HEICO has announced that its Dukane Seacom subsidiary has acquired 100% of the business and assets of the Emergency Locator Transmitter Beacon product line of Instrumar Limited (ELT) in an all cash transaction. Dukane Seacom 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.
The ELT Product Line, which has a significant installed base on large commercial transport aircraft, designs and manufactures Emergency Locator Transmitter Beacons for the commercial aviation and defense markets. Upon activation, these safety-critical devices transmit a distress signal to alert search and rescue operations of the aircraft’s location.
The ELT Product Line is currently located in St. John’s, Newfoundland, Canada. It will be integrated into Dukane Seacom’s existing Sarasota, FL facility within a year following closing.
Anish V. Patel, Dukane Seacom’s President, stated, “We are very excited about the ELT product line acquisition. This product line addition compliments Dukane’s existing product offerings and allows us to better address our customers’ 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, “The ELT product line acquisition is consistent with our long-term strategy of acquiring highly engineered products and unique technologies. The Dukane Seacom team has a strong, acquisitive track record, as they have successfully acquired four businesses and/or product lines in the past six years. Additionally, this acquisition marks HEICO’s sixth in the past twelve months. Our disciplined growth strategy remains the same and we will continue to look for value-added, accretive acquisitions.”