This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

HEICO Acquires Leading Military Parts Supplier

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."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,055.87 -116.81 -0.68%
S&P 500 1,982.77 -11.52 -0.58%
NASDAQ 4,508.6880 -19.0010 -0.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs