Lake Forest-based Panasonic Avionics Corp. is set to acquire a satellite communication services provider with headquarters in Australia, operations around the globe, and a specialty of working in extreme conditions.
Panasonic Avionics makes in-flight entertainment and communication systems and accounts for more than $1 billion in annual sales as part of Japan-based Panasonic Corp.
Financial terms of its deal for ITC Global, a portfolio company of Boston-based private equity firm Riverside Partners, were not disclosed.
ITC, which has customers at more than 1,200 remote sites in 70 countries, was established in 2001. It specializes in satellite-based communications for industrial operations in various far-flung locales.
The company, which was acquired by Riverside in 2011, has more than $20 million in annual revenue, according to the private equity firm.
Panasonic Avionics was the third-largest aerospace and defense contractor in OC last year, according to Business Journal research, with 1,670 employees at its sprawling Lake Forest campus.
