Huntington Beach Defense Contractor Bought for $126MThursday, September 22, 2011
Huntington Beach-based Trivec-Avant Corp., which makes advanced antenna systems for the U.S. military and other governments, has been acquired for $126 million by a U.K-based aerospace manufacturer.
Cobham Plc, located about 100 miles southwest of London, is set to acquire Trivec-Avant in the cash buy.
Under the deal, an additional cash consideration of up to $18 million is payable between 2013 and 2014 and contingent on future performance.
The transaction is subject to regulatory approvals and expected to close in the fourth quarter.
Costa Mesa-based investment bank McGladrey Capital Markets LLC was the financial advisor to Trivec-Avant on the transaction.
The local buy complements Cobham’s antenna systems strategic business unit as it builds scale and deepens its product portfolio, the company said.
Trivec-Avant has been a premier supplier of advanced antenna system for the U.S. and North Atlantic Treaty Organization military forces since the late 1980s.
Its antennas are used in satellite communications and found in radios, vehicles, warships and carried by ground forces.
“This transaction underscores that the aerospace and defense base in Southern California is healthy and remains an attractive region to foreign buyers," according to according to Paul Weisbrich, senior managing director of McGladrey's aerospace, defense and government services group. "Trivec is the sixth in what is now a long string of strategic acquisitions Cobham has made in the region.”
Trivec-Avant has operated out of Huntington Beach for more two decades and has a workforce of 65 people, comprised of engineers, manufacturing personnel and administrative workers, according to a company spokesperson.
Trivec-Avant is expected to keep its presence in Huntington Beach, where it does manufacturing and assembly.
The company posted an operating profit of $22.4 million and assets of $11.7 million at the end of 2010.
Cobham employs more than 11,000 people worldwide.
It counts customers and partners in more than 100 countries and sees annual revenue of $3 billion.