Hollywood, Florida-based aerospace parts maker Heico Corp. (NYSE: HEI) is acquiring a majority stake in Aerospace & Commercial Technologies for undisclosed terms. ACT’s management will retain an approximate 20 percent stake in the target.
Fort Worth, Texas-based ACT, founded in 2002, makes parts such as wing flaps and speed brakes for the more than 3,000 F-16 fighter jets that are registered worldwide. ACT will become part Heico’s Blue Aerospace subsidiary, but will continue to operate independently.
Heico says the acquisition is important for growing in the defense aftermarket sector and will continue to look for deals in the space.
ACT follows up another aerospace deal including Warren Buffett's Berkshire Hathaway Inc.'s (NYSE: BRK.A) $37 billion deal for Precision Castparts after Precision said it will buy a pair of rivals in Composites Horizons LLC and Noranco Inc.