Creates New Fisica Platform to Build and Acquire a Leading Defense Technology Portfolio
PALM BEACH, Fla., April 5, 2024 /PRNewswire/ -- Kanders & Company, Inc. ("Kanders"), a U.S.-based single-family office, announced today that it has entered into a definitive agreement to acquire and combine certain antenna and test equipment businesses from L3Harris Technologies (NYSE: LHX) for $200 million.
The acquisition brings together three separate business units under Kanders' newly formed Fisica, Inc. ("Fisica") platform. With roots dating back to the 1960s, the acquired businesses are known as skilled manufacturers of airborne and ground-based antennas, and electromagnetic systems and simulators for applications across radar, communications, warning systems, remote sensing, nuclear effects testing and imaging. Fisica will be well positioned for continued growth and success as a critical partner for flagship defense primes and the U.S. Department of Defense.
"We are excited to announce the agreement to acquire these businesses from L3Harris and partner with existing management to launch a new platform in the defense industry," said Warren B. Kanders, President of Kanders and Chairman and CEO of Fisica. "As the electronic warfare and communications space continues to evolve, we believe Fisica's product portfolio, long-standing customer relationships and stable program base position the combined businesses to grow both organically and through targeted acquisitions."
Under the terms of the agreement, Kanders will pay L3Harris $175 million in cash at closing and a $25 million seller note. The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions and regulatory approvals.
Fisica will be based in San Leandro, Calif., with additional operations in Menlo Park and Simi Valley, Calif.
About Kanders & Company, Inc.
Kanders & Company, Inc., based in Palm Beach, Florida, is a single-family office owned and controlled by Warren B. Kanders. Mr. Kanders has more than 35 years of experience investing in public and private companies across a variety of sectors, acting as an active strategic partner for enhancing operating discipline and catalyzing long-term growth.
Contacts:
Kanders & Company
Gray Hudkins
ghudkins@kanders.com
(203) 550-7148
Media
Aura Reinhard / Tim Ragones
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
View original content:https://www.prnewswire.com/news-releases/kanders--company-announces-definitive-agreement-to-acquire-antenna-and-test-equipment-businesses-from-l3harris-302109270.html
SOURCE Kanders & Company, Inc.
