LEE'S SUMMIT, MO and MIAMI, FL / ACCESS Newswire / February 3, 2025 / HEICO Corporation (NYSE:HEI.A)(NYSE:HEI) today announced its Flight Support Group has acquired 90% of the stock of Millennium International, LLC ("Millennium"). The balance of the company's ownership will continue to be held by its co-founders. Transaction terms and financial details were not disclosed.
HEICO stated that it expects the acquisition to be accretive to its earnings in the year following closing.
Millennium is known for its pioneering role in business jet avionics repair solutions, specializing in the mission critical repair and support of both next-generation and legacy avionics systems and components. The company offers comprehensive repair, overhaul, retrofit, and exchange services to its customers that include aircraft OEMs, fleet operators, repair businesses, and avionics brokers. Millennium's capabilities span avionics displays, navigation and radio equipment, weather radars, collision avoidance systems, and other avionics systems.
Headquartered in Lee's Summit, MO, Millennium operates across three recently expanded sites. Co-founders Jeanne Rau-Flattery and Dan Rafferty will continue leading the company, and the business will continue operating out of its existing facilities. Its talented team of over 40 engineers, technicians, and other personnel will remain with the company and focus on executing on a development pipeline of repair capabilities.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, along with Eric A. Mendelson, HEICO's Co-President and CEO of its Flight Support Group commented, "The addition of Millennium to HEICO's family of businesses marks a significant milestone in our strategic expansion into the business jet market. With Millennium's innovative avionics repairs, extensive expertise, and flawless reputation, HEICO is now well-positioned to offer a broad range of solutions for business jet manufacturers and operators, solidifying our presence in this rapidly growing market. The unique and extensive capabilities acquired through this transaction will enable us to deliver even greater value to our customers and stakeholders."
Jeanne Rau-Flattery and Dan Rafferty jointly commented, "We are thrilled to partner with a like-minded organization such as HEICO. This transaction presents a tremendous opportunity for our company to drive innovation and broaden the scope of our capabilities. Together, we aim to enhance our ability to deliver exceptional value to our customers, ensuring that we meet their evolving needs."
HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group. HEICO's customers include a majority of the world's airlines and overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our website at www.heico.com.
Certain statements in this press release constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements. Factors that could cause such differences include, among others: the severity, magnitude and duration of public health threats, such as the COVID-19 Pandemic; our liquidity and the amount and timing of cash generation; lower commercial air travel, airline fleet changes or airline purchasing decisions, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our costs to complete contracts; governmental and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. and/or foreign customers or competition from existing and new competitors, which could reduce our sales; our ability to introduce new products and services at profitable pricing levels, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; cybersecurity events or other disruptions of information technology systems could adversely affect our business; our ability to make acquisitions, including obtaining any applicable domestic and/or foreign governmental approvals, and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; economic conditions, including the effects of inflation, within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues; and defense spending or budget cuts, which could reduce our defense-related revenue. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
