Heico buys GPS supplier Flight Microwave

Flight Microwave is a supplier to the US Space Force's Global Positioning System III satellite programme. (Lockheed Martin)

Lucix Corporation, a subsidiary of US-based Heico Corporation, has expanded its satellite hardware portfolio by acquiring frequency filter manufacturer Flight Microwave Corporation, Heico announced on 14 March.

Flight Microwave's products are used in the US Space Force's Global Positioning System (GPS) III satellite programme and “other key US government satellite payloads”, Heico said.

Flight Microwave, whose design and production centre is located in El Segundo, California, will move to Lucix's headquarters, engineering, and production centre in Camarillo, California. “Nearly all” of Flight Microwave's workforce will remain with the business, Heico said.

Lucix acquired Flight Microwave from chief executive officer (CEO) Rolf Kich, chief financial officer Mike Callas, and a third person who was a silent investor. The financial terms of the all-cash transaction were not disclosed.

Lucix's existing space products include frequency converters and receivers, and power amplifiers and monitors. Heico's Electronic Technologies Group has owned Lucix since 2013.

A frequent acquirer, Heico announced on 10 February that it has agreed to purchase a majority of defence spare parts distributor Pioneer Industries. Less than two weeks later, Heico chairman and CEO Laurans Mendelson indicated that more deals would follow.

“We have no significant debt maturities until fiscal 2024, and plan to utilise our financial strength and flexibility to aggressively pursue high-quality acquisitions of various sizes to accelerate growth and maximise shareholder returns,” Mendelson said.