API Technologies Acquires Commercial Microwave Technology Inc.
API Technologies Corp., a provider of electronic systems, subsystems, RF, and secure solutions for the defense, aerospace, and commercial industries, announced that is has completed the acquisition of substantially all of the assets of Commercial Microwave Technology Inc. (CMT) for a total purchase price of $8.2 M in cash.
Based in Rancho Cordova, CA CMT was founded in 1997 and is a leading manufacturer of RF and microwave filters to the satellite and commercial industries. CMT's customers include many Fortune 100 companies as well as industry-leading providers of public safety products, and wireless and broadband communication services. Product lines feature off-the-shelf and custom-designed lumped element filters, cavity filters, combline filters, and waveguide filters, for use in use in a variety of applications, including satellites, surveillance, remote metering, and interference mitigation.
Brian Kahn, Chairman and Chief Executive Officer of API, stated, "CMT brings to API a complementary RF and microwave product line, a strategic presence within the high-reliability space market, and approximate annual revenues and EBITDA of $8 M and $2.5 M, respectively. API will provide CMT with an expanded sales channel, superior manufacturing capabilities, and greater financial scale. We expect this transaction to have significant benefits to both companies' customers and all API stakeholders."
Bel Lazar, President and Chief Operating Officer of API, stated, "CMT's engineers are among the brightest in the industry, having developed a strong portfolio of high quality RF and microwave subsystems and components. With the acquisition of CMT, API will expand its reach within the commercial and public safety markets, opening up new customer channels for our products."