Benzinga | Sep 29, 2021 03:53PM EDT

Heico Buys 80.1% Of RH Laboratories For Undisclosed Sum

* Heico Corp's (NYSE:HEI) Electronic Technologies Group has acquired 80.1% of the stock of RH Laboratories, Inc. for cash paid at closing. The company did not disclose further terms and financial details of the deal.

* RH is a designer and manufacturer of state-of-the-art RF and microwave integrated assemblies, sub-assemblies, and components used in defense applications operating in harsh environments, including Space.

* RH employs 45 people at its 21,000 square foot Nashua engineering and production facility.

* RH was founded in 2001 by Benjamin Robinson, his son Stephen Robinson and Frank Holt. All three will continue in their pre-closing roles, with Benjamin remaining as CEO, Stephen remaining as President, and Frank continuing as VP of Engineering.

* Further, the Robinsons and Holt will continue to own 19.9% of RH.

* Heico expects the acquisition to be accretive to its earnings within the first year following the closing.

* Heico held cash and cash equivalents of $269.82 million as of July 31, 2021.

* Price Action: HEI shares are trading higher by 0.28% at $134.29 on the last check Wednesday.