Heico Buys 80.1% Of RH Laboratories For Undisclosed Sum
Heico Corp's (NYSE: HEI) Electronic Technologies Group has acquired 80.1% of the stock of RH Laboratories, Inc. for cash paid at closing. The company did not disclose further terms and financial details of the deal.
RH is a designer and manufacturer of state-of-the-art RF and microwave integrated assemblies, sub-assemblies, and components used in defense applications operating in harsh environments, including Space.
RH employs 45 people at its 21,000 square foot Nashua engineering and production facility.
RH was founded in 2001 by Benjamin Robinson, his son Stephen Robinson and Frank Holt. All three will continue in their pre-closing roles, with Benjamin remaining as CEO, Stephen remaining as President, and Frank continuing as VP of Engineering.
Further, the Robinsons and Holt will continue to own 19.9% of RH.
Heico expects the acquisition to be accretive to its earnings within the first year following the closing.
Heico held cash and cash equivalents of $269.82 million as of July 31, 2021.
Price Action: HEI shares are trading higher by 0.28% at $134.29 on the last check Wednesday.
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