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Benchmark Electronics completes Secure Technology transaction

Benchmark Electronics, Inc. today announced that it has completed its previously announced acquisition of Secure Communication Systems, Inc. and its subsidiaries (collectively referred to as "Secure Technology" or "Secure") for a purchase price of $230 million.

Founded in 1986, Secure has built a strong reputation as a leading provider of customized high performance electronics, sub-systems, and component solutions for mission critical applications. The acquisition of Secure deepens Benchmark's engineering capabilities and enhances Benchmark's ability to serve customers in the highly regulated industrial, aerospace and defense markets. 

"We are pleased to finalize this transaction and look forward to integrating Secure with Benchmark's engineering organization," said Gayla Delly, President and Chief Executive Officer of Benchmark. "We are very excited to welcome Secure's more than four hundred talented team members to Benchmark. Together, we will offer an even broader range of capabilities and solutions to our customers through state-of-the art design, engineering, and manufacturing facilities. We believe that, with the addition of Secure, our organization is now even better equipped to address the increasing technical challenges and requirements of our targeted higher value markets. In addition, this acquisition drives more EPS and ROIC accretion than alternative uses of capital we evaluated, including a similar sized share buyback."

The transaction was financed with borrowings under the Company's new credit facility, which comprises a $230 million term loan and a $200 million revolver. The acquisition is expected to enhance our revenue growth profile, increase operating margins and be immediately accretive to earnings per share.

J.P. Morgan Securities LLC acted as financial advisor to Benchmark, and Sheppard, Mullin, Richter & Hampton LLP acted as its legal counsel. Harris Williams & Co. acted as financial advisor to Secure and O'Melveny & Myers LLP acted as its legal counsel in connection with the transaction.

Press release issued by Benchmark Electronics, Inc. on November 12, 2015


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