HEICO Corporation Acquires Majority of Growing Niche Technology Components Manufacturer

Partners with the owners and managers of Ironwood Electronics

EAGAN, MN and MIAMI, FL / ACCESSWIRE / September 1, 2022 / HEICO Corporation (NYSE:HEI.A and HEI.A) announced today that Electronic Technologies Group has acquired approximately 80% of the capital stock of technology components company Ironwood Electronics, Inc. (“Ironwood”) in cash paid at closing, plus cash consideration to be paid if Ironwood meets certain earnings targets. The remainder of Ironwood shares will continue to be owned by Ironwood CEO David Struyk and other key managers. No further financial information was disclosed.

HEICO stated that it expects the acquisition to increase its profits within a year of the acquisition.

Founded in 1986, Ironwood is a leading designer and manufacturer of high-performance test plugs and adapters for semiconductor device engineering and production use. Its products are used by, among others, semiconductor designers and manufacturers for critical testing and validation, as well as additional applications. Ironwood plugs and adapters are also used by electronics and technology designers and producers for development and production purposes in their systems.

Integrated Circuit (“IC”) packages covered by Ironwood’s products include QFN, BGA, SOIC, QFP, LGA, WLCSP and other Surface Mount Technology (“SMT”) packages. Ironwood’s Gigahertz (“GHz”) line of sockets with 6 different contact technologies support up to 110 GHz bandwidth, up to 10,000 pins with a pitch as small as 0.2mm, and up to 500,000 inserts with the size smallest in the industry.

Headquartered in Eagan, MN, Ironwood employs approximately 75 people in the design, manufacture and sale of its products. David Struyk will remain as Ironwood’s CEO and majority shareholder, with the rest of Ironwood’s management remaining in their pre-closing roles. HEICO also stated that it does not expect the acquisition to result in any material turnover of team members and that it expects Ironwood to continue to operate from its current location using its current name.

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David Struyk, Major Shareholder and CEO of Ironwood, commented, “We wanted to partner with a successful and growing company that would be dedicated to our people and our customers. HEICO is a great home that allows us to continue to grow our business in a healthy way.” organically and through acquisitions, while maintaining our entrepreneurial operating style and continuing to deliver our best products to our customers.”

Laurans A. Mendelson, President and CEO of HEICO, along with Victor H. Mendelson, Co-Chairman and CEO of HEICO from Electronic Technologies Group, commented, “Dave Struyk and his team at Ironwood have created a unique niche business that perfectly blends with HEICO because, among other things, we share the same commitment to quality, technology, growth, people and customers. We welcome everyone at Ironwood to the HEICO family, where we look forward to more success together.”

HEICO Corporation is primarily engaged in the design, production, maintenance, and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications, and electronics industries through its Flight Support Group based in Hollywood, Florida and its Miami, Florida-based Electronic Technologies Group. HEICO’s customers include most of the world’s airlines and overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, as well as manufacturers of medical, telecommunications and electronic equipment. For more information about HEICO, 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 or implied by such forward-looking statements as a result of factors including: the severity, magnitude and duration of the pandemic; HEICO’s liquidity and the amount and timing of cash generation; reduced commercial air travel caused by the pandemic and its aftermath, airline fleet changes, or airline purchasing decisions, which could cause lower demand for our goods and services; costs and product specification requirements, which could cause an increase in our costs to complete contracts; government and regulatory requirements, export policies and restrictions, reductions in defense, space or national security spending by US and/or foreign customers or competition from new and existing competitors, which could reduce our sales; our ability to introduce new products and services at profitable price levels, which could reduce our sales or growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; our ability to make acquisitions and achieve operating synergies from the acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; economic conditions, including the effects of inflation, inside and outside the aviation, defense, space, medical, telecommunications and electronics industries, which could adversely affect our costs and revenues; and defense spending or budget cuts, which could reduce our defense-related revenues. Parties receiving this material are encouraged to review all HEICO 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 statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

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Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

FONT: HEICO Corporation

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