-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueBox Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
Boost Your Sales
Every part of your business can be evaluated as a process, including your sales funnel. Optimizing your selling process requires a coordinated effort between marketing and sales. In this issue, industry experts in marketing and sales offer their best advice on how to boost your sales efforts.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Cerberus Announces Sale of Sparton to Elbit Systems of America
December 23, 2020 | Sparton Corp.Estimated reading time: 2 minutes
Cerberus Capital Management, L.P., a global leader in alternative investing, has announced that one of its affiliates has signed a definitive agreement to sell Sparton Corporation to Elbit Systems of America, LLC.
Headquartered in De Leon Springs, Florida, Sparton is a leading defense supplier, providing a range of advanced proprietary products for domestic and foreign defense, and commercial needs. With decades of experience, Sparton has become the partner of choice to domestic and allied governments, as well as leading defense contractors.
Based in Fort Worth, Texas, Elbit Systems of America is a provider of high-performance products, system solutions, and support services to customers in the defense, homeland security, law enforcement, commercial aviation, and medical instrumentation markets.
“In partnership with Cerberus, we have taken significant steps to strengthen our platform and expand our capabilities,” said Bill Toti, chief executive officer of Sparton. “As we begin our next chapter of growth, we look forward to the strategic combination with Elbit Systems of America and leveraging our combined expertise to further elevate Sparton’s market-leading position. Together, we will be able to deepen our relationships and deliver innovative solutions to meet our customers’ needs.”
Dev Kapadia, senior managing director of Cerberus, added, “We are proud of all that we have accomplished together with Sparton, including the transformative separation of its two business segments. Now, as a pure-play defense supplier, Sparton is well-positioned to build on its strong foundation and drive the platform’s long-term growth. We are pleased that Sparton has found a strategic partner in the next phase of its journey and wish Bill and the entire Sparton team continued success.”
Cerberus acquired Sparton in 2019, and since that time, has partnered with the company to execute on several operational and strategic initiatives, including the recent separation of its defense products and contract manufacturing segments. The separation enabled each business, which operated in distinct industries with tailored strategies, to focus on its core strengths and respective opportunities. Following the divesture of the contract manufacturing segment, Sparton became a standalone, pure-play defense supplier, well-positioned to build on its track record of providing innovative products to the U.S. Navy, allied governments, and leading defense contractors.
The transaction will require customary closing conditions, including receipt of regulatory approvals.
Moelis & Company LLC and Evercore served as the financial advisors and Kirkland & Ellis LLP served as the legal advisor to Sparton. Covington & Burling LLP served as the legal advisor to Elbit Systems of America.
Suggested Items
AIM to Highlight NC259FPA Ultrafine No Clean Solder Paste at SMTA Wisconsin Expo & Tech Forum
04/18/2024 | AIMAIM Solder, a leading global manufacturer of solder assembly materials for the electronics industry, is pleased to announce its participation in the upcoming SMTA Wisconsin Expo & Tech Forum taking place on May 7 at the Four Points by Sheraton | Milwaukee Airport, in Milwaukee, Wisconsin.
New Yorker, Geyer Electronic Sign New Distribution Agreement
04/16/2024 | New Yorker Electronics Co.New Yorker Electronics, global distributor of electronic components, recently announced a new franchised distribution agreement with Geyer Electronic. Geyer is an international manufacturer of Quart Crystals, Oscillators and Resonators.
DigiKey, 3PEAK Establish Global Distribution Partnership
04/11/2024 | DigiKeyDigiKey, a leading global commerce distributor offering the largest selection of technical components and automation products in stock for immediate shipment, announced today its expanded product portfolio through a strategic global distribution partnership with 3PEAK, a high-performance developer of semiconductor technology.
U.S. Updates Advanced Semiconductor Ban, Actual Impact on the Industry Will Be Insignificant
04/09/2024 | TrendForceOn March 29th, the United States announced another round of updates to its export controls, targeting advanced computing, supercomputers, semiconductor end-uses, and semiconductor manufacturing products.
DuPont Unveils Pyralux ML Laminate Series, Offering High Thermal Management for Extreme Environments
04/09/2024 | DuPontDuPont introduced the DuPont™ Pyralux® ML Series of double-sided metal-clad laminates, a unique addition to its extensive family of Pyralux® laminates for flexible and rigid-flex printed circuit boards (PCBs).