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.
Victor H. Mendelson (305) 374-1745
Carlos L. Macau, Jr. (954) 987-4000