HEICO Subsidiary Acquires Key Niche RF And Microwave Switch Maker

HEICO Corporation today announced that its dB Control subsidiary acquired 100% of the stock of Charter Engineering, Inc. ("Charter") for cash at closing. Further financial details were not disclosed. dB Control is part of HEICO's Electronic Technologies Group.

HEICO stated that it expects the acquisition to be accretive to its earnings within the year following the acquisition.

Pinellas Park, FL-based Charter designs and manufactures a complete line of RF and Microwave coaxial switches for the aerospace, defense, commercial, Automated Test Equipment ("ATE") and instrumentation markets.

Believed to be the only RF Switch manufacturer that offers low passive intermodulation ("Low PIM") on every switch they manufacture, Charter's product offering range includes Single Pole Double Throw ("SPDT") switches up to Single Pole Twelve Throw ("SP12T") switches with options for low passive intermodulation or very high average power (up to 1.5kW).

Charter will operate as part of HEICO Electronic Technologies Group's dB Control subsidiary, which has been growing its RF and Microwave component business, and Charter will complement dB's switch offering that was added through its Paciwave acquisition last year.

Charter was founded in 1990 by Keith Charti, who will remain with Charter after the acquisition, and HEICO does not anticipate any material staff turnover among Charter's approximately one dozen Team Members to result from the acquisition. Further, recognizing Charter's talented Team Members and the combination of Florida's excellent business operating climate and living environment, Charter will continue operating from its current Florida facility.

Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, Victor H. Mendelson, HEICO's Co-President and CEO of its Electronic Technologies Group, and Mike England, President of dB Control, remarked, "We welcome Keith Charti and the entire talented Charter Engineering team to the HEICO family. Charter's unique and niche products provide excellent and important value to its customers and the marketplace, making it a great fit with our Company and we are excited to expand our switch product offering."

Keith Charti, Charter's Founder and CEO, commented, "I believed HEICO and dB Control would be the best and perfect home for Charter, its Team Members and customers, as they are committed to helping Charter grow and to continue Charter's special place in our market. I am very pleased to were able to bring our companies together"

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, visit www.heico.com.