Defense Electronics Supplier API Doubles in Size with Kuchera Acquisition
Jan 24, 2010 08:05 EST
API Technologies, a Ronkonkoma, NY-based defense supplier of electronic and commmunications components, is doubling in size with its recent $24 million acquisition of the Kuchera Group of Companies (KGC), including Kuchera Defense Systems. The combined company will have revenues of $120 million.
Kuchera supplies printed circuit boards, robotic systems, unmanned aircraft, electro-mechanical assemblies and final systems integration to the defense, aerospace and communications industries…
The $24 million acquisition price includes $14 million payable in cash and $10 million financed with a short-term note from the sellers, plus 3.2 million shares of API common stock. The API shares will be issued in 3 tranches over a period of 24 months. The company funded the cash portion of the purchase through a $20 million debt facility.
KGC generated approximately $65 million in revenues for the 12-month period ended June 30/09 and has a current backlog of over $65 million. Its client base including Raytheon, Northrop Grumman and Boeing.
Kuchera operates a 100,000-square-foot facility in Johnstown, PA with approximately 300 employees, including 50 design and development engineers.
In 2009, API acquired Cryptek Technologies, a supplier of secure network and hardware products to governments and international organizations. Following the acquisition, API changed its name from API Nanotronics to API Technologies.
