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.