Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced
technologies for the global aerospace and defense industries, today
announced that it has acquired privately-held Max-Viz, Inc. ("Max-Viz"),
a market-leading developer and designer of Enhanced Vision Systems (EVS)
for fixed and rotary wing aircraft through both OEM and aftermarket
channels in the general aviation, commercial and military aerospace
markets for $10 million in cash. Additional purchase consideration of up
to $8.0 million may be paid by Astronics if Max-Viz achieves certain
revenue targets in 2013, 2014 and 2015.
Founded in 2001 in Portland, OR, Max-Viz had 2011 revenue of $5.4
million and backlog of $3.0 million at the end of 2011, and is
projecting 2012 full-year revenue in the range of $7.0 million to $8.0
million. Max-Viz's EVS product line fuses infrared and visible imagery
allowing real-time display to pilots for increased visibility in adverse
weather conditions, such as darkness, precipitation, fog, dust and smoke.
"The Max-Viz acquisition fits well with our strategy to broaden our
product and technology offerings to the aerospace and defense industry,"
commented Peter J. Gundermann, President and CEO of Astronics. "They are
a leading provider of EVS technology having earned FAA certification for
installation on more than 200 different fixed wing and rotary wing
aircraft models across various manufacturers. We expect that Max-Viz
will continue its growth through innovation, quality and its solid
pipeline of opportunities."
Astronics expects the acquisition to be slightly accretive in 2012.
KippsDeSanto & Co. acted as exclusive financial advisor to Max-Viz, Inc.
on this transaction.
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