Heico acquires Marway Power Solutions, terms not disclosed

HEICO Corporation announced that its Electronic Technologies Group acquired 92.5% of Marway Power Solutions for cash at closing. The balance of the company’s ownership will continue to be held by its executive management. Further financial terms were not disclosed. HEICO stated that it expects the acquisition to be accretive to earnings within the year following the acquisition. Founded in 1980, Marway is a leading designer and manufacturer of power distribution solutions for mission-critical systems deployed in defense, aerospace, communications, test & measurement, and industrial applications on land, air, and sea. Its primary products are power distribution units, power supplies, automatic transfer switches and related control panels. Based in Santa Ana, CA, Marway employs approximately 50 people at its facility there. Paul Patel, Marway’s long-time President and CEO, will continue leading the company and Marway will continue operating from its existing engineering and manufacturing facility. HEICO also stated that it does not expect any material Team Member turnover to result from the acquisition.