Lincoln International to hire Ryan O’Toole and Eric Cartier as Managing Directors and Co-Heads of Aerospace and Defense

Lincoln International, a global investment banking advisory firm, is pleased to announce that Ryan O’Toole and Eric Cartier will join in July as Managing Directors in the firm’s Global Industrials Group. Bringing over two decades of experience each, their addition will strengthen and expand Lincoln’s well-established presence in aerospace and defense (A&D) investment banking advisory.

Eric and Ryan have advised private A&D clients on landmark mergers and acquisitions (M&A) transactions spanning numerous sub-sectors and deal types. Over the last two decades they have provided clients with thoughtful advice through a variety of market cycles and evolving dynamics. They join Lincoln at a pivotal moment, with defense budgets increasing globally, a resurging commercial aerospace market and ongoing strength in the aircraft maintenance, repair & overhaul (MRO) segment.

“In 2025, technological innovation and geopolitical tensions are driving unique opportunities and pressures across the defense sector, while the commercial aerospace market positions itself for the impending growth cycle,” said Sean Bennis, global head of Industrials. “Together, Eric and Ryan’s deep industry expertise will be invaluable as our clients pursue strategic solutions and look to create value. Their addition will yield meaningful perspective and access to investors across the industry.”

Eric and Ryan’s arrival in July comes at a transformational moment for Lincoln’s Industrials Group, which recently closed the $2.3 billion sale of Richards Manufacturing and finished 2024 with 97 closed transactions worldwide. Furthermore, their expertise will bolster Lincoln’s existing capability to serve clients operating in the government sector, complementing the expertise of M&A advisors specializing in government services and government technology in Lincoln’s Global Business Services and Technology groups, respectively.

Beyond advising U.S. A&D business leaders and investors, Ryan and Eric bring extensive experience in cross-border and international transactions which strengthens Lincoln’s ability to capture opportunities around EMEA’s rising defense budgets to the increased demand in APAC markets.

Ryan and Eric will be joining Lincoln after serving as Managing Directors in Houlihan Lokey’s aerospace, defense and government group. They will join Lincoln’s Los Angeles office in July 2025.