Acquisition Provides Secure Communication Systems with Entry into New Industries
LOS ANGELES – May 7, 2013 – Vance Street Capital LLC, a Los Angeles-based private equity firm, announced today that its acquisition of Smart Electronics & Assembly, Inc. (Smart Electronics) closed on May 1, 2013. Smart Electronics is the first add-on acquisition for Secure Communication Systems, an innovator in rugged handheld and deployable computer systems and data encryption equipment, which Vance Street acquired in October 2009. Terms of the transaction were not disclosed.
Based in Anaheim, Calif., Smart Electronics is a provider of electronic solutions, including electronic circuit boards, sub-assemblies, cable/harnesses and modules/box builds to the defense, commercial aerospace, industrial and homeland security markets.
“The purchase of Smart Electronics provides both firms with a number of strategic advantages, including new cross-selling opportunities across a broader range of industries,” said Brian Martin, principal at Vance Street Capital.
“We are pleased to welcome Smart Electronics and its talented and dedicated employees to Secure Communication Systems,” said Allen Ronk, CEO of Secure Communication Systems. “The result of this transaction is a more diversified client base, and our complementary offerings provide both companies with new opportunities for growth.”
While Smart Electronics will become a division of Secure Communication Systems, its daily operations will remain unchanged.
“We look forward to partnering with Vance Street Capital as we join Secure Communication Systems,” said Smart Electronics’ President Robert Swelgin. “Smart Electronics and Secure Communication Systems share a long history of innovation and an unwavering commitment to building long-term customer relationships by delivering quality products and outstanding service. Together we are even better positioned to meet customer demand for speed, reliability and security across defense and commercial industries.”
Fifth Third Bank provided debt financing for the transaction. O’Melveny & Myers LLP acted as legal advisor to Vance Street Capital and Secure Communication Systems in the transaction. Smart Electronics was represented by Arent Fox.