HEICO Corporation´s (NYSE: HEI.A and HEI) Flight Support Group has acquired 100% of Carbon by Design, a rapidly growing manufacturer of composite components for UAVs, rockets, spacecraft and other specialized applications, the company said.
The purchase price and financial details were not disclosed.
HEICO stated that it expects the acquisition to be accretive to its earnings within the first year following the acquisition.
Carbon by Design is led by Dominick Consalvi, who co-founded the company in 2003. The company engineers and manufactures hard-to-design and produce complex carbon composites for commercial launch vehicles and spacecraft, as well as multiple UAV manufacturers.
Consalvi will continue to head Carbon by Design, which will join HEICO´s Specialty Products Group, a leader in composites for commercial aviation and defense applications.
Carbon by Design´s 75 team members and the entire management team is expected to remain with the company in their existing roles.
HEICO stated that it does not expect any employee turnover to result from the acquisition.
HEICO is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group.