INDUSTRY UPDATE | Q3 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.
CISA CVE Modernization
The Cybersecurity and Infrastructure Security Agency released a roadmap to modernize the Common Vulnerabilities and Exposures (CVE) program, aiming to strengthen vulnerability coordination and accelerate disclosure timelines. The plan expands program participation and automation to strengthen national cyber defense. This modernization effort reflects CISA’s push to make CVE more scalable and resilient amid growing cyber risk.
ODNI Workforce Reduction
The Office of the Director of National Intelligence plans to reduce its workforce by 40 percent as part of a major restructuring effort. The downsizing is intended to streamline operations and shift resources to high-priority missions. According to leadership, the move reflects an evolving intelligence environment and a commitment to greater efficiency.
DIA Leadership Change
Pete Hegseth removed the director of the Defense Intelligence Agency, marking a significant leadership shakeup at the agency. The dismissal comes amid broader national security realignments and reflects the administration’s push to reshape intelligence leadership. The move follows the appointment of Joe Francescon as deputy director of the National Security Agency.
CMMC Final Rule
On November 10, the U.S. Department of Defense will implement the final rule for the Cybersecurity Maturity Model Certification (CMMC) program, making compliance a contractual requirement under Defense Federal Acquisition Regulation Supplement. The change would require all defense contractors to meet tiered cybersecurity standards.
New NGA Leadership
Army Lt. Gen. Michele Bredenkamp has been nominated to lead the National Geospatial-Intelligence Agency. Bredenkamp currently serves as the ODNI director’s advisor for military affairs and previously led Army Intelligence and Security Command. Her nomination comes as NGA deepens its focus on operational integration and strategic partnerships.
Golden Dome SHIELD
The Missile Defense Agency has outlined a $151 billion contracting vehicle under its Golden Dome SHIELD program. The multi-phase initiative, expected to launch in 2026, will expand missile defense capabilities through long-term, flexible contracting with a wide range of industry partners.
CCA Government Services & Defense Indices Stock Performance
- The S&P 500 has had a strong year with solid gains while reaching multiple all-time highs.
- Defense Technology stocks have been outstanding performers in 2025 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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