Heico subsidiary acquires specialty component maker in India

/HEICO (HEI) Corporation announced that its Paris, France-based Exxelia subsidiary acquired 70% of SVM Private for cash paid at closing. Exxelia is part of HEICO’s Electronic Technologies Group. SVM’s management retains the remaining 30% ownership. HEICO stated that it expects the acquisition to be accretive to its earnings within the year following closing. Based in Chennai, India, SVM is a leading designer and manufacturer of high-performance electronic passive components and sub-systems, including critical magnetic components and busbars, specifically serving the healthcare and industrial end-markets. SVM primarily serves Indian customers, including subsidiaries of large US and European multi-national firms, along with other international clients. Founded in 1989 by Hemaltha and Ramprasad Meka, SVM has 35 years of expertise in the design, development, and manufacturing of coils, transformers, and laminated or coated/plated busbars, among other products. The company has become a leader in critical magnetic solutions for medical imaging applications, leveraging its deep understanding of all relevant standards and strong commitment to quality. Mr. Meka, who serves as SVM’s Founder and Managing Director, will continue to own 30% of SVM and will remain in his current leadership role. HEICO stated that SVM will operate from its current Chennai facility and that it does not expect any material Team Member turnover to result from the acquisition. Through this acquisition, Exxelia, which counts medical imaging equipment products among its key markets, will enhance its product offering with busbars, along with SVM’s know-how and expertise in magnetics, while strengthening its position in the medical sector, a key development area.