Headwaters advised MRV Communications, Inc. on the sale of its wholly-owned Swiss subsidiary, Creative Electronic Systems SA, to a consortium of four private equity firms. The consortium was led by Vinci Capital of Lausanne, Switzerland and included affiliates of Credit Suisse and other European financial institutions.
Creative Electronic Systems is a leader in ruggedized, small form-factor electronic boards and systems for defense and civil aviation, radar systems and avionic ground test applications. Its products are utilized in various major US and European defense and civil programs including, for defense, unmanned aerial vehicles (UAVs), refueler tankers and maritime patrol aircraft.
Jerry Sturgill, Managing Director at Headwaters MB, commented, “CES is a great company and positioned well for the current defense environment, particularly because of its strong presence and track-record with unmanned aircraft and vehicles. We are delighted the buyers saw and executed upon the strategic advantages of the company.”
Barry Gorsun, CEO of MRV Communications, added, "Headwaters did a terrific job. They worked closely and effectively with CES and with our MRV deal team and helped us overcome many obstacles, including the unprecedented volatility of the Swiss Franc after we went to market. Through hard work and resourcefulness, they helped us bring this deal to a close and delivered a positive result for MRV and its shareholders."