Behrman Capital Portfolio Company Data Device Corporation Acquires National Hybrid Inc.
NEW YORK, July 8, 2013 /PRNewswire/ -- Behrman Capital, a private equity investment firm based in New York and San Francisco, today announced that its portfolio company Data Device Corporation (DDC), the world leader in high-reliability data communication and control technology, has acquired National Hybrid Inc. from API Technologies Corp. (NASDAQ: ATNY) in a transaction valued at $32.5 million. The addition of National Hybrid expands DDC's data bus product offering and reinforces DDC's position as a leading supplier of high-reliability data networking electronics for the US Department of Defense and leading defense and aerospace contractors.
National Hybrid is a leading designer and manufacturer of military standard data networking technology, specializing in critical components for the defense and aerospace sectors. The business manufactures National Hybrid-branded products and UK-made MIL- STD-1553 and MIL-STD-1760 data bus transceivers and terminals, high-density multi-chip modules, and custom state-of-the-art hybrid micro-electronic circuits.
Grant G. Behrman, Managing Partner of Behrman Capital, said, "We are excited about incorporating National Hybrid into the DDC platform. The combination will strengthen DDC's access to additional sales channels, customers and locations. We are proud to support Vincent Buffa and his team, who have done an exceptional job of building DDC, as they continue to drive industry-leading innovation and customer service."
Vincent Buffa, President of DDC, said, "National Hybrid is an ideal strategic acquisition for DDC. This addition of National Hybrid's product line will greatly enhance DDC's offering to its customers and also provide access to new strategic markets. We look forward to building upon National Hybrid's leadership in military specification data bus products."
Latham & Watkins served as legal advisor to Behrman Capital and DDC for the transaction.
About Behrman Capital
Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company's investments are primarily focused in five industries: health care, specialty manufacturing, business to business outsourcing, defense and information technology. The firm has raised five funds with a combined capital base in excess of $3.0 billion. For more information, please visit www.behrmancap.com.
About Data Device Corporation
Data Device Corporation (DDC) is the world leader in the design and manufacture of high-reliability data networking, motion control, and solid-state power controller products for aerospace, defense, and industrial applications. For nearly 50 years, DDC has continuously advanced the state of high-reliability data communications and control technology for MIL-STD-1553, ARINC 429, AFDX®, Synchro/Resolver interface, and Solid-State Power Controllers with innovations that have minimized component size and weight while increasing performance. DDC headquarters, design and manufacturing operations are located in Bohemia, NY. Visit www.ddc-web.com.
James David or Mark Semer
Kekst and Company
SOURCE Behrman Capital