Electronic systems provider API Technologies has completed the acquisition of UK-based C-MAC Aerospace Ltd for £20.95 million (approximately $33 million).
With facilities in Great Yarmouth and Milton Keynes, UK, C-MAC is a leading provider of high-reliability electronic systems, modules, and components to the defense, aerospace, space, industrial, and energy sectors.
"C-MAC has an outstanding reputation as a leading supplier in the high-reliability electronics space internationally, as well as in the US," said Brian Kahn, chairman and chief executive officer of API Technologies.
"This strategic acquisition strengthens our leadership position in the RF/microwave and microelectronics field. We are very pleased to have the support of our lenders to complete this transaction, which we believe adds significant and immediate value to our shareholders."
“C-MAC brings to API a large portfolio of proprietary and differentiating products along with an increased European and international presence," said Bel Lazar, president and chief operating officer of API Technologies.
Karen Oddey, chief executive officer of Aerospace and Defense Electronics for C-MAC added: "Becoming part of API enables us to greatly enhance our already strong product line and deliver more value to the customers and partners who have been loyal to the C-MAC brand for over 60 years. On behalf of our team, we are very excited to be part of the API family and continuing to grow our brand and revenues globally."
