MIAMI and TAMARAC, Fla., Jan. 3, 2011 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI-A) (NYSE:HEI) today announced that its Flight Support Group has acquired 80% of the assets and certain liabilities of Blue Aerospace, LLC. Financial terms were not disclosed, but HEICO stated that it expects the acquisition to be accretive to its earnings within the first year after the closing.
Blue Aerospace, in operation since 2002, is a leading supplier, distributor, and integrator of military aircraft parts and support services primarily to foreign military organizations allied with the United States. Blue also provides aircraft parts repair management and support. Among the platforms Blue supports are the C-130, P-3 and F-16 aircraft. Blue is well known as an authorized distributor of P-3 spare parts and as the sole integrator for the SFAR88 Fuel Systems Safety Retrofit Kit for the C-130 and derivative aircraft.
Michael Navon, Blue's founder and President, and other members of Blue's management team continue to own the 20% interest not acquired by HEICO. Mr. Navon and the other management owners will remain with Blue Aerospace.Based in Tamarac, FL, Blue employs 30 people at its headquarters facility located there. HEICO stated it fully expects that the staffing, operations, and commitment of the company will remain consistent with current levels. Laurans A. Mendelson, HEICO's Chairman & Chief Executive Officer, and Eric A. Mendelson, HEICO's Co-President & Chief Executive Officer of HEICO's Flight Support Group, stated, "We are thrilled to add Blue Aerospace's extensive capability to our already formidable parts and repair operations. Michael Navon and his team are extraordinarily talented, successful and experienced aircraft parts aftermarket businessmen and we are excited to add them to the HEICO team." Mr. Navon noted, "We see this not as a significant change to the style and commitment that afforded us past success, but instead a great opportunity to associate Blue with a highly responsive and growing organization such as HEICO. We firmly believe Blue will be able to serve customers and partners even better through this relationship."