New York-based private equity firm Veritas Capital has sold microwave sub-systems maker TRAK Communications to UK-based military and civil engineer Smiths Group for $111.5 million (€94 million).
TRAK – with facilities in the US and Scotland – supplies key US defense contractors, such as Northrop Grumman and Boeing, as well as commercial buyers with RG and microwave products. In an effort to boost its presence in microwave sub-systems sector, Smiths Group will make the company part of Smiths Interconnect, which provides hi-tech electronic systems for military and commercial use.
Founded in 1992, Veritas Capital invests in a broad range of companies through middle market buyouts, growth capital investments, and leveraged recapitalizations, with an emphasis on the defense industry. Back in December, the firm agreed to acquire military food ration company Wornick in a transaction valued at $155 million.