Wesco Aircraft Hardware Corp., a portfolio company of The Carlyle Group, has agreed to acquire Airtechnics Inc., a Wichita, Kansas-based distributor of electrical components to the aerospace market. No financial terms were disclosed for the deal, which is expected to close later this month. Bank of America and Lehman Brothers are providing financing.
Wesco Aircraft Hardware Corp. today announced that it has reached a definitive agreement to acquire Airtechnics, Inc., a value-added distributor of electrical components to the aerospace industry. The transaction is expected to close on or about June 30, 2008, subject to closing conditions. While financial terms were not disclosed, Wesco intends to raise proceeds under the accordion feature of it existing credit agreement in connection with the acquisition.
Founded in 1957 and headquartered in Wichita, KS, Airtechnics is a value-added distributor of electromechanical and interconnect products. Airtechnics offers more than 32,000 SKUs comprising relays, switches, circuit breakers, lighted products, connectors and accessories. Airtechnics currently serves more than 2,500 customers including many of the major aerospace original equipment manufacturers and suppliers and employs more than 150 people. Following the transaction, current senior management, including President Christina Kukuruda, will continue to lead the business.
Airtechnics' Chairman and Chief Executive Officer Ronald D. Mann, said, “We have successfully built a $100 million aerospace leader over the past 50 years, which has evolved since my father's original formation as a small general aviation manufacturers' rep firm. I have followed Wesco's successes over the years and believe this will be a great strategic fit. Wesco's commitment to the Wichita headquarters and community will benefit the venture.” Airtechnics is privately held by Mr. Mann.
Airtechnics President Christina Kukuruda said, “We look forward to partnering with Wesco as Airtechnics enters an exciting phase of its evolution. Wesco has an excellent track record of growth and a strong commitment to customers, suppliers, and employees, which is consistent with Airtechnics' values and aligns with the Mann family legacy. Our strategic focus will continue to be on providing our customers with superior levels of service and quality and to further integrate ourselves into their supply chain.”
Wesco President and Chief Executive Officer Randy Snyder said, “This transaction is a compelling next step forward in Wesco's evolution. The addition of Airtechnics' product lines will create a center of excellence in electrical products, allowing us to further support our customers with a broader product offering, while continuing to provide our customers with superior levels of product quality and on-time delivery. We look forward to working with Christina Kukuruda, the management team, and employees to continue to grow the combined business. We see considerable opportunity for growth and with our combined talented workforce we believe Wesco will thrive in the coming years.”
Airtechnics was advised by Jefferies Quarterdeck, a division of Jefferies & Company, Inc. Financing will be provided by Lehman Brothers Inc. and Bank of America.
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Founded in 1953, Wesco is a distributor of aerospace hardware including fasteners, rivets, nuts, bolts, screws, clamps and bearings. The company also distributes machined parts and installation tooling, and provides just-in-time inventory management services to a growing number of commercial and government customers. Wesco currently serves more than 5,000 customers including many of the major aerospace original equipment manufacturers and suppliers and the U.S. Department of Defense. Wesco employs more than 790 people throughout the United States, Canada, the United Kingdom, France, Germany and Israel. The Carlyle Group acquired a majority position in Wesco in September 2006. For more information, visit www.wescoair.com.
Founded in 1957, Airtechnics is a distributor of electromechanical and interconnect products including relays, switches, circuit breakers, lighted products, connectors and accessories. Airtechnics currently serves more than 2,500 customers including many of the major aerospace original equipment manufacturers and suppliers. Airtechnics employs more than 150 people in the U.S. For more information, visit www.airtechnics.com.