HEICO Corporation of Hollywood, FL announced on February 28 that its
Flight Support Group acquired 80.1% of Decavo, LLC in an all-cash transaction.
HEICO stated that it expects the acquisition to be accretive to its
earnings within the year following the purchase. Further financial terms and
details were not disclosed.
Hood River, Oregon-based Decavo designs and produces complex composite
parts and assemblies incorporated into camera and related sensor assemblies and
UAV airframes used in demanding defense and civilian applications.
Decavo employs approximately 40 team members in Hood River, Oregon and
was founded in 2009. Decavo’s expertise includes engineering and manufacturing
complex composites with unique structural and electromagnetic interference
characteristics.
Decavo’s two co-founders, Phil Nies and Blake Richards, will retain
ownership in Decavo. Mr. Nies will assume the role of President, while Mr.
Richards will remain in a senior advisory and shareholder role. Decavo will
continue to operate in its current location, and no staff turnover is expected.
Laurans Mendelson, HEICO’s chairman and chief executive officer, and
Eric Mendelson, HEICO’s co-president and CEO of its Flight Support Group,
jointly noted, “Decavo has demonstrated the ability to creatively engineer and
manufacture composite products in response to exacting requirements. Phil and
Blake have grown Decavo by being highly responsive to their customers, many of
whom are located in the Hood River region. Decavo has excelled at responding
technically and with turn times that have fostered exceptional growth. We are
thrilled to have Phil and Blake and the entire Decavo team join the HEICO
family.”
Phil Nies and Blake Richards, Decavo’s co-founders, jointly commented: “We wanted to associate with a larger organization that can provide financial and other resources to allow us to focus on engineering, design and manufacturing as well as develop our team. HEICO was our first choice, as we found a partner who would ensure that our team enjoys continued stability and resources offered by the HEICO organization.”
Source: HEICO
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