INDUSTRY UPDATE | Q1 2025
Defense & Government
CCA releases quarterly updates regarding relevant market insights for the Defense and Government Contracting space. Interested in receiving the updates via email? Subscribe here.
Firm Overview
CCA is a boutique corporate advisory and investment banking firm that has been successfully serving investor-owned and closely held emerging growth and middle market companies since 2005. Our team of managing directors brings 30 years of experience to the Baltimore area.
Together we provide a collaborative, holistic approach to serving clients in the Mid-Atlantic region. For middle market companies looking to create business value with the help of our strategy services, and/or realize value through a merger, acquisition or other transaction, CCA is ready to stand with you, guide you through the process, and help you achieve your goals.
$4Bn+
35+ years
100+
2024 Valuations
12+
Advisory Clients Exited since Jan. 2021
Corporate Advisory Services
- Strategic Assessments
- Financial Planning & Analysis
- Value Sharing Plans
- Transaction Advisory
- Value Creation Strategy
- Business Valuations
Investment Banking Services
- Sell-Side
- Buy-Side
- Merger
- Recapitalization
- Growth Capital
- Management Buyout
Intel and Cyber News
Companies serving the Intelligence and Cyber Markets encompass a wide range of offerings with a diverse set of skills and market segments. From Artificial Intelligence and Machine Learning to Cybersecurity and support for the war fighter, the people that make up these technology companies are actively involved in national security. Along with these “pointy edge of the sword companies” are support industries in staffing, engineering, finance, and legal, which serve the various needs of this community.
Annual Threat Assessment Published
- This 2025 ATA report supports the Office of the Director of National Intelligence’s commitment to keeping the U.S. Congress and American people informed of threats to the nation’s security. In preparing this assessment, the National Intelligence Council worked closely with all IC components, the wider U.S. Government, and foreign and external partners to provide the most timely, objective, and useful insights for strategic warning and U.S. decision advantage.
New OSINT subcommittee
- House lawmakers are increasing their focus on the intelligence community’s approach to open-source intelligence through a new OSINT subcommittee. The House Permanent Select Committee on Intelligence announced the new OSINT subcommittee in early February.
- Last year, the Office of the Director of National Intelligence released an intelligence community-wide OSINT strategy.
Lt. Gen. Hartman new DIRNSA
- Lt. Gen. William Hartman has been named acting director of the NSA and acting commander of U.S. Cyber Command following the Trump administration’s removal of Gen. Timothy Haugh from leadership of both organizations.
- “LTG Hartman brings extensive experience and a strong commitment to mission execution in support of strengthening our national security,” a spokesperson for CYBERCOM said.
DOGE Impacts Federal Agencies
- The Department of Government Efficiency continues its effort to reduce spending through a variety of methods. Final cuts are still unknown, but published plans to cut 80,000 jobs at the Dept of Veterans Affairs and the proposed removal of 60,000 Defense Department civilians will be a transformative shift in federal operations.
- Intelligence agencies are grappling with how to reduce their numbers of employees without damaging their missions.
Cybercom 2.0 Briefed
- Cybercom 2.0 is an ambitious plan first unveiled by former commander Gen. Paul Nakasone and other top DOD officials. It was meant to provide a holistic examination of the command and its forces to better posture it for the future.
- In February, Ashley Manning, acting assistant secretary of defense for cyber policy, briefed members of the House Armed Services Cyber, IT and Innovation subcommittee.
Sweeping Tariffs on U.S. Imports
- The Trump administration announced a 10% tariff on all imports to the U.S., along with additional tariffs on other major trading partners to include China, Japan, Vietnam and multiple European countries.
- The recent announcements of tariffs may initially lead to a slowdown in M&A activity in the middle market due to increased financial performance uncertainty and valuation challenges.
CCA Government Services & Defense Indices Stock Performance
- Markets are experiencing turmoil given the Trump Administration’s economic policies, notably changes to tariffs with Mexico, Canada, and China, among others.
- The S&P 500 dropped 5.8% from February 2025 to March 2025, resulting in a YTD return of -4.6%, due to volatility from fears relating to tariffs.
How CCA Helps Government Contractors
Chesapeake Corporate Advisors provides a framework for business owners to focus on building sustainable value and to explore their succession and exit alternatives. We use our proprietary tools and methodologies to assess the market and maximize value through strategy.
CCA is a leading investment bank with extensive expertise in mergers, acquisitions, divestitures, and corporate advisory. We use a comprehensive approach to assist clients develop and execute a buy-side, sell-side or recapitalization strategy domestically and in cross-border transactions.
At CCA, understanding shareholder value is at the center of everything that we do. Our analysis considers the feasibility of mergers, acquisitions, divestitures, ESOPs, management buy-outs and recapitalizations. We provide an objective, assessment of value that is deeply rooted in qualitative and quantitative analysis using our proprietary methodologies.
CCA’s Government Contracting team is a blend of Corporate Advisory, Investment Banking, and Government Contracting Executives. We have worked with dozens of companies in projects ranging from Sell Side Investment Banking, to Ownership Alternatives, to Valuations to Boards of Directors.
The CCA Government Contracting Team
Charlie Maskell
Managing Partner
Martin O'Neill
Managing Director
CCA clients appreciate that Marty has walked a mile in their shoes, having spent 30 years as a business leader in companies of various industries and sizes before joining CCA as an advisor to middle market businesses.
Michael Zuidema
Managing Director
Tim Brasel
Managing Director
Tim leads the day-to-day management and execution of many of the deals CCA transacts for its clients. He’s helped lead and guide the sale and acquisition of numerous middle market companies.
Katie Kieran
Director
Katie has advised many middle market business owners on how to create value and optimize the outcome when they’re ready to sell, drawing on her strong analytics, strategic, and financial modeling skills.
Andy Spears
Director
From assisting high-growth market leaders through sale processes to advising companies struggling with cash flow issues, Andy has helped a breadth of companies realize their strategic goals for more than a decade.
Meghan Smith
Vice President
Meghan focuses much of her time assisting on the development of business valuations and strategic assessments, helping clients create and enhance business value, and developing ownership opportunity plans.
Kevin Afriyie
Associate
Kevin plays a pivotal role in executing transactions for our esteemed clients, working closely with CCA’s senior bankers. His proficiency in technical skills is evident.
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