HEICO’s Flight Support Group acquires 70% assets of Rocky Mountain
HEICO Corp. has recently announced the acquisition of 70% of Rocky Mountain Hydrostatics, LLC, a specialist in naval hydraulic system, by its subsidiary, Flight Support Group.
HEICO anticipates a gradual increase in earnings within the 1st year of closing this asset acquisition deal with Rocky Mountain Hydrostatics. The company has stated that the purchase is not likely to result in the turnover of the material team members.
Rocky Mountain will continue operating in its current locations post the acquisition. The company is a remanufacturer of industrial pumps, motors, & other hydraulic units, with a key focus on supporting the legacy systems for the USN (United States Navy). Its customer base includes the USN and mastership repair contractors. Headquartered in Brighton, Colorado and founded in 1991, it consists of 21 team members, offering satellite services in Norfolk, Virginia and San Diego, California. Therese Zuercher, co-founder of Rocky Mountain, will continue to lead the company and retain 30% of the ownership.
According to Chairman & CEO of HEICO, Laurans A. Mendelson, and Co-President & CEO of Flight Support Group, Eric A. Mendelson, Rocky Mountain has been continuously serving the US Navy’s fleet and is considered as the Designated Overhaul Point of the US Navy for several critical assemblies and components. The company holds DOD qualifications for manufacturing parts that are incorporated in the overhauls. HEICO appreciates the resources assembled by Rocky Mountain, which are adopted in offering urgent repairment solutions of the critical system that is required for the efficient functioning of the ship.
Bradley Zuercher, co-founder of Rocky Mountain, has reportedly stated that HEICO has maintained robust financial resources, culture, and reputation, with high capabilities in manufacturing and technical fields. He went on to say that HEICO is the right partner for Rocky Mountain, owing to its financial and technical resources that can help drive the growth of its team members and the organization.
Additional details of the recent all-cash deal were not disclosed.
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