Midwest Microwave Solutions, Inc. (“MMS”), a leading defense electronics company, has sold a majority interest to HEICO Corporation (“HEICO”, NYSE:HEI). Headquartered in Hiawatha, Iowa, MMS is a designer and manufacturer of unique Size, Weight, Power and Cost (“SWAP-C”) optimized communications and electronic intercept receivers and tuners for military and intelligence applications. MMS’ front-end RF and microwave hardware is used by the U.S. Intelligence Community for signal intercept applications, such as search, data collection, precision geolocation, direction finding and beamforming operations. HEICO is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Flight Support Group and Electronic Technologies Group. HEICO’s customers include a majority of the world’s airlines and overhaul shops, as well as commercial aircraft, defense, and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. MMS will become a part of the HEICO Electronic Technologies Group. Philpott Ball & Werner, LLC (“PB&W”) served as exclusive financial advisor to MMS.

HEICO acquired 80.1% of the shares of MMS. The remaining 19.9% will continue to be owned by the founders and senior management team of MMS consisting of President Phil Rezin, Chief Operating Officer Steve Wilson, and Chief Scientist Mike Horn. All three shareholders will remain in their pre-closing positions with MMS and the Company will continue its operations substantially as they existed before the purchase, including remaining in the same location and retaining its name.

Phil Rezin, MMS’s Co-Founder and President, commented, “We’re very excited to partner with HEICO, as they understand perfectly how to allow successful businesses like MMS to thrive under existing management. HEICO shares our commitment to excellent customer service through superior designs and fast turn times, so we know our customers and Team Members will continue to be well served.”

Laurans A. Mendelson, HEICO’s Chairman and CEO, along with Eric A. Mendelson and Victor H. Mendelson, HEICO’s Co-Presidents, remarked, “MMS expands HEICO’s intelligence gathering equipment businesses and perfectly matches with HEICO—it makes difficult to design and unique devices, it’s focused on customer satisfaction and growth and, most important, it has a top-notch and committed management team. Phil Rezin’s, Steve Wilson’s and Mike Horn’s desire to retain significant ownership shows one of the many reasons we have so much confidence in them. We look forward to a long and fruitful future together.”

PB&W Managing Director Nick Berry also commented “We are excited to see MMS partner with HEICO. HEICO and MMS share a similar business philosophy and corporate culture. The partnership with HEICO is anticipated to enable MMS to accelerate its development of market leading RF and microwave products and at the same time, to retain its corporate identity, entrepreneurial spirit and customer responsiveness which has helped drive the Company’s dynamic growth”.

For more information about this transaction, please contact Nick Berry at nberry@pbandw.com.