HEICO Corp. [HEI.A] yesterday said it has agreed to acquire Lucix Corp.
, a small manufacturer of components used on commercial and military satellites, adding to its existing satellite and space component capabilities.
Terms of the deal, which is expected to close within 60 days pending regulatory approvals, were not disclosed. California-based Lucix has 140 employees.
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| Ultra Broadband Amplifiers Photo: Lucix |
HEICO said it expects the deal to be accretive to earnings within the first year after the acquisition closes.
Lucix designs and makes microwave modules, units, and integrated sub-systems. Its products include converters, receivers, transmitters, amplifiers and frequency sources that address all major satellite frequencies.
The majority of Lucix’ sales come from commercial satellite payload hardware and products and can be found on more than 40 orbiting Geosynchronous Orbit satellites.
Lucix’ management team will remain with the company.
“This acquisition expands our very successful satellite and space component operations by adding a team of some of the world’s most admired designers and makers of satellite electronics,” Laurans Mendelson, HEICO’s chairman and CEO, said in a statement.
HEICO is owned by its management and the venture capital funds Palisades Ventures, Saints Capital and Shepherd Ventures.
Lucix’ financial adviser on the deal is Moelis & Company.