Press Release

Mesirow Financial Advises Safran S.A. on the Sale of its Subsidiary, Base2 Solutions to Belcan, LLC, a Portfolio Company of AE Industrial Partners, LP

CHICAGO, January 6, 2020 – Mesirow Financial acted as the exclusive financial advisor to Safran S.A. (“Safran”), a global tier-one supplier of systems and equipment to the aviation, defense, and space markets, on the sale of its subsidiary Base2 Solutions (“Base2” or “the Company”) to Belcan, LLC (“Belcan”), a portfolio company of AE Industrial Partners, LP (“AEI”).

The sale of Base2 serves as part of Safran’s ongoing portfolio optimization efforts following the acquisition of Zodiac Aerospace in 2018. Base2 specializes in providing technology consulting and engineering solutions that address complex business issues in industries requiring niche technical knowledge, providing services including custom software development, DevOps, information security, and systems engineering and integration.

“We appreciated Mesirow’s efforts and thoughtful advice throughout the process,” said Pascal Picavet, head of M&A and corporate development at Safran. “The combination of Mesirow’s aerospace domain knowledge and their commitment to client service resulted in a successful transaction for Safran and a good home for Base2 with Belcan.”

Andrew Carolus, managing director of Mesirow Financial’s Investment Banking group, said, “We appreciated the opportunity to work alongside Safran to design and execute a process which had global reach and achieved a successful outcome.”

“Base2’s unique approach to solving critical technology and digital innovation challenges will enable Belcan to provide more comprehensive outsourced engineering and consulting capabilities to its clients”, added Shane McDaniel, managing director of Mesirow Financial’s Investment Banking group.  

This transaction represents another successful assignment completed by Mesirow Financial’s Investment Banking group highlighting the firm’s global reach and its transaction experience within both the Aerospace & Defense and Technology sectors. Committed to leveraging extensive sector-specific expertise across industry groups and nurturing deep long-standing relationships, Mesirow Financial’s team has a proven track record of completing successful deals on behalf of their clients.

About Mesirow Financial

Mesirow Financial is an independent, employee-owned firm founded in 1937. As specialists in investment, risk management and advisory services, we are committed to helping our institutional, corporate and individual clients achieve their objectives. Our professionals are inspired by an entrepreneurial desire to develop tailored solutions that deliver measurable results. To learn more, please visit

About Base2 Solutions

Base2 Solutions assists companies in highly regulated industries give form to Digital Innovation by delivering the processes and practices needed to develop highly reliable and complex interconnected systems. The Company helps its customers solve challenging problems by taking a whole systems approach to designing and developing solutions using technology, processes, security, and systems engineering. A current, multi-year Best Places to Work finalist in Washington State and Orange County, California, Base2 Solutions is headquartered in Bellevue, Washington with offices in Brea, California. Clients include The Boeing Company, Thales, Horizon Air, BioLife Solutions, Halyard, and L3Harris, among others. For more information, visit


About Safran, S.A.

Safran, together with its subsidiaries, is a global tier-one supplier of systems and equipment to the aircraft propulsion and equipment, space and defense markets. Safran has a global presence, with more than 95,000 employees and sales of 21 billion euros in 2018. Safran is listed on the Euronext Paris stock exchange and is part of the CAC 40 and Euro Stoxx 50 indices. To learn more, visit

About Belcan, LLC

Belcan, LLC is a global supplier of engineering, supply chain, technical recruiting, and IT services to customers in the aerospace, defense, automotive, industrial, and government sectors. Belcan engineers better outcomes for customers – from jet engines, airframe, and avionics to heavy vehicles, automobiles, and cybersecurity, Belcan takes a partnering approach to provide solutions that are adaptable, integrated, and value added. Belcan has been earning the trust of our customers for 60 years and counting. For more information, please visit

About AE Industrial Partners

AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its’ deep industry knowledge, operating experience, and relationships throughout our target markets. Learn more at

Nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy an interest in any Mesirow Financial investment vehicle(s). Mesirow Financial, Inc. is not affiliated with Safran S.A., Base2 Solutions, Belcan, LLC, AE Industrial Partners, LP, or their affiliates. Past performance is not indicative of future results. Mesirow Financial refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. Securities offered through Mesirow Financial, Inc. member FINRA, SIPC.

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