D.A. Davidson Acts as Exclusive Financial Advisor to Celestar on Its Sale to Bart & Associates, a Portfolio Company of DFW Capital Partners

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WASHINGTON--(BUSINESS WIRE)--Jan 14, 2026--

D.A. Davidson & Co. announced today that it served as exclusive financial advisor to Celestar Holdings Corporation (“Celestar” or the “Company”) on its sale to Bart & Associates, LLC (“B&A”), a portfolio company of DFW Capital Partners (“DFW”).

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D.A. Davidson & Co. announced that it served as exclusive financial advisor to Celestar Holdings Corporation on its sale to Bart & Associates, LLC, a portfolio company of DFW Capital Partners.

Founded in 2004 and headquartered in Tampa, Florida, Celestar is a global provider of multiple Intelligence (“multi-INT”) solutions serving U.S. government agencies across the defense intelligence enterprise. The Company delivers analytic, strategy, training, and professional solutions through three core service areas: Intelligence Analysis & Enabling Services, Data Enterprise Support, and Training & Professional Services. With deep defense and intelligence experience, Celestar maintains entrenched relationships with key strategic agencies across the Department of Defense, the Department of State, and the U.S. Intelligence Community. Leveraging a highly experienced management team and a proven track record of performance, Celestar is recognized for its ability to execute complex missions and provide critical support to national security objectives.

“The D.A. Davidson team was a true partner throughout this process. Their deep understanding of our business and the industry, combined with their ability to identify and connect with the right partners, made all the difference,” said Greg Celestan, Founder and CEO of Celestar. “Thanks to their efforts, we found in B&A and DFW the perfect fit to drive Celestar’s next phase of growth.”

“Combining our strengths with Celestar’s All Source Intelligence expertise is a transformative step for B&A,” said Jonathan Evans, President and CEO of B&A. “This acquisition is a growth multiplier, not only in capability but in customer reach. It immediately positions us as a full-spectrum intelligence provider, bringing us closer to the warfighter and opening up new, high-value contracts. This strategic alignment ensures we can deliver the end-to-end solutions our government partners need to meet the most complex national security challenges.”

The acquisition adds multi-INT disciplines to B&A’s existing offerings, and Celestar’s experience augments B&A’s Geospatial Intelligence work and positions the combined company to pursue deeper and more complex opportunities at the National Geospatial-Intelligence Agency, Defense Intelligence Agency, and the Combatant Commands.

This transaction marks another successful closing by D.A. Davidson’s Aerospace, Defense & Government Services practice and underscores the strong, ongoing momentum within the D.A. Davidson Diversified Industrials Investment Banking Group.

D.A. Davidson’s Investment Banking Division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle-market clients worldwide across four industry verticals: consumer, diversified industrials, financial institutions, and technology. Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.

Deal Team Contacts

George “Toby” Albright III, Managing Director | Washington, D.C. | [email protected]

Bobby Micsak, Director | Denver | [email protected]

Winston Smith, Associate | Denver | [email protected]

About D.A. Davidson Companies

D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions, and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Greater Los Angeles, New York, Omaha and Seattle, the company has approximately 1,600 employees and offices in 30 states.

Subsidiaries include D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment advisor providing fixed income portfolio and advisory services.

For more information, visit dadavidson.com.

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CONTACT: Media Contact

Emily Roy

Prosek for D.A. Davidson

(646) 818-9232

[email protected]

KEYWORD: DISTRICT OF COLUMBIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER DEFENSE FINANCE CONSULTING BANKING PROFESSIONAL SERVICES GOVERNMENT TECHNOLOGY DATA ANALYTICS ASSET MANAGEMENT DEFENSE

SOURCE: D.A. Davidson & Co.

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PUB: 01/14/2026 09:00 AM/DISC: 01/14/2026 09:03 AM

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