Torotel, Inc. (OTCMKTS: TTLO) has been acquired by TT Electronics plc through a merger with its wholly owned subsidiary, TT Group Industries, Inc.
Torotel is a specialized designer and manufacturer of precision magnetic components and systems including electro-mechanical assemblies, high-voltage transformers, dry-type transformers, toroidal coils, inductors, reactors and chokes. Their products are used in aircraft navigational equipment, digital control devices, medical equipment, avionics equipment, down-hole drilling, conventional missile guidance systems and other defense and commercial aerospace applications.
Commenting on the transaction, Herb Sizemore – Chairman, President and CEO of Torotel – stated, “We are very excited to join TT, a global provider of engineered electronics for performance-critical applications. TT has a demonstrated commitment to continued investment in power devices for the aerospace and defense markets. We see this as a great opportunity for our employees to be part of a growing, dynamic company. This acquisition enhances our existing customer relationships by leveraging our shared product offering, manufacturing expertise and engineering capabilities.”
TT Electronics is a global provider of engineered electronics for performance-critical applications. TT operates in industries where there are structural growth drivers, working with market-leading customers in the aerospace and defense, medical and industrial sectors. Their products include sensors, power management devices and connectivity solutions. TT has facilities in the UK, US, Mexico, Sweden and Asia.
Torotel was acquired for $43.4 million in cash.
Philpott Ball & Werner, LLC served as exclusive financial advisor to Torotel, Inc.