HEICO Corporation Acquires Naval Hydraulic Repair Specialist

HEICO Corporation (NYSE: HEI.A) (NYSE: HEI) today announced that its Flight Support Group acquired 70% of naval hydraulic systems specialist Rocky Mountain Hydrostatics, LLC in an all cash transaction. Additional financial details were not disclosed.

HEICO expects the acquisition to be accretive to its earnings within the first year following the closing.

(NOTE: HEICO has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) carries 1/10 vote per share and the Common Stock (HEI) carries one vote per share.)

Rocky Mountain overhauls industrial pumps, motors and other hydraulic units with a focus on the support of legacy systems for the US Navy. Customers include master ship repair contractors and the US Navy. Work is performed at Rocky Mountain’s facilities as well as shipboard at any location worldwide.

Rocky Mountain has 21 team members and is headquartered in Brighton, Colorado, with satellite services in San Diego, CA and Norfolk, VA. HEICO stated that it does not expect the purchase to result in any material team member turnover and that Rocky Mountain will continue to operate in its existing locations.

Rocky Mountain was founded in 1991 by Bradley and Therese Zuercher. Mr. Zuercher will continue to lead Rocky Mountain, and will retain 30% ownership.

Laurans A. Mendelson, HEICO’s Chairman & Chief Executive Officer, along with Eric A. Mendelson, HEICO’s Co-President and Chief Executive Officer of HEICO’s Flight Support Group, commented, “Rocky Mountain Hydrostatics has distinguished itself as a specialized provider to ensure the readiness of the United States Navy’s fleet. As such, Rocky Mountain is recognized as the US Navy’s Designated Overhaul Point for many critical components and assemblies and holds DOD qualifications to manufacture the parts incorporated in overhauls. We are impressed with the resources this company has assembled to perform urgent repairs on critical systems required for a ship to continue its mission.”