HEICO Corporation Acquires Leading French Interconnect Business
02 Luglio 2019 - 3:00PM
Business Wire
HEICO Corporation (NYSE:HEI) (NYSE:HEI.A) today announced that
its Buc, France-based 3D PLUS subsidiary acquired substantially all
of the assets and business of Bretigny-sur-Orge, France-based
BERNIER, SAS (“BERNIER”) in an all cash transaction. 3D PLUS is
part of HEICO’s Electronic Technologies Group.
No further financial details were disclosed, but HEICO expects
the acquisition to be accretive to its earnings within the first 12
months after closing.
Founded in 1933, BERNIER is a leading French designer and
manufacturer of interconnect products used in demanding defense,
aerospace and industrial applications, primarily for
communications-related purposes. BERNIER’s products are sold mostly
within France, the European Community, Asia, the Middle East and
the USA.
The business will continue to operate under the BERNIER name and
in its current engineering and production facility located in
Bretigny-sur-Orge. Further, BERNIER, 3D PLUS and HEICO stated that
they do not expect any staff turnover from among BERNIER’s
approximately 40 talented Team Members to result from the
acquisition.
Dominque Gaucher, BERNIER’s General Manager, commented, “We are
very pleased to have 3D PLUS and HEICO as our new partners.
BERNIER’s employees, including its management team, strongly
supported the 3D PLUS/HEICO purchase because of their culture and
the way they do business. We look forward to a strong future
together.”
Pierre Maurice, 3D PLUS’ Co-Founder and CEO, stated, “We are
proud to welcome BERNIER in the group and are excited to work with
their wonderful team we have gotten to know over the recent months.
We are grateful for their confidence, BERNIER’s customers’
confidence and the confidence of the Government of France for
entrusting us with this special business. Moreover, BERNIER’s
products will be a great addition to our existing product lines and
will give 3D PLUS access to new markets.”
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive
Officer, along with Victor H. Mendelson, HEICO’s Co-President and
Chief Executive Officer of its Electronic Technologies Group,
jointly remarked, “We have great respect for BERNIER and its entire
team. For 86 years, they have been serving their customers with
excellent products and top-notch service, so this is exactly the
kind of company that belongs in HEICO. We welcome everyone at
BERNIER to the HEICO family.”
3D PLUS and HEICO were advised in the transaction by Thibaut de
Monclin of investment banking firm Oaklins France and the law firm
Archers, both in Paris.
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: lower
demand for commercial air travel or 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 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.
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 http://www.heico.com.
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Victor H. Mendelson (305) 374-1745 Carlos L. Macau, Jr. (954)
987-4000
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