Berwyn, Pennsylvania-based AMETEK Inc. has entered into a definitive agreement to acquire Abaco Systems Inc., a provider of mission-critical embedded computing systems, from Veritas Capital in an all-cash transaction valued at $1.35 billion.
Abaco Systems specializes in open-architecture computing and electronic systems for aerospace, defense, and specialized industrial markets. Their ruggedized products are designed to withstand harsh operating environments such as extreme temperature and high vibration.
“We are excited for the opportunity to acquire Abaco Systems. Their market leading embedded computing solutions are ideally positioned across a number of attractive aerospace and defense platforms, further broadening our differentiated product offering serving these markets,” comments AMETEK Chairman and CEO David A. Zapico.
Abaco Systems has annual sales of approximately $325 million and is headquartered in Huntsville, Alabama. The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close mid-2021.
Upon closing, Abaco Systems will join AMETEK as part of its Electronic Instruments Group (EIG) in advanced analytical, monitoring, testing, calibrating, and display instruments with annualized sales of $3.0 billion.
AMETEK is a global manufacturer of electronic instruments and electromechanical devices with annual sales in 2020 of more than $4.5 billion.