket Corporation, a public company run by a long-standing American family owner of businesses in the chemicals sector. This transaction marks the third sale of AMPAC advised by 3Wire professionals.
Advised on the announced sale of Aerovel to Airbus. Aerovel is an innovative developer of unmanned aerial systems (UAS) used for intelligence, surveillance, target acquisition, and reconnaissance (ISTAR) missions at sea and over land. The company was founded by Tad McGeer. The 3Wire team also advised on the sale of Insitu, a prior company founded by Dr. McGeer, on its sale to Boeing in 2008.

As we unpack in our new offices at 1717 Pennsylvania Avenue NW in Washington, D.C., we reflect on the incredible potential and opportunity awaiting in the new year. 3Wire is uniquely positioned to be a vital conduit of strategic capital and advice within the ADG industrial base and partner to those motivated by the double bottom line of investing in the national security sector. We look forward to connecting with you in the coming months and discussing the many opportunities to invest in this critical industry. More to come.

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