The acquisition of SenDEC Corp. by API Technologies Corp. has been finalized, the companies announced Monday.
API acquired 100 percent of the equity of SenDEC, which includes SenDEC's electronics manufacturing operations and approximately $30 million of cash, in exchange for the issuance of 22 million API common shares to an affiliate of Florida-based Vintage Capital Management LLC. The tentative deal was announced Jan. 10.
Perinton-based SenDEC generated approximately $90 million in revenue and over $3.5 million in net income during its most recent fiscal year which ended July 31. The firm has some 200 workers.
Brian Kahn, managing member of Vintage, has become chairman and CEO of API. SenDEC is now an operating subsidiary of API and Kenton Fiske is continuing as its CEO. Fiske is expected to join API’s board of directors.
API, based in Ronkonkoma, Suffolk County, provides secure communications, electronic components and subsystems to the global defense and aerospace industries. SenDEC is a defense electronics manufacturing services company.
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