Astronics Corp. (Nasdaq: ATRO) is acquiring Telefonix Inc., a manufacturer of in-flight entertainment equipment, for approximately $104 million. The deal, which is expected to close by year end 2017, includes a related company Product Development Technologies LLC both operating as Telefonix.
Telefonix develops advanced in-flight entertainment and connectivity materials for the global aerospace sector. The company also provides design consultancy services, operating from its facilities in Waukegan and Lake Zurich, Illinois. Telefonix’s product portfolio consists of wireless access points, file servers, content loaders, passenger control units and cord reels.
“We believe Telefonix is an excellent strategic fit with Astronics,” states Astronics CEO Peter Gunderman. “We believe that Astronics will be able to both strengthen and benefit from the technology and relationships that Telefonix brings to our company. We are confident the combination of world-class capabilities from both organizations will serve to further our mutual goals.”
Astronics, headquartered in East Aurora, New York, was founded in 1968 as an advanced electronics manufacturer for the aerospace, defense and semiconductor industries. The buyers products ranges from electrical power generation and distribution systems to seat motion solutions, lighting and safety systems, avionics products, aircraft structures, systems certification, and automated test systems. The deal for Telefonix will be funded with Astronics’ senior revolving credit facility.
Middle-market deals involving suppliers to the aerospace sector include: Airbus SE’s deal to buy Bombardier Inc’s C series jetliner business; Kellstrom Aerospace Group Inc.'s purchase of airplane engine repair service provider Vortex Aviation Inc.; Aircraft Technical Publishers’, backed by ParkerGale Capital LP, acquisition of CaseBank Technologies Inc.; Liberty Hall’s purchase of ZTM Inc. to integrate with its portfolio company Accurus Aerospace Corp.; Platte River Equity’s deal for airplane engine tester CTS Engines; and Golden Gate Capital’s purchase of aircraft ground support equipment provider Tronair Parent Inc.