Mercury Systems Inc. announced that it has acquired Richland Technologies LLC (RTL), a company that specializes in safety-critical and high integrity systems, software, hardware development, and safety-certification services for mission-critical applications. RTL serves the commercial and military aerospace markets. Deal terms were not disclosed.
Kaney Aerospace announced that it has acquired BVR Technologies Co. from Esterline Corporation. Based in Rockford, Illinois, BVR designs and manufactures gear trains, sensors, and electronic packages for its actuators and servos. The combined company will have over 120 employees with annual sales in excess of $20 million to customers in the aerospace and medical equipment industries. Deal terms were not disclosed.
Trive Capital announced that its portfolio company, Valence Surface Technologies has acquired Magnetic & Penetrant Services Company (MAPSCO), a Seattle-based provider of metal finishing services to the Aerospace and Defense industries. Deal terms were not disclosed.
HEICO Corporation announced that it has agreed to acquire 80.1 percent of the operating units of Air Cost Control (A2C). A2C's founders will retain a 19.9 percent ownership in the business. With operations in France, Germany and the US, A2C is an aviation electrical interconnect product distributor serving air craft manufacturers, sub-tier suppliers and MRO organizations. The transaction is expected to be closed within 30 to 45 days subject to foreign governmental approvals and standard closing conditions. Deal terms were not disclosed.
LMI Aerospace Inc. announced that it has agreed to be acquired by Sonaca Group, an aersostructures firm based in Belgium, for approximately $190 million. Based on LMI's existing debt and projected 2016 financials, the deal multiples are approximately 1x revenue and 11x EBITDA. Headquartered in St. Louis, Missouri, LMI is a supplier of structural assemblies, kits, and components and is a provider of engineering services to various industries including the military aerospace markets. The deal is expected to close in mid-2017. Lazard is advising LMI while Credit Suisse is advising Sonaca.
Soaring Pine Capital announced that it has acquired ETI Tech Inc. Based in Dayton, Ohio, ETI provides flight hardware parts for military aircraft and ground equipment for various aircraft including the F-35, C-130, F-16, and C-5B. Deal terms were not disclosed.
Advanced Integration Technology (AIT) announced that it has acquired Nova-Tech Engineering, a designer and integrator of critical assembly automation, materials handling and friction stir welding equipment and tooling for the aerospace and space launch industries. Deal terms were not disclosed.
United Flexible Inc. announced that it has acquired Scotia Technology, a designer and manufacturer of small-diameter precision fixed tubular components for the aerospace and defense industries. United Flexible is a portfolio company of Arlington Capital Partners. The combined company will have approximately 720 employees. Deal terms were not provided.
Teledyne Technologies Inc. announced that it has agreed to acquire e2v technologies plc for 275 pence per share, or an enterprise value of $789 million. e2v provides high performance image sensors and arrays, components, subsystems, and semiconductors for space, defense, healthcare, industrial, and communications applications. The company generated revenues of $289 million and adjusted EBITDA of approximately $64 million for the twelve month period ending September 30, 2016.
e2v was advised by Investec Bank plc and N M Rothschild & Sons while Teledyne was advised by Citigroup Global Markets Limited. The deal is expected to close in the first half of calendar 2017.
Curtiss-Wright Corporation announced that it has agreed to acquire Teletronics Technology Corporation (TTC) for $233 million in cash. Based in Newton, Pennsylvania, TTC is a designer and manufacturer of telemetry systems including data analysis units, sensors, receivers, and ground station analysis tools used to measure, record, transmit, and analyze aircraft and munitions parameters during test flights. With approximately 225 employees, TTC is involved in more than 140 programs including those supporting the F-35 and F-18. The company is projected to generate revenues of $65 million in 2016. The deal is expected to close in early 2017.
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