Focus
A&D only
One market, understood deeply. We know aerospace and defense and we stay in it.
DEFENSE-FOCUSED INDEPENDENT SPONSOR
/DALLAS, TEXAS
/EST. 2021
Building the future of American defense.
Ghost Capital is a defense-focused independent sponsor. We partner with founders, owners, and management teams to acquire and build small aerospace and defense companies that add capability to the U.S. Defense Industrial Base.
01
What is Ghost Capital?
Ghost Capital is a Dallas-based independent sponsor that invests exclusively in aerospace and defense. We acquire small A&D businesses deal-by-deal, then build them into companies that strengthen national security — and share the upside with the partners who back us.
Our mission is to add critical capability to the U.S. Defense Industrial Base so American warfighters have what they need to protect freedom today — and tomorrow. We are not a generalist fund that happens to do defense. Defense is the whole thesis.
02
Why Ghost
Expertise
Operators
We know the defense market, how to grow inside it, and how to get deals done.
Value
Unlock & share
We create value in the companies we build, then share the upside with our partners.
Mission
Purpose
We partner with people who want to invest in a mission that matters, not only a return.
03
What we invest in
We buy and build lower-middle-market aerospace and defense companies — the suppliers, components, and services that keep defense programs running.
Sector
Aerospace & defense, exclusively. Components, subsystems, manufacturing, and mission services across air, land, sea, and space.
Structure
Control or majority positions. Flexible on hold period.
Company size
$1M–$8M EBITDA. Lower middle market.
Situations
Founder and owner transitions, management buyouts, carve-outs, and buy-and-build platforms.
Geography
United States. U.S.-owned and U.S.-controlled, consistent with defense contracting requirements.
Role
Long-term partner to management — operational, not passive.
04
Who we partner with
Founders & owners
Selling a defense business
If you have built an A&D company and are thinking about the next chapter, we offer a partner who understands the mission and the market.
- Preserve what you built and the team you trust
- A buyer who speaks defense, not spreadsheets alone
- Flexibility on structure, rollover, and timing
Capital partners
Investing alongside us
We bring family offices, SBICs, and co-investors into specific defense acquisitions — deal-by-deal, with aligned economics.
- Direct exposure to a focused defense thesis
- Choose the deals you back
- Upside shared, incentives aligned
05
How we work
01
Source
We find A&D companies through proprietary relationships across the defense industrial base.
02
Structure
We assemble the right capital partners for each deal and align terms with management.
03
Build
We add capability — operations, programs, add-ons — to make the company more valuable and more capable.
04
Realize
We grow toward an exit that rewards founders, management, and the partners who backed us.
06
The team
Ghost Capital is led by operators and investors with backgrounds across defense and private equity.
Co-founder & Partner
Chase Campbell
Leads investor relations and deal execution. Former Corporate Development Manager at Elbit America, whose M&A team closed more than $700 million in transactions and set corporate strategy enterprise-wide. MBA, Cox School of Business; BA, Princeton University; certificate, University of Oxford.
Co-founder & Partner
Robert Schneier
Former CEO of Free Flight Systems, a producer of PNT and navigation systems for commercial and military aircraft. Partner at three management consulting firms; former head of M&A and strategy at Elbit America. MBA, NYU; BS, University of Wisconsin.
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Common questions
What is Ghost Capital?
Ghost Capital is a Dallas-based, defense-focused independent sponsor. We partner with founders and management teams to acquire and build small aerospace and defense companies that strengthen the U.S. Defense Industrial Base.
What does Ghost Capital invest in?
We invest exclusively in aerospace and defense businesses in the lower middle market — typically $1M–$8M of EBITDA — across suppliers, components, and services that support defense programs. We acquire deal-by-deal as an independent sponsor rather than from a committed blind-pool fund.
Who does Ghost Capital partner with?
Two groups: founders, owners, and management teams selling or recapitalizing A&D businesses; and capital partners — family offices, SBICs, and co-investors — who fund our acquisitions.
How is an independent sponsor different from a private equity fund?
An independent sponsor acquires companies one at a time, raising capital for each deal, instead of deploying a pre-committed fund. That means more flexibility on structure and hold period, and closer alignment with each company's founders and management.