[Via Satellite 01-07-2015] On Dec. 31, 2014 Com Dev International closed its purchase of MESL Microwave for approximately $19.3 million. The acquisition, announced on Dec. 12, was for 100 percent of the Scotland-based company.
MESL Microwave designs components and subsystems for radar, communications, defense and aerospace industries. Com Dev International plans to leverage MESL Microwave’s expertise in in radio frequency ferrite equipment and microwave devices for satellites. The company has found an unprecedented level of demand for high-power, high-speed ferrite material-based switching networks used in space-based Earth observation and telecommunications spacecraft.
Com Dev International financed the purchase using both cash on hand and additional borrowings under its previously expanded credit facility. Toronto-based CanaccordGenuity and The Black Box Institute advised the company on the transaction, with legal advisors including Gardiner Roberts, LLP in Toronto, and Lindsays in the United Kingdom.
President of Com Dev International Systems Rob Spurrett highlighted the U.K.’s space innovation and growth strategy as a reason for continued confidence in the long-term strength of the U.K. space industry. Additionally, the acquisition boosts the company’s strategy to increase its participation in the aerospace market. Com Dev International has had a space business presence in the U.K. for 30 years.
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