Berwyn-based AMETEK recently entered into an agreement to purchase Abaco Systems, a leading provider of mission critical embedded computing systems, from Veritas Capital for $1.35 billion in an all-cash transaction.
“We are excited for the opportunity to acquire Abaco Systems,” AMETEK Chairman and CEO David A. Zapico said. “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.”
Headquartered in Huntsville, Ala., Abaco Systems’ annual sales total approximately $325 million. The company specializes in open-architecture computing and electronic systems designed to withstand harsh operating environments such as high vibration and extreme temperature. Its products are sold to customers in the specialized industrial, aerospace, and defense markets.
The deal is expected to close mid-year and is subject to customary closing conditions, including applicable regulatory approvals. Once completed, Abaco Systems will join AMETEK’s Electronic Instruments Group. The group has annualized sales of $3 billion and specializes in
advanced analytical, monitoring, testing, calibrating, and display instruments.
AMETEK manufactures electronic instruments and electromechanical devices. In 2020, annual sales totaled more than $4.5 billion. The company’s goal is to achieve double-digit percentage growth in earnings per share over the business cycle.