Capstone Headwaters Reports: Test & Measurement Industry Sees Counter-Cyclical Strength in Aerospace & Defense Segment

October 26, 2020

Boston, MA – Capstone Headwaters released its Test & Measurement (T&M) Industry Update today, reporting that the performance of publicly traded T&M companies has recovered into positive territory since the onset of COVID-19.  We expect this strength to continue for the remainder of the year, placing the sector in an enviable position to benefit from a return to sustainable economic growth in 2021.

“Regardless of the economic climate, technology disruption remains a constant and it is evident in the Test and Measurement space,” Managing Director Ted Polk commented.

Managing Director David Brinkley further noted, “Prevailing industry trends driving consolidation in the sector are long-lived and speak to a rapid evolution of the fundamental technology base.”

A key subsegment of strength over the past five years, and a source of growth over the course of 2020, is Aerospace & Defense, particularly defense technologies.  Test and measurement activities supporting defense programs were deemed essential from the earliest days of the pandemic and have sustained revenue levels throughout the year. 

To access the full report, click here

Capstone Headwaters is one of the largest and most active independent investment banking firms in the United States. The firm has a rich 17+ year history of achieving extraordinary results for middle market entrepreneurs, business owners, investors, and creditors. CSHW offers a fully integrated suite of corporate finance services, including merger & acquisition, debt & equity private placement, ESOP advisory, corporate restructuring, valuation & fairness opinion, and financial advisory services. Headquartered in Boston and Denver, Capstone Headwaters has over 170 professionals across 17 offices in the U.S. and an international presence including 450 professionals in 40 countries. With 16 dedicated industry groups, the firm delivers sector-specific expertise through large, cross-functional teams on a global basis. CSHW has been recognized as one of the top investment banks to work for, the top 3 most referred firms, and has been named “Middle Market Firm of the Year” for the past 8 consecutive years. For more information, visit

For More Information Contact the Key Report Contributor:

David Brinkley
Managing Director

Ted Polk
Managing Director