II-VI Inc. (Nasdaq: IIVI) has purchased LightWorks Optics Inc. for $31 million in cash.
Tustin, Calif.-based LightWorks manufactures precision optical systems, such as infrared and laser-based systems for the defense, aerospace, industrial and life sciences markets.
II-VI expects the business to complement its military and material business. The buyer makes engineered materials and optical components for the industrial manufacturing, military, aerospace, electronics and telecommunications industries.
B. Riley & Co. LLC advised LightWorks on the deal.