
76 - 400 Transactions and What They Taught Her w/ Anita Antenucci Founder of 3Wire
Welcome to Digital Doorways, the podcast where we go deep with the CEOs and CMOs shaping the future of business. I'm Jason Siegel, founder of Bluetext, a B2B branding and marketing agency in Washington, D.C. that works with defense, aerospace, and government contractors at every stage of growth, including companies getting ready to transact.Today's guest is one of the most respected figures in aerospace, defense, and government investment banking, and she has spent three decades at the center of some of the most consequential transactions in the sector. She co-founded Quarterdeck Investment Partners, went on to lead Houlihan Lokey's entire ADG practice as Senior Managing Director, sat on that firm's board of directors before its IPO, and in 2022 launched 3Wire Partners, her own independent investment and merchant bank focused exclusively on aerospace, defense, and government markets.Her team has collectively advised on more than 400 transactions representing $50 billion in value. She is a Henry Crown Fellow at the Aspen Institute, Chair of the Board of Trustees of the Shakespeare Theatre Company, a director at the Center for Strategic and Budgetary Assessments, and a board member of TSX-listed AirBoss of America. She holds a BA in Political Science from Northwestern and an MA in Strategic Studies from Johns Hopkins SAIS, where she also studied at Sciences Po in Paris.Anita Antenucci, welcome to Digital Doorways.The Sector and Why It MattersYou have spent your entire career focused on aerospace, defense, and government. For someone outside the sector, how do you explain why ADG is one of the most strategically important and financially interesting corners of the market?The defense industrial base is under more scrutiny right now than it has been in a generation. How are you thinking about what that means for deal flow, valuations, and the overall health of the sector?You have advised Fortune 500 primes and small entrepreneurs in the same career. What is the difference in how you approach a transaction when you are working with a founder-owned business versus an institutional seller?Building 3WireYou left a senior role at one of the most established investment banks in the country to build something from scratch in 2022. What made that the right moment to go independent?The name 3Wire comes from military aviation, a carrier landing reference for precision under pressure. How intentional was that choice, and what does it say about the culture you wanted to build?You launched an advisory board at the end of 2025 that includes former White House cybersecurity officials, DoD executives, and drone pioneers. How do you think about the relationship between domain expertise and deal-making in a firm like yours?What has been harder about building 3Wire than you expected, and what has been easier?Transactions and StrategyYou have been on both the buy side and the sell side across hundreds of transactions. Where do most deals fall apart, and is it usually a people problem or a numbers problem?Defense M&A has a layer of complexity that most sectors don't, including CFIUS reviews, security clearances, customer concentration, and government contract transferability. How do you prepare a company for that reality before a deal goes to market?A lot of defense and GovCon founders underinvest in brand and market positioning before a transaction. How much does the story a company tells about itself actually affect enterprise value?What are the signals you look for in a management team that tell you a company is genuinely ready to transact versus just interested in the idea of a transaction?The Market Right NowThere is a significant amount of private capital chasing defense and dual-use technology right now. How is that changing the competitive dynamics of deals in your sector?













