Acquires RF and Microwave Specialist Paciwave in 6th Acquisition this Year
SUNNYVALE, CA and MIAMI, FL / ACCESSWIRE / October 4, 2021 / HEICO Corporation (NYSE: HEI.A and HEI) today announced that its dB Control subsidiary acquired 100% of Paciwave, Inc. for cash paid at closing. No further transaction or financial details were disclosed. dB Control is part of HEICO's Electronic Technologies Group.
HEICO stated that it expects the acquisition to be accretive to its earnings within the year following closing. Paciwave is HEICO's sixth acquisition in its current fiscal year.
Sunnyvale, CA-based Paciwave is a specialized designer and manufacturer of RF and microwave components and integrated assemblies specializing particularly in PIN Diode Switches, PIN Attenuators, PIN Limiters, Switching Assemblies and integrated subsystems found in defense and other complex electronic applications. Its customers include defense contractors and electronics manufacturers both within and outside the United States.
Founded in 1995 by Parimal Kadakia, Paciwave will be relocated into dB Control's nearby Fremont, CA facility where it will operate as a dB Control product line. Mr. Kadakia will remain as a consultant to Paciwave for a transitionary period and most Paciwave employees are expected to remain with the company post-closing. dB Control has been a long-time Paciwave customer and partner.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, along with Victor H. Mendelson, HEICO's Co-President and CEO of its Electronic Technologies Group, as well as Michael England, dB Control's President, commented, "Paciwave's mission-critical products and reputation for excellent quality are welcome additions to HEICO and dB Control as we continue to expand our already substantial product offering. Parimal Kadakia built a very special business and we're honored to have it as part of our Company."
Parimal Kadakia, Paciwave's Founder and President, remarked, "I'm pleased to have found the right home for Paciwave. Having known and worked with dB Control for years, I believe dB will support our customers and our people very well."
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, but not limited to: 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: Victor H. Mendelson (305) 374-1745
SOURCE: Heico Corporation
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