Military Embedded Systems

Curtiss-Wright Controls buys Parvus from Eurotech


October 01, 2013

John McHale

Editorial Director

Military Embedded Systems

SALT LAKE CITY. Officials at Curtiss-Wright Controls in Charlotte, NC, are adding PC/104 technology to their portfolio with the purchase of Parvus Corp. in Salt Lake City from Italian embedded computer maker Eurotech in Amaro, Italy.

The companies announced a signed agreement today for the sale of 100% of Parvus's share capital. Parvus produces rugged, PC/104 and other small form factor, embedded computers and commercial-off-the-shelf (COTS) communications subsystems for military, industrial, and homeland security applications.

"The Parvus team has established a leadership position in Commercial Off-The-Shelf (COTS)-based small form factor processors and networking subsystem solutions. This extends Curtiss-Wright’s capabilities and fills two gaps in our product portfolio to help drive continued growth in our core aerospace, defense and homeland security markets," says Tom Quinly, Curtiss-Wright Controls President.

Parvus, which has about 50 employees and revenues of about $23 million, will operate within Curtiss-Wright's Controls Defense Solutions. Its mobile networking subsystems, rugged processor systems, and industrial grade board-level PC/104 Modules are found in military applications such as unmanned systems, avionics, and tactical C4ISR payloads. The small form factor products will also fit with Curtiss-Wright Controls Defense Solutions 3U computing systems in the VPX and CompactPCI formats. The Defense Solutions business also is a co-leader with Mercury Systems of the VITA 75 Small Form Factor standard that targets the box level -- enclosures and external interfaces.

The value of transaction set by both parties is $38 million -- equal to about €28.1 at current exchange rates -- net debt free. The amount will be subject to adjustments based on the working capital as at September 30th, 2013. Certain adjustments in the favor of Eurotech will have a cap of $300 thousand. The collection of this consideration, net of escrow deposit for 18 months to cover contractual warranties, will be $35 million at the closing date, which is today October 1st 2013, while the adjustment that is based on the working capital happen within 150 days from that date. Lincoln International functioned as the exclusive financial advisor to Eurotech throughout the transaction process.

Eurotech S.p.A. acquired Parvus Corp. in 2003 for a counter value of $2.26 million (equal to €1.95 million) and in 2002 Parvus had revenues equal to $3.55 million and EBITDA equal to $254 thousand, according to Eurotech. Parvus was founded in 1983.

Eurotech officials say revenue from the transaction will be used for investing and developing strategic activities of the group, supporting the ordinary activities, and possibly for external growth operations. “This transaction allows us to focus on our strategic directions of Pervasive Computers and Low-power Supercomputers (Green HPCs), and at the same time it gives us the opportunity to accelerate investments to faster expand our presence in the market," says Roberto Siagri, President and CEO of Eurotech S.p.A.

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