M&A Deal Summary

Comtech Acquires CPI

On May 10, 2010, Comtech acquired test/measurement equipment company CPI from Veritas Capital and Unique Investment for 472M USD

Acquisition Highlights
  • This is Comtech’s 1st transaction in the Test/Measurement Equipment sector.
  • This is Comtech’s 2nd largest (disclosed) transaction.
  • This is Comtech’s 2nd transaction in the United States.
  • This is Comtech’s 1st transaction in California.
Investment Fate
  • CPI was divested to a consortium of buyers in 2017.

M&A Deal Summary

Date 2010-05-10
Target CPI
Sector Test/Measurement Equipment
Buyer(s) Comtech
Sellers(s) Veritas Capital
Unique Investment
Deal Type Add-on Acquisition
Deal Value 472M USD
Advisor(s) J.P. Morgan Securities (Financial)
Irell & Manella (Legal)

Target

CPI

Santa Rosa, California, United States
CPI is a direct marketer, designer and manufacturer of innovative OEM and end-user solutions in analytical science and technology. The company manufactures a range of technical analytical instrument components, high-purity standard solutions and reagents and other analytical testing products for the environmental, petrochemical, pharmaceutical, biotechnology and semiconductor industries. CPI’s worldwide customers include IBM, Intel, Pfizer, Merck, Bayer, US Filter, Safety Kleen, Chevron, Ashland Chemical, Dupont and BASF as well as numerous federal, state, academic and private laboratories. Direct sales and marketing are conducted worldwide, from offices in the United States, Canada, Europe and Japan.

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Buyer(S) 1

Buyer

Comtech

Melville, New York, United States

Category Company
Founded 1967
Sector Technology Hardware
Employees1,718
Revenue 550M USD (2023)
DESCRIPTION

Comtech is a designer, developer, producer, and marketer of products, systems, and services for communications solutions in the United States and internationally. Comtech was incorporated in 1967 and is based in Melville, New York.


DEAL STATS #
Overall 2 of 6
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 2 of 6
State (California) 1 of 1
Country (United States) 2 of 3
Year (2010) 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-12 Radyne

Phoenix, Arizona, United States

Radyne Corporation designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks.

Buy $227M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-23 Telecommunication Systems

Annapolis, Maryland, United States

Telecommunication Systems, Inc. is a provider of IT services to secure and highly reliable wireless communications.

Buy $431M

Seller(S) 2

SELLER

Veritas Capital

New York, New York, United States

Category Private Equity Firm
Founded 1992
PE ASSETS 40.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Veritas Capital is a private equity investment firm that targets investments in defense, aerospace, government services, media/telecommunications, consumer products, and specialty manufacturing companies. Veritas generally partners with management when pursuing investments. Prospective transaction situations include buyouts, growth capital investments, and leveraged recapitalizations. Veritas Capital was established in 1992 and is based in New York City.


DEAL STATS #
Overall 6 of 27
Sector (Test/Measurement Equipment) 1 of 2
Type (Add-on Acquisition) 4 of 14
State (California) 1 of 1
Country (United States) 6 of 27
Year (2010) 2 of 3
Size (of disclosed) 11 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-12 DynCorp International

McLean, Virginia, United States

DynCorp International is a global government services provider in support of U.S. national security and foreign policy objectives, delivering support solutions for defense, diplomacy, and international development. DynCorp International operates major programs in logistics, platform support, contingency operations, and training and mentoring to reinforce security, community stability, and the rule of law. DynCorp International was formed in 1951 and is headquartered in McLean, Virginia.

Sell $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-04 McNeil Technologies

Springfield, Virginia, United States

McNeil Technologies is a provider of professional and technical services to the U.S. military and various government agencies involved in homeland security, intelligence, and law enforcement.

Sell $355M
SELLER

Unique Investment

Huntington Beach, California, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Unique Investment Corporation (or its affiliate Unique Capital Management) is an investment and management company based in Southern California. The Firm invests in growth-stage, small and middle-market companies, and then facilitates their growth and profitability through management and capital support. Unique pursues companies with EBITDA between $1 and $10 million. The Firm prefers to make investments in companies located in the Western United States, and is open to investing in any industry. One area of particular interest to the firm is real estate. Unique invests in real estate opportunities that include properties valued between $1 and $15 million. Unique Investment Corporation was founded in 1993 and is based in Huntington Beach, California.


DEAL STATS #
Overall 1 of 4
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 4
State (California) 1 of 1
Country (United States) 1 of 4
Year (2010) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-11 CPI

Santa Rosa, California, United States

CPI is a direct marketer, designer and manufacturer of innovative OEM and end-user solutions in analytical science and technology. The company manufactures a range of technical analytical instrument components, high-purity standard solutions and reagents and other analytical testing products for the environmental, petrochemical, pharmaceutical, biotechnology and semiconductor industries. CPI’s worldwide customers include IBM, Intel, Pfizer, Merck, Bayer, US Filter, Safety Kleen, Chevron, Ashland Chemical, Dupont and BASF as well as numerous federal, state, academic and private laboratories. Direct sales and marketing are conducted worldwide, from offices in the United States, Canada, Europe and Japan.

Buy $525M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-01 Diamond Wireless

Sandy, Utah, United States

Diamond Wireless is known for superior customer service and guarantees to have the latest technology in stock and a knowledge representative to support your needs. We look forward to serving you and providing information that will benefit you and your business.

Sell -