HEICO Corporation Subsidiary Acquires Interface Displays & Controls, Inc.
November 06 2017 - 8:30AM
Business Wire
HEICO’s 4th Acquisition This Year
HEICO Corporation (NYSE: HEI.A) (NYSE: HEI) today announced that
its Radiant Power Corp. (“Radiant”) subsidiary acquired Interface
Displays & Controls, Inc. (“IDC”) in an all cash transaction,
which is HEICO’s fourth acquisition this year. Radiant is part of
HEICO’s Electronic Technologies Group.
HEICO stated that it expects the acquisition to be accretive to
its earnings within a year following the purchase. Further
financial terms and details were not disclosed.
IDC, which was founded in 1976 and is located in Oceanside, CA,
designs and manufactures electronic products for aviation, marine,
military fighting vehicles, and embedded computing markets. These
products include original equipment and retrofit control panel and
bezel assemblies, smart cockpit displays, and night vision
compatible exterior lighting for military fixed wing and rotorcraft
platforms.
Anish V. Patel, Radiant’s President, stated, “We are very
excited to bring the Interface Displays & Controls, Inc.
product lines into our portfolio. IDC’s addition expands Radiant’s
product offerings to our existing customer base and allows us to
better address market needs.”
Laurans A. Mendelson, HEICO’s Chairman & Chief Executive
Officer, and Victor H. Mendelson, HEICO’s Co-President and CEO of
its Electronic Technologies Group, jointly noted: “This acquisition
is consistent with HEICO’s long-term strategy of acquiring
businesses that provide great products and services to their
customers. We fully support the Radiant team’s efforts and will
continue to look for value-added acquisitions for our
subsidiaries.”
Eureka Capital Markets, LLC acted as the exclusive financial
advisor to IDC in the transaction.
Located in Sarasota, Florida, Radiant Power Corp. is focused on
the design and manufacture of emergency power supplies, power
distribution and controls, flight deck sensors and indicators, and
passenger comfort products for the aerospace and military markets.
More information can be found at www.rpcaero.com.
HEICO Corporation is engaged primarily in the design,
production, servicing and distribution of products and services to
certain niche segments of the aviation, defense, space, medical,
telecommunications and electronics industries through its
Hollywood, Florida-based Flight Support Group and its Miami,
Florida-based Electronic Technologies Group. HEICO’s customers
include a majority of the world’s airlines and overhaul shops, as
well as numerous defense and space contractors and military
agencies worldwide, in addition to medical, telecommunications and
electronics equipment manufacturers. For more information about
HEICO, please visit our website at http://www.heico.com.
Certain statements in this press release constitute
forward-looking statements, which are subject to risks,
uncertainties and contingencies. HEICO's actual results may differ
materially from those expressed in or implied by those
forward-looking statements as a result of factors including: lower
demand for commercial air travel or airline fleet changes or
airline purchasing decisions, which could cause lower demand for
our goods and services; product specification costs and
requirements, which could cause an increase to our costs to
complete contracts; governmental and regulatory demands, export
policies and restrictions, reductions in defense, space or homeland
security spending by U.S. and/or foreign customers or competition
from existing and new competitors, which could reduce our sales;
our ability to introduce new products and services at profitable
pricing levels, which could reduce our sales or sales growth;
product development or manufacturing difficulties, which could
increase our product development costs and delay sales; our ability
to make acquisitions and achieve operating synergies from acquired
businesses; customer credit risk; interest, foreign currency
exchange and income tax rates; economic conditions within and
outside of the aviation, defense, space, medical,
telecommunications and electronics industries, which could
negatively impact our costs and revenues; and defense budget cuts,
which could reduce our defense-related revenue. Parties receiving
this material are encouraged to review all of HEICO's filings with
the Securities and Exchange Commission, including, but not limited
to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except to the extent required by applicable law.
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HEICO CorporationVictor H. Mendelson, 305-374-1745orCarlos L.
Macau, Jr., 954-987-4000
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