HEICO Corp. announced that its Electronic Technologies Group has acquired 82.5% of VPT, Inc.. Financial terms were not disclosed. HEICO stated that it expects VPT to be accretive to its earnings per share during HEICO’s first year of ownership.
VPT is described as a leading designer and provider of innovative power conversion products principally serving the high-reliability military, space and commercial avionics end-markets. VPT’s high density, low profile and lightweight dc-to-dc converters and electromagnetic interference filters, which include thick film hermetically sealed hybrids, military commercial-off-the-shelf and custom designed and assembled products, have become the primary specified components of their kind on a generation of complex military, space and avionics equipment.
Headquartered in Blacksburg, Virginia, VPT employs approximately 40 people at its Blacksburg, Seattle, and Taiwan locations. HEICO stated that VPT’s existing management will remain with VPT under employment and non-competition agreements. Further, HEICO stated that it does not expect any material VPT staff turnover following the transaction. The 17.5% of VPT that HEICO did not acquire will continue to be owned by an existing shareholder which is also a supplier to VPT.
Laurans A. Mendelson, HEICO’s Chairman, President & CEOcommented, "VPT is a perfect fit with our Electronic Technologies Group, as, like our other Electronic Technologies Group companies, VPT is a high quality supplier of niche, mission critical subcomponents found in the most demanding applications. Further, VPT’s management team and staff are talented and recognized leaders in the high reliability DC-to-DC converter market and in certain other space power applications. We welcome VPT and its Team Members to the HEICO family."
HEICO Corp. is engaged primarily in certain niche segments of the aviation, defense, space and electronics industries through its Hollywood, Florida-based HEICO Aerospace Holdings Corp. subsidiary and its Miami-based HEICO Electronic Technologies Corp. subsidiary. HEICO’s customers include a majority of the world’s airlines and airmotives as well as numerous defense and space contractors and military agencies worldwide in addition to medical, telecommunication and electronic equipment manufacturers.
