The flight support group of Heico (NYSE: HEI) has acquired a 70 percent stake in naval hydraulic system repair services provider Rocky Mountain Hydrostatics through an all-cash deal of an undisclosed value.
Heico said Thursday it expects the transaction to be accretive to the corporation's earnings within the first year of the acquisition.
Bradley Zuercher, co-founder and president of RMH, owns the remaining 30 percent of the company.
RMH is headquartered in Brighton, Colo., and primarily offers marine equipment and remanufacturing support for legacy U.S. Navy platforms. The company has satellite offices in California and Virginia.
Laurans Mendelson, chairman and CEO of Heico, said RMH holds Department of Defense qualifications to produce components needed for Navy’s system overhaul projects.
Hollywood-based Heico offers products and services to some segments of the defense, space, aviation, telecommunication, electronics and medical industries.
