AeroAntenna Technology has been acquired by HEICO

AeroAntenna Technology has been acquired by HEICO 2017-09-21T21:14:28+00:00

Project Description

AeroAntenna Technology, Inc. (“AeroAntenna”), a leader in the design and production of high performance active antenna systems, has been acquired by HEICO Corporation (NYSE: HEI.A and HEI).  Headquartered in Chatsworth, California, AeroAntenna manufacturers antenna systems for critical defense applications, precision guided munitions, commercial aircraft, ground vehicles and other commercial uses.  AeroAntenna is a market leader in numerous antenna types and applications including GPS, aircraft navigation and satellite communications.  The transaction is HEICO’s largest acquisition in company history.  AeroAntenna will become a part of the HEICO Electronic Technologies Group.

Joe Klein, AeroAntenna’s Founder and President, remarked, “We are thrilled to partner with HEICO.  From the moment we met, there was an immediate chemistry between our two teams.  I could not be more excited to join the HEICO team and look forward to the future.”

Laurans A. Mendelson, HEICO Chairman and CEO, along with Victor H. Mendelson, HEICO’s Co-President and CEO of the Electronics Technologies Group, jointly commented, “AeroAntenna is a great fit for HEICO.  Their commitment to the highest quality antennas and focus on customer needs have been the key ingredients to their long-term success.  These principles are an important part of HEICO’s DNA and we are excited to partner with a like-minded organization.  We are also fortunate that AAT has an outstanding management team lead by its founder and President, Joe Klein. We welcome Joe and his entire team to the HEICO family.”

With revenues of $1.5 billion, HEICO is a designer, manufacturer and provider of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through two divisions, the Flight Support Group and Electronic Technologies Group.  HEICO’s customers include a majority of the world’s airlines and aircraft overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers.

HEICO acquired 100% of the stock of AeroAntenna for $316.5 million in cash plus an earnout of $20 million based on AeroAntenna achieving certain performance targets.  Philpott Ball & Werner, LLC served as investment banker to AeroAntenna.  For more information about this transaction, please contact Nick Berry at nberry@pbandw.com or Ted Werner at twerner@pbandw.com.