ORLANDO, Fla., March 27 (UPI) -- U.S. Electronics firm API Technologies Corp. reports it has strengthened its international market position with the acquisition of a British company.
The entire issued share capital of C-MAC Aerospace Limited, a portfolio company of Francisco Partners and Shah Capital Partners, was obtained for $33 million through API's British subsidiary, API Technologies (UK).
C-MAC is a provider of electronic systems, modules and components to the defense, aerospace, space, industrial and energy sectors. In fiscal year 2011, it had about $36 million in revenue.
"C-MAC has an outstanding reputation as a leading supplier in the high-reliability electronics space internationally, as well as in the U.S.," said Brian Kahn, chairman and chief executive officer of API Technologies.
"This strategic acquisition strengthens our leadership position in the RF/microwave and microelectronics field."
Added Bel Lazar, president and chief operating officer of API Technologies, "(The) C-MAC acquisition is a major step forward toward our vision of being a dominant technology provider for the RF/Microwave and Microelectronic high-reliability end markets."