Excelitas Acquisition Powers Up TT Electronics’ US Aerospace and Defense Presence
TT Electronics has agreed to acquire a US-based Excelitas Technologies Corp.’s, Covina, California-based business that designs and manufactures power supplies for defense and aerospace markets from Excelitas, for $17.7 million. The acquisition is expected to enhance TT’s ability to engineer complete power converters and power electronics systems.
The acquisition will also provide access to growth programs with sole-source positions. The acquisition will add a number of blue-chip US defense primes. TT is committed to investing in the business to further improve the business’ growth prospects and engineering capability.
The acquisition is subject to approvals from the US authorities and is expected to complete in Q1 2020, at which point the business will be integrated into TT.
Richard Tyson, CEO, TT Electronics commented: “I am delighted to announce that we have agreed to acquire this business with its exciting power capabilities in a large and fast-growing market. This acquisition will help us move up the value chain and add the ability to engineer entire power convertors to our core power electronic capabilities in aerospace and defense. We look forward to welcoming the employees and customers to TT early next year.”
Excelitas Technologies’ aerospace and defense power supply business revenues for the last 12 months to June 2019 were $9.3 million, and adjusted EBITDA was $1.7 million.