L3 Technologies announced that it has acquired Open Water Power Inc., a Somerville, Massachusetts-based company that develops safe and high energy density undersea power generation technologies used by Unmanned Undersea Vehicles. The company's capabilities compliments L3's existing maritime platform, sensor, and payload offerings. Deal terms were not disclosed.
HDT Global announced that it has acquired DRS Environmental Systems Inc. (DESI), a manufacturer of rugged and transportable mobile enclosures, environmental control units, power generators and other ground support systems. As part of the acquisition, HDT adds approximately 170 employees and two facilities located in Cincinnati, Ohio and Florence, Kentucky. Deal terms were not disclosed.
Windjammer Capital Investors announced that it has acquired Mission Critical Electronics (MCE), a manufacturer of power conversion, battery charging and batter products to over 4,000 customers in the specialty vehicle, public safety, and industrial/marine markets. MCE is Windjammer's fifth platform investment from its $726 million Senior Equity Fund IV. Deal terms were not disclosed.
TransDigm Group Inc. announced that it has agreed to acquired Data Device Corp. from Behrman Capital for $1 billion in cash. With over 650 employees worldwide, DDC supplies databus and power supply products to military and commercial aerospace customers. Platforms that utilize DDC products include the JSF, F-18, Eurofighter, C-130, F-15, and Apache. The company is projecting 2016 revenues of over $200 million which puts the forward multiple at a rich 5.0x. The deal is expected to close at the end of fiscal year 2016.
API Technologies Corp. announced the completion of API by private equity firm J.F. Lehman. The purchase price was $2.00 per share or an enterprise value of approximately $305 million. API is a provider of high performance RF, microwave, millimeterwave, power, and security solutions. Check out our free M&A database to get valuation multiples and other details on this transaction.
EnerSys announced that it has acquired certain assets of Enser Corporation. Based in Pinellas Park, Florida, Enser is a manufacturer of thermal batteries used to power electronics, guidance and other electrical loads in weapon systems. Deal terms were not disclosed.
API Technologies Corporation announced that it has agreed to be acquired by J.F. Lehman & Company, an aerospace and defense-focused private equity firm, for $2.00 per share in cash or an enterprise value of $306 million (based on the company's balance sheet as of August 31, 2015). API Technologies provides RF/microwave solutions, microelectronics, electromagnetic integrated solutions, power solutions, secure systems and information assurance, and electronic manufacturing services to commercial, government, and military customers. For the twelve-month period ending August 31, 2015, the company had revenues of $229 million and adjusted EBITDA of $22.6 million.
The deal is expected to close in the second fiscal quarter of 2016. Jefferies LLC is the financial advisor and Wilson Sonsini Goodrich & Rosati is the legal advisor to API Technologies.
Arotech Corporation announced that it has closed on a private placement of $2.985 million with Admiralty Partners Inc., an A&D-focused investment firm. Admiralty purchased 1.5 million shares of stock at a price of $1.99 per share and its Chariman and CEO, John B. Kutler, will join Arotech's Board. Arotech is a provider of defense and security products for the military, law enforcement, and homeland security markets including simulators/trainers and power systems. A cursory look at the company's financials shows a business that has had slim to negative operating margins.
Kutler states: "Arotech is positioned at the confluence of two trends in the defense industry – disproportionate government investment in key growth areas and the consolidation of the fragmented third-tier supplier base. Its strong presence in training and simulation and power systems, combined now with an increased capability to participate as a consolidator, are expected to provide multiple opportunities and avenues for growth and enhanced shareholder value."
Sounds like they may be looking at future bolt-on acquisitions.
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