HEICO acquires Pyramid Semiconductor
HEICO Corporation of Miami, FL announced on March 8 that its Electronic Technologies Group acquired the business, assets and certain liabilities of Sunnyvale, CA-based Pyramid Semiconductor LLC (“Pyramid”) from its founders for cash paid at closing. Additional transaction details were not disclosed.
HEICO stated that it expects the acquisition to be accretive to its earnings within a year following the closing.
Founded in 2003, Sunnyvale, CA-based Pyramid is a specialty semiconductor designer and manufacturer offering a well-developed line of processors, static random-access memory (SRAM), electronically erasable programmable read-only memory (EEPROM) and Logic products on a diverse array of military, space and medical platforms and are sold to numerous companies worldwide.
Joe Rothstein, Pyramid’s President, CEO and co-founder, along with co-founder and vice president of operations Douglas Beaubien, will continue with the business post-acquisition in their pre-acquisition roles. Further, HEICO stated that it does not expect any staff turnover to result from the acquisition and that the business will continue to operate from its existing Sunnyvale, CA facility.
The business will operate as a part of HEICO’s 3D PLUS USA subsidiary, which is also located in the Silicon Valley area. 3D PLUS USA supplies advanced high density 3D microelectronic products, and die stacking and wafer level stacking technologies for space and defense applications. 3D PLUS is known in the space and defense industries for its innovative products found on very demanding applications. Together, the two businesses will seek to provide customers additional products and capabilities.
Laurans Mendelson, HEICO’s chairman and chief executive officer, along with Victor Mendelson, HEICO’s co-president and CEO of its Electronic Technologies Group, remarked, “We welcome Joe, Doug and the entire Pyramid team to the HEICO family. Pyramid is an entrepreneurial company known for producing excellent semiconductor products for high-reliability applications and we look forward to having these capabilities within HEICO. We are also honored that Joe and Doug are entrusting us with the company they worked so hard to build over nearly 20 years.”
Joe Rothstein and Douglas Beaubien commented, “From our initial discussion with HEICO, we were excited to have our business join forces with HEICO and 3D PLUS to expand our product offering and market reach, while ensuring a good home for our company and our team. We believe this transaction will serve our staff, customers and all involved very well for the long-term.”
Timothee Dargnies, CEO of 3D PLUS USA, stated, “Pyramid and 3D PLUS USA both supply advanced technology products for the most stringent requirements to the most demanding customers and we are committed to new efforts to expand our offerings and to reach additional customers with advancing technology and excellent service.”