Benchmark Electronics announced that it has entered into a definitive agreement to acquire Secure Communication Systems, Inc. for $230M in cash on a debt-free, cash-free basis from private equity firm Vance Street Capital. Based in Santa Ana, CA, Secure Communication Systems is a provider of high performance electronics, sub-systems, and components for mission critical applications in the aerospace, industrial, and defense markets.
Benchmark will fund the deal from its existing credit facility. The transaction is expected to close in the fourth quarter of 2015 subject to closing conditions and regulatory approvals, and will be immediately accretive to margins and EPS. JP Morgan Securities LLC is the financial advisor to Benchmark and Sheppard Mullin Richter & Hampton LLP is its legal counsel. Harris Williams & Co. is acting as financial advisor to Secure and O'Melveny & Myers LLP is acting as legal counsel. Comments are closed.
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July 2017
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