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Instrumar Limited, an aerospace technology, product development and engineering company, recently sold its emergency locator transmitter (ELT) beacon business to Dukane Seacom (a subsidiary of HEICO Corporation), which focuses on the design and manufacture of underwater locator beacons for the aerospace and military markets. The acquisition was announced on April 17, 2018.
The beacon business designs and manufactures ELT beacons for the commercial aviation and defense markets. The beacon business is currently located in St. John’s, N.L., and will be integrated into Dukane Seacom’s existing Sarasota, Fla., facility within a year.
“We are very excited about the ELT product line acquisition. This product line addition complements Dukane’s existing product offerings and allows us to better address our customer’s needs,” said Anish Patel, Dukane Seacom’s president, when the transaction was announced.
Dr. Stuart Inkpen, president and CEO of Instrumar, engaged Crosbie to act as their exclusive financial advisor on the sale of the beacon business.
“Crosbie provided leadership throughout the M&A process providing invaluable guidance and assistance. Their ability to understand the business and use their broader knowledge/experience was critical through the inevitable ups and downs right up to closing,” said Stuart on closing of the transaction.
“We were delighted to have been entrusted by Instrumar to achieve its objectives and to have found such a strong home for the beacon business in Dukane Seacom. It was a win-win transaction,” said Ed Giacomelli, managing director of Crosbie. “This transaction highlights Crosbie’s cross border M&A capabilities, and in particular our expertise in the aerospace sector.”