SMT, PCB Electronics Industry News
  • SMTnet
  • »
  • Industry News
  • »
  • API Technologies Closes Merger With SenDEC Corporation: Vintage Capital Management Has Become Majority Shareholder

API Technologies Closes Merger With SenDEC Corporation: Vintage Capital Management Has Become Majority Shareholder

Jan 24, 2011

API Technologies Corp. (ATNYD.OB) ("API" or the "Company"), a provider of secure communications, electronic components and subsystems to the global defense and aerospace industries, announced today the closing of the acquisition of SenDEC Corporation ("SenDEC"), a leading defense electronics manufacturing services company headquartered in Fairport, NY, previously announced on January 10, 2011.

API acquired 100% of the equity of SenDEC, which includes SenDEC's electronics manufacturing operations and approximately $30 million of cash, in exchange for the issuance of 22 million API common shares to an affiliate of Vintage Capital Management LLC (“Vintage”). SenDEC generated approximately $90 million in revenue and over $3.5 million in net income during their fiscal year ended July 31, 2010.

Brian Kahn, managing member of Vintage, has become Chairman and CEO of API. SenDEC is now an operating subsidiary of API and Ken Fiske is continuing as its CEO. API Defense USA continues to operate as a subsidiary of API and Steve Pudles is continuing as its CEO. At the Closing, the existing members of the API Board of Directors other than Eric Goldberg and Donald Wright resigned, and Brian Kahn and Mel Keating joined the API Board. Following the closing, Ken Krieg, Matthew Avril and Ken Fiske are expected to also join the API Board of Directors.

About API Technologies Corp.

The Company, through its subsidiaries, provides engineered systems, components and secure communications to the global defense and aerospace industry. API Technologies' customers include the governments of the U.S., Canada, the United Kingdom, NATO and the European Union, as well as many leading Fortune 500 companies. The Company is engaged in providing innovative design, engineering and manufacturing solutions to its customers. API Technologies trades on the OTC Bulletin Board under the symbol ATNYD. For further information, please visit the company website at http://www.apitech.com.

About Vintage Capital Management

Vintage Capital Management (VCM) is a value-oriented private equity investment firm specializing in the defense, manufacturing and consumer sectors. VCM partners with proven management teams to target situations where there is a verifiable opportunity to significantly enhance a company’s value through the Vintage operational and strategic approach. Since its establishment as Kahn Capital Management in 1998, VCM and its principals have had a successful history of identifying, analyzing, and investing in high quality, lower-middle market companies in its target sectors. For more information, please see http://www.vintcap.com.

Headquartered in Fairport, NY, SenDEC provides comprehensive electronic manufacturing services (EMS) including: high quality design for manufacturability, assembly and test (DFM, DFA, DFT); PCB layout; prototyping/new product introduction; PCB and electromechanical assembly; test engineering; rework; turnkey box build and supply chain management services. Its client base includes Fortune 500 corporations, mid-sized companies and startups worldwide serving the defense/military, commercial/industrial, energy, medical and telecommunications markets. SenDEC’s four state of the art production Surface Mount Technology (“SMT”) lines and two dedicated NPI/prototype SMT lines feed into through-hole assembly, full test, box build and order fulfillment. For more information, please see http://www.sendec.com.

Apr 27, 2011 -

API Defense USA CEO Steve Pudles Receives IPC President's Award for Lasting Contributions to IPC and the Electronics Industry

Jan 10, 2011 -

API Technologies Announces Merger with SenDEC Corporation: Vintage Capital Management Will Become Majority Shareholder

Sep 21, 2017 -

Logic PD Sponsoring, Exhibiting at American Medical Device 2017

Sep 20, 2017 -

Viscom AG adopts Valor Process Preparation solution for electronics manufacturing efficiency

Sep 20, 2017 -

COT Announces PB Swiss Tools’ Two New INSIDER Models: INSIDER STUBBY and INSIDER STUBBY RATCHET

Sep 20, 2017 -

New IPC Studies Show World PCB Market Up in 2016 as North American Market Shrinkage Slows World PCB Production and Annual North American PCB Industry Reports Released

Sep 20, 2017 -

ADLINK Technology invites clients to join the MEC Congress 2017

Sep 19, 2017 -

ASC International to Highlight 3D AOI/SPI Innovations at SMTA International

Sep 19, 2017 -

MicroCare Presents Radically Innovative ‘Greener’ Cleaning Fluid at Parts2Clean Stuttgart Hall 3 Stand A46

Sep 19, 2017 -

Aegis Software’s FactoryLogix a major step on Melecs journey towards Industry 4.0

Sep 19, 2017 -

IPC Invites Industry Leaders to Submit Poster Abstracts for IPC APEX EXPO 2018 in San Diego

Sep 19, 2017 -

SCS Webinar to Address the Use of Parylene for Increased Reliability

See electronics manufacturing industry news »

API Technologies Closes Merger With SenDEC Corporation: Vintage Capital Management Has Become Majority Shareholder news release has been viewed 1197 times

  • SMTnet
  • »
  • Industry News
  • »
  • API Technologies Closes Merger With SenDEC Corporation: Vintage Capital Management Has Become Majority Shareholder
Plasma prior Conformal Coating

KIC SPS Smart SMT Reflow Oven Profiler