M&A Deal Summary

Astronics Acquires AeroSat

On October 1, 2013, Astronics acquired communications company AeroSat from CAI Capital Partners, AE Industrial Partners and Citizens Capital for 12M USD

Acquisition Highlights
  • This is Astronics’ 1st transaction in the Communications sector.
  • This is Astronics’ 5th largest (disclosed) transaction.
  • This is Astronics’ 2nd transaction in the United States.
  • This is Astronics’ 1st transaction in New Hampshire.

M&A Deal Summary

Date 2013-10-01
Target AeroSat
Sector Communications
Buyer(s) Astronics
Sellers(s) CAI Capital Partners
AE Industrial Partners
Citizens Capital
Deal Type Add-on Acquisition
Deal Value 12M USD
Advisor(s) Raymond James - Investment Banking (Financial)

Target

AeroSat

Amherst, New Hampshire, United States
website
AeroSat Corp. develops, produces and distributes wireless communications solutions. Created from its patented core technologies, AeroSat's product line of antennae for corporate and commercial aircraft enable the worldwide reception of television in aircraft, two-way satellite communications, and aircraft-to-aircraft communications.

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Buyer(S) 1

Buyer

Astronics

East Aurora, New York, United States

website


Category Company
Founded 1968
Sector Aerospace
Employees2,400
Revenue 535M USD (2022)
DESCRIPTION

Astronics designs and manufactures products for the aerospace and defense industries. Astronics was founded in 1968 and is based in East Aurora, New York.


DEAL STATS #
Overall 2 of 9
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 2 of 9
State (New Hampshire) 1 of 1
Country (United States) 2 of 7
Year (2013) 2 of 3
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-18 Peco

Portland, Oregon, United States

Peco, Inc. is a manufacturer of aerospace products, precision manufacturing, analytical instrumentation and automation and controls.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-04 PGA Electronic SA

Montierchaume, France

PGA Electronic SA is a designer and manufacturer of seat motion and lighting systems primarily for business and first class aircraft seats and is Europe's leading provider of in-flight entertainment/communication systems as well as cabin management systems for private VVIP aircraft.

Buy $29M

Seller(S) 3

SELLER
DESCRIPTION

CAI Capital Partners is a private equity firm that targets lower middle-market, profitable companies with $3 million or more of EBITDA. CAI Capital Partners has a special interest in founder-led business services or specialty manufacturing companies. CAI Capital Partners was formed in 1989 and is based in Vancouver, British Columbia.


DEAL STATS #
Overall 15 of 21
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 11 of 13
State (New Hampshire) 1 of 1
Country (United States) 6 of 9
Year (2013) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-07 GeoStabilization

Commerce City, Colorado, United States

GeoStabilization is a provider of complex geotechnical maintenance services for critical infrastructure across the U.S. and Canada. The company develops and implements innovative solutions that protect from dangers associated with geohazards that have either caused or have the potential to cause, catastrophic infrastructure failures and significant economic disruption. GeoStabilization was founded in 2002 and is based in Commerce City, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-02 Sympli

Burnaby, British Columbia, Canada

Sympli designs, manufactures, markets, and wholesales the Sympli line of women’s wear. The Sympli line is a collection of high-quality basics that use a “fit formula” to complement and enhance all body types. The Sympli line is sold through over 750 retailers across Canada and the United States. Sympli was founded n 1992 and is based in Burnaby, British Columbia.

Buy -
SELLER
DESCRIPTION
AE Industrial Partners' headquarters in Boca Raton, Florida.
AE Industrial Partners' headquarters in Boca Raton, Florida.

AE Industrial Partners is a private equity firm focused on acquiring and investing in aerospace and industrial companies. The Firm specifically looks for established, profitable companies in the aircraft propulsion (turbojet, turbofan and turboprop aircraft engines) and power generation (industrial turbines) industries, as well as the manufacture of OEM and replacement parts, and aftermarket maintenance, repair and overhaul. AE Industrial Partners was formed in 1998 and is based in Boca Raton, Florida.


DEAL STATS #
Overall 4 of 13
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 4 of 9
State (New Hampshire) 1 of 1
Country (United States) 4 of 13
Year (2013) 1 of 1
Size (of disclosed) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-09 TurboCombustor Technology

Stuart, Florida, United States

TurboCombustor Technology is a manufacture of highly engineered products for the gas turbine engines used in commercial and military applications. Its products find their way into aviation, marine and land-based industrial markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-19 Global Jet Capital

Boca Raton, Florida, United States

Global Jet Capital is a financial services company providing financing solutions for the private aircraft market. The company offer a management team with expertise in financing, asset management, acquisition, marketing, lease administration and product support that understands the intricacies of the private aircraft market. Global Jet Capital was founded in 2014 and is based in Boca Raton, Florida.

Buy -
SELLER

Citizens Capital

Boston, Massachusetts, United States

website


Category Private Equity Firm
Founded 1997
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Citizens Capital is the private equity affiliate of Citizens Financial and provides both mezzanine and equity capital to later-stage privately-held companies in the US. Citizens looks to commit $3 to $15 million in subordinated debt transactions and $1 to $3 million for growth equity needs. Target sectors include manufacturing, consumer products, distribution, and service-based industries. The Firm's investment horizon is five to seven years. Citizens Capital is based in Boston, Massachusetts.


DEAL STATS #
Overall 9 of 11
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 7 of 8
State (New Hampshire) 1 of 1
Country (United States) 9 of 11
Year (2013) 2 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-15 Innoveer Solutions

Boston, Massachusetts, United States

Innoveer Solutions, Inc. provides a range of services, including discovery and planning, CRM technology selection, business process improvements, implementation, change management and support focused on enterprise businesses in the Life Sciences, Insurance, Financial Services and Manufacturing sectors, among others.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-27 The Faucet Queens

Cranbury, New Jersey, United States

The Faucet Queens, Inc. is a marketer and distributor of convenience-oriented home hardware products to the food and drug retail channel. Company provides the broadest line of home hardware products in the industry with 14 product lines and over 650 SKUs, including hand tools, kitchen and bath items, twine, padlocks, paint supplies, automotive items and sewing related items. Faucet Queen serves as the outsourced supply chain management partners for many of the top grocery and drug retail chains throughout the United States and Canada.

Sell -