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CPI Acquires Malibu Research
By Staff Reporter | June 29, 2007
CPI has agreed to acquire all outstanding common stock of the privately held Malibu Research Associates for approximately $22.0 million in cash. In addition, CPI has agreed to make additional earnout payments of up to $15.0 million, which are primarily contingent upon the achievement of certain financial objectives over the three years following the acquisition. CPI intends to finance the acquisition principally using cash on hand. The acquisition is expected to close by the end of August.
Malibu Research Associates, which has approximately 90 employees, will be operated as an independent division of CPI based in Camarillo, Calif. The division manager will report to Bob Fickett, president and chief operating officer of CPI. CPI expects to strengthen Malibu Research Associates’ technical, operations and support functions after the acquisition. In its fiscal 2006, Malibu Research Associates generated approximately $18.0 million in revenue. The acquisition is subject to customary closing conditions.
Malibu Research Associates’ current programs include advanced antenna solutions for the airborne and ground nodes of the tactical common data link (TCDL) network for various platforms, including UAVs. TCDL is a high-bandwidth digital data link that transmits and receives real-time command and control, intelligence, surveillance and reconnaissance data between manned and unmanned airborne platforms and their associated ground-based and ship-based terminals.
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