On The Move
HEICO Corporation Acquires Niche Aircraft Component Repair Company
Oct 9, 2012
MIAMI and GREER, SC - October 9, 2012 - HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) announced that its Flight Support Group has acquired 80.1% of the assets and certain liabilities of Action Research Corporation of Greer, SC. Financial terms were not disclosed, but HEICO stated that it expects the acquisition to be accretive within the first year after the closing.
Action Research Corporation (ARC) is an FAA-Approved Repair Station located in Greer, South Carolina. ARC has developed unique proprietary repairs that extend the lives of certain engine and airframe components. ARC brings a seasoned engineering team with decades of experience in the design and repair of gas turbine fuel systems, heated airframe components and other technical, high value accessories. Greg Braselton, who founded ARC, will continue to lead the company and own 19.9%. HEICO also stated that it does not expect any employee turnover to result from the acquisition.
Greg Braselton stated, "Becoming part of the HEICO team is exciting and strategically a great fit for ARC and HEICO. We are complimenting HEICO's ability to bring high quality aircraft maintenance alternatives with our proven manufacturing and engineering work force. I firmly believe our customers, our team and HEICO will all benefit with this new relationship."
Eric Mendelson, Co-President of HEICO, added, "HEICO is proud to welcome Greg and ARC's highly talented team as we broaden HEICO's already deep portfolio of cost-saving products and services to the worldwide airline industry."
HEICO Corporation is engaged primarily in 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 web site at http://www.heico.com.