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

Jul 25, 2017 -

Matt Tringhese Named Director of Program Manufacturing for Libra Industries

Jul 25, 2017 -

Europlacer Expands its Manufacturing Facility in France.

Jul 25, 2017 -

Europlacer Appoints Giantec in Taiwan

Jul 25, 2017 -

Making Ovens Smarter – Visit KIC at NEPCON South China

Jul 25, 2017 -

SAKI America Appoints Alex Malek as Vice President Sales & Service, North America

Jul 25, 2017 -

Flawless transition in SEHO Product Management

Jul 25, 2017 -

ZESTRON Celebrates 25 Years of Globally Leading Innovation

Jul 25, 2017 -

CalcuQuote to Debut Purchasing Application for EMS at SMTA International

Jul 25, 2017 -

YINCAE TO EXHIBIT AT SMTAI 2017

Jul 23, 2017 -

PDR Americas Partners with Orr Marketing, Inc. in the Carolinas

See electronics manufacturing industry news »

API Technologies Closes Merger With SenDEC Corporation: Vintage Capital Management Has Become Majority Shareholder news release has been viewed 1121 times

  • SMTnet
  • »
  • Industry News
  • »
  • API Technologies Closes Merger With SenDEC Corporation: Vintage Capital Management Has Become Majority Shareholder
ii-feed SMD Intelligent Feeder

Facility Closure