HEICO To Purchase Lucix - Quick Facts

(RTTNews) - Aerospace and defense related products maker HEICO Corp. (HEI) has agreed to acquire Lucix Corp., a designer and manufacturer of high performance, high reliability microwave modules, units, and integrated sub-systems for commercial and military satellites, for an undisclosed amount of cash to be paid at closing and future potential cash payments if Lucix should meet certain performance criteria. Lucix's financial information was not disclosed.

HEICO expects the purchase to be accretive to its earnings within the first year following the acquisition. Subject to expiration of the regulatory waiting period, the acquisition may close within 60 days.

Lucix's entire management team, headed by its Chief Executive, Mark Shahriary, would remain with the company in their existing roles and HEICO said it does not expect any employee turnover to result from the transaction.

In addition to Shahriary's and management's ownership, Lucix's other owners are mainly three venture capital funds: Palisades Ventures, Saints Capital and Shepherd Ventures. Moelis & Co. acted as exclusive financial advisor to Lucix.