Heico Corp. has acquired 80.1 percent of Aerospace & Commercial Technologies Inc. (ACT), a Fort Worth-based products and services provider for the F-16 fighter aircraft.
ACT’s leadership team will continue owning 19.9 percent of ACT. The purchase price and financial details were not disclosed.
Heico said it expects the acquisition to be accretive to its earnings within the first year following the acquisition. Founded in 2002, ACT supports the F-16 fleet with products for airframes and its systems. More than 3,000 F-16s operate worldwide in 27 countries.
ACT’s management team will remain with the company in its existing positions, with Heico not expecting any employee turnover resulting from the acquisition. ACT will work in coordination with Heico’s Blue Aerospace subsidiary, also a Lockheed Martin F-16 licensee, to support the F-16 community worldwide. Both firms will operate as separate entities.
Heico acquired Blue Aerospace in 2011.
“ACT is another perfect fit for Heico,” said Laurans A. Mendelson, Heico’s chairman and CEO, and Eric A. Mendelson, co-president, in a joint statement.
“This acquisition expands our reach into defense aftermarket support more actively and extends Heico’s business base in this important sector. We expect synergies from ACT’s depth of engineering, manufacturing and repair capabilities and Blue’s extensive position in international markets,” the executives said.
An ACT representative echoed that enthusiasm.
“ACT is excited to become part of the Heico family,” said Dave Smith, ACT president, in a news release.
“We believe that Heico will help us to continue to grow and yet let us keep the company culture we have developed. Together we will satisfy the customers’ needs with superior products and services,” Smith said.
Heico Corp. focuses on certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Fla.-based Flight Support Group and its Miami-based Electronic Technologies Group. More information is available at www.heico.com.