HOLLYWOOD & SARASOTA, Fla. & OCEANSIDE, Calif.--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.