SPX Technologies acquired Sabik Marine (“Sabik”) for $77.2 million (net of $0.6M cash acquired), a transaction completed in February 2019, structured as all cash.
Sabik Marine (“Sabik”) operates in Detection & Measurement, had revenue of about approximately $28.0 million (twelve months prior to acquisition). SPX completed the acquisition of the Sabik marine and obstruction lighting business of Carmanah Technologies in February 2019 for $77 million, net of cash acquired. Sabik supplies aids-to-navigation and specialty lighting solutions, expanding SPX's position in that niche. The business is reported within the Communication Technologies operations of SPX's Detection & Measurement segment.
Adds obstruction-lighting scale to SPX's emerging Aids to Navigation franchise.
Aids to Navigation scale and geographic reach, later combined with Sealite and ITL. Detection and Measurement reportable segment CEO: “With the acquisitions of Sealite, Sabik, and ITL, we do believe we are the very strong global leader here, approximately $170 million.”
Advisory firms were not disclosed for this transaction.