Quasar Aerospace Industries announced the signing of and execution of a binding agreement to acquire a manufacturing company that will provide production capability for the Quasar line of aircraft currently in development. For security reasons the name of the company will not be divulged until the acquisition is closed.
The acquisition is to be made with private funding at $54 million, of which $40 million will be in cash and the remainder in assumption of liabilities. This acquisition when it closes sometime prior to July 31, 2009 will add approximately $44 million to Quasar Aerospace’ revenue stream and $10 million in EBITDA.
The company to be acquired has a vast range of capability in the aerospace industry, and operates three plants totaling approximately 300,000 sq. ft. The company owns two of the plants equaling 190,000 sq. ft. and leases the third plant. The revenue and profit numbers are achieved with less than 250 employees.
