A company focusing on the design, production and servicing products to the aviation, defense, space, medical, telecommunications and electronics industries, HEICO Corporation reported its Florida-based Electronic Technologies Group acquired approximately 93% of the stock of Apex Microtechnology, Inc. in Tucson, Arizona.
Tucson, AZ-based Apex is the leading designer and manufacturer of precision power analog monolithic, hybrid and open frame components for a certain wide range of aerospace, defense, industrial, measurement, medical and test applications.
Founded in 1980, Apex employs nearly 100 people at its state-of-the-art Tucson headquarters, engineering and production facility, as well as at international sales locations. According to company officials the acquisition was an all cash transaction, with members of Apex’s management owning the balance of the firm.
HEICO said Apex’s entire management team will remain with the company in their pre-acquisition positions and no material staff turnover is expected. Apex will continue to operate in its current locations and will be led by its long-time CEO and shareholder, Greg Brennan, who remains a shareholder.
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive Officer, along with Victor H. Mendelson, HEICO’s Co-President & CEO of HEICO’s Electronic Technologies Group, remarked, “Apex continues HEICO’s practice of buying the best-in-class, niche electronic components companies which are known for having excellent talent serving a demanding customer base. From the moment we met the Apex team, we were impressed by the operation they built and their commitment to quality. We welcome everyone at Apex to the HEICO family.”
Brennan commented, “We wanted the right long-term partner for Apex and its people. That partner had to be someone who not only understood our business, our customers and our people, but also one that had the same commitment to constant product development and quality. We found HEICO as a terrific partner and we are excited to have come together.”