INDUSTRY UPDATE | Q2 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+
Aggregate Tx Value
35+ years
Closed Tx since Jan. 2021
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.
Still no DIRNSA
The Administration has been searching for permanent leadership for the powerful signals intelligence agency since the removal of Gen Timothy Haug. The decision not to move forward with the Defense Department’s recommendation to nominate Army Lt. Gen. Richard Angle as director of the National Security Agency and head of U.S. Cyber Command will extend a leadership vacuum atop the NSA and Cyber Command.
Clarity on SBA Rule impacts M&A
New SBA rules require small businesses with GWAC or MAC contracts to recertify their size within 30 days of acquisition. If recertified as large, they must offboard from set-aside task orders. A grace period extends through January 17, 2026. After that, ineligible firms will lose access immediately—posing a significant risk to buyers relying on future contract awards and associated recurring revenue streams from those vehicles. (13 C.F.R. § 125.12)
FY2026 NIP Budget Request
The Director of National Intelligence (DNI) disclosed an aggregate amount of $81.9 billion in requested appropriations for the Fiscal Year 2026 National Intelligence Program (NIP). This is an increase from $73.4 billion in FY2025. The NIP includes all programs, projects and activities of the intelligence community as well as any other intelligence community programs.
DoD EO Emphasizes CSOs & OTAs
An Executive Order (EO) signed in April mandates faster, more flexible procurement through Commercial Solutions Openings (CSOs) and Other Transaction Agreements (OTAs). The Government’s push to use more CSOs and OTAs aligns with a trend towards more streamlined acquisition techniques to avoid some of the requirements of the Federal Acquisition Regulation (FAR).
The Future Structure of CYBERCOM
As Congress debates a standalone cyber force, CYBERCOM chief Lt. Gen. William Hartman told lawmakers the Pentagon prefers a SOCOM-style model. While some lawmakers warn this may further silo cyber operations, CYBERCOM believes the approach could streamline training and talent. The shift aligns with CYBERCOM 2.0, aiming to modernize force generation, training, and partnerships with industry.
Private Credit Steps In
Some U.S. government contractors struggled financially after approximately $70 billion in federal contracts were paused or canceled under the Department of Government Efficiency (DOGE). As traditional banks pulled back, private credit lenders have stepped in with bridge financing. This financing has been used for government reimbursement on work that has been completed but not yet paid.
CCA Government Services & Defense Indices Stock Performance
- The S&P 500 posted record performance due to favorable macroeconomic indicators, the Israel-Iran Ceasefire, and bullishness regarding tariffs.
- Defense Technology stocks demonstrated strong YTD 2025 performance because of increased government spending, innovations in technology, and persistent geopolitical instability.
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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