UTC Aerospace Systems, a unit of United Technologies Corp., announced that it has acquired N2 Imaging Systems LLC based in Irvine, California. N2 is a designer and manufacturer of compact, low power, visible and infrared imaging systems used for soldier vision enhancement, surveillance, or threat detection-and-targeting. John Trezza, Vice President and General Manager of UTC Aerospace Systems' Force Protection business states: " Adding our experience in designing, developing and fielding sophisticated technology to the innovation of N2 will further support on-time execution of the Army's Enhanced Night Vision Goggle (ENVG) program."
Deal terms were not disclosed.
Point Blank Enterprises, a portfolio company of Sun Capital Partners, announced that it has acquired the assets of The Protective Group Inc. (TPG), a ballistics armor manufacturer and systems integrator. Since 1971, TPG has been developing lightweight composite personnel and vehicle armor for the US military including the Army, Special Operations Forces, Navy, and Marine Corps.
Point Blank CEO Daniel Gaston comments: "The acquisition of TPG further strengthens our product and technology portfolio in personnel body armor protection, while adding new capabilities in the areas of engineering and systems integration for both aircraft and vehicular armor. Our businesses have complementary assets and sell to many of the same branches of the U.S. Military. We are delighted to bring The Protective Group into our organization and look forward to working with its team to leverage our joint portfolios and skillsets, while providing those in combat with the greatest protection possible.”
Deal terms were not disclosed.
Avon Rubber announced that it has acquired the Argus thermal imaging camera business from e2v technologies. UK-based Argus manufactures thermal imaging cameras for the first responder and fire markets. The business generated approximately £5 million last year. The purchase price was £3.5 million payable in cash and was financed from existing debt facilities.
AirBoss of America Corp. announced that it has completed the acquisition of Immediate Response Technologies LLC (IRT). The deal was initially announced on June 17, 2015. IRT is a provider of personal protection and safety products for CBRN hazards, as well as communicable diseases and respiratory threats for the individual, first responder, medical, military, law enforcement, fire and industrial communities. The company designs and manufactures rapidly deployable CBRN protection, decontamination, rapidly deployable and expeditionary shelters, medical isolation shelter systems, respiratory protection systems and filter canisters.
The acquisition was made through AirBoss' US subsidiary AirBoss-Defense Inc., which acquired all of the membership interests of IRT through an initial all cash transaction of approximately $37 million (subject to working capital adjustments), and additional payments in cash and equity of approximately $25 million based on achieving performance objectives over the 60 month period following the closing. IRT is expected to generate 2015 revenues of $30 million and EBITDA of between $8 million and $9 million. The initial consideration multiples are 1.2x revenue and between 4.1x and 4.6x EBITDA. The total consideration multiples (including maximum earnout) are 2.1x revenue and between 6.9x and 7.8x EBITDA.
National Bank Financial Inc. was the financial advisor to AirBoss. Davies Ward Phillips & Vineberg LLP was legal counsel for AirBoss.
Gentex Corp. has acquired Helmet Integrated Systems Ltd. (HISL), a UK-based provider of helmets, communications equipment and respiratory protection for civil, defense, security and industrial personnel. HISL will operate as a UK subsidiary of Gentex. HISL has approximately 200 employees with 2012 revenues of $22.7M. Terms of the deal were not disclosed. Houlihan Lokey advised Gentex on the transaction while BCMS Corporate UK advised HISL.
Read the full press release.
We provide you with the latest news on acquisitions in the Defense and Government markets. Make sure to subscribe to our weekly deal updates: