Flight Support Group acquires Camtronics MRO.
HOLLYWOOD, FL and TULSA, OK / ACCESSWIRE / June 24, 2021 / HEICO Corporation (NYSE:HEI.A and HEI) announced today that its Flight Support Group has acquired 80.1% of the operating assets of Camtronics LLC ("Camtronics") for cash at closing. Additional financial details were not disclosed.
HEICO expects the acquisition to be accretive to its earnings within the first year following closing. Including Camtronics, HEICO has completed acquisitions of six niche, highly specialized businesses since the start of the COVID-19 pandemic.
Tulsa, OK-based Camtronics is an FAA Part 145 repair station with extensive proprietary FAA-DER repairs. The company serves a variety of domestic and international commercial and cargo airlines.
Camtronics was founded in 1999 by David Campbell and his son Rick Campbell. The Campbell family is retaining ownership in the business. David Campbell will remain with the business as Vice President and General Manager.
Camtronics employs 36 employees out of its 30,000-square-foot facility in Tulsa. HEICO stated that Camtronics will continue to operate in the same location and that it does not expect any material staff turnover to result from the acquisition.
David Campbell commented, "Rick and I, along with our entire Camtronics team, have endeavored to provide the aviation industry with the opportunity to use innovative repairs rather than buying new and expensive replacement parts. Due to our similar cultures, HEICO Parts and Repair Group is our ideal partner for their technical expertise and market reach that will compound our growth. We are excited to become part of the HEICO family as we grow our organization and provide greater opportunities to our customers and team members."
Laurans A. Mendelson, HEICO's Chairman & Chief Executive Officer, along with Eric A. Mendelson, HEICO's Co-President and Chief Executive Officer of HEICO's Flight Support Group, commented, "Camtronics will add unique and proprietary repairs to our already industry-leading position. We welcome the Camtronics team to the HEICO family of companies and look forward to the future with great optimism."
HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group. HEICO's customers include a majority of the world's airlines and overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our website at www.heico.com.
Certain statements in this press release constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements as a result of factors including: the severity, magnitude and duration of the COVID-19 Pandemic; HEICO's liquidity and the amount and timing of cash generation; lower commercial air travel caused by the COVID-19 Pandemic and its aftermath, airline fleet changes or airline purchasing decisions, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our costs to complete contracts; governmental and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. and/or foreign customers or competition from existing and new competitors, which could reduce our sales; our ability to introduce new products and services at profitable pricing levels, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; our ability to make acquisitions and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; economic conditions within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues; and defense spending or budget cuts, which could reduce our defense-related revenue. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
CONTACT:
Eric A. Mendelson (954) 744-7555
Carlos L. Macau, Jr. (954) 987-4000
SOURCE: Heico Corporation