Radstone acquisition of Interactive Circuits and Systems Ltd.
Client and Buyer: Radstone Technology plc
Radstone Technology (“Radstone,” now part of Abaco Systems) develops and manufactures embedded computing and sensor systems sold COTS (Commercial-Off-The-Shelf) to aerospace and industrial markets worldwide. Radstone was subsequently acquired and merged into GE Fanuc Embedded Systems (a unit of General Electric Company) renamed GE Intelligent Platforms, subsequently acquired by New York based private-equity firm Veritas Capital and renamed Abaco Systems.
Seller: Interactive Circuits and Systems Ltd.
Toronto based Interactive Circuits and Systems (“ICS”) is a manufacturer of open architecture electronic computing and sub-system level products for real-time data acquisition applications.
Radstone wanted to expand their base of operations in North America. ICS was identified through a research program as the ideal partner for Radstone: ICS had complementary products that extended Radstone’s product offerings, excellent distribution and contacts with North American based prime contractors and secure manufacturing facilities. The acquisition was completed for c$47.5m with approximately c$10m contingent on ICS meeting gross margin levels over the first two years following the closing.
Broker/Dealer: Not Applicable (pre-FINRA regulation)
Completion: September 2003