Wireless Telecom Group (WTG) completed its acquisition of Holzworth Instrumentation on February 7. Holzworth, a supplier of phase noise analyzers and signal generators, based in Boulder, Colorado, will expand WTG’s test and measurement portfolio of Boonton power sensors and Noisecom noise sources.

At closing, WTG paid $8.0 million in cash and $500,000 in WTG common stock (priced at $1.44 per share) to the three Holzworth shareholders. WTG will pay an additional $1.5 million if the business meets minimum profitability goals.

To fund the acquisition, WTG borrowed $8.4 million from Muzinich BDC, Inc.

Another Acquisition Underway?

Interestingly, the financing from Muzinich BDC includes a second loan for $11.6 million to fund another acquisition, according to a filing with the Securities and Exchange Commission. In the document, WTG says it has signed a non-binding letter-of-intent to acquire an unnamed company, with the caveat that the acquisition may not be completed.