TransDigm to Acquire Data Device Corp. for $1 Billion
May 24 2016 - 9:50AM
Dow Jones News
TransDigm Group Inc. agreed to acquire the parent of defense
firm Data Device Corp. from Behrman Capital for $1 billion in
cash.
In 2003, the private-equity firm partnered with the chief
executive of ILC Industries -- parent of Data Device -- in a deal
valued at $303 million deal. Part of ILC was spun off in 2011.
Data Device supplies data-networking, power-control and
motion-control products as well as software for the aerospace,
defense and industrial industries. The company expects to generate
revenue of more than $200 million this year, with roughly 75% from
the defense market and the remainder from the commercial aerospace
market.
Aircraft-parts maker TransDigm recently reported quarterly
results that beat expectations as commercial-aftermarket sales
improved sharply and margins strengthened. The Cleveland company at
the time also raised its guidance for its fiscal year ending in
September.
The deal is expected to close by the end of the third
quarter.
Behrman targets investments in aerospace and defense, health
care services and specialty manufacturing and distribution.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
May 24, 2016 09:35 ET (13:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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