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Wireless Telecom buys Holzworth Instrumentation
Wireless Telecom Group Inc. has signed a definitive agreement to acquire Holzworth Instrumentation Inc., a Boulder, Colorado-based provider of specialty phase noise analyzers and signal generators.
The purchase price of USD 8.0 million, cash payable at closing, USD 1.5 million in deferred cash payments, subject to minimum EBITDA thresholds, and USD 500,000 of Wireless Telecom Group Inc. common stock based on the 90-day volume weighted average share price of $1.44 per share. The shares will be subject to a 36-month lock-up provision. The transaction closing is conditioned upon Holzworth obtaining proceeds from a debt financing in an amount sufficient to pay the total closing cash consideration of the acquisition of $8.0 million. In a press release, Wireless Telecom Group CEO Timothy Whelan said, “We remain focused executing our long-term strategy and are proud to have signed a definitive agreement to acquire Holzworth, a complimentary business for our Test and Measurement segment which serves a common customer base with common channel partners. This acquisition is expected to drive future growth and accretive profitability to our Test and Measurement segment by the attractive margins of the business.” Jason Breitbarth, president of Holzworth said, “We are excited to join Wireless Telecom Group and be part of their mission to provide specialty products and unique solutions used in the development, testing and deployment of wireless connectivity. With a larger sales channel footprint, broader customer base, and a global team of RF and microwave experts, we expect to deliver even greater value to shared and new customers. We believe this combination will allow us to realize greater growth as we focus our principal skill sets on technology advancement and business development,” the press release said. Holzworth instruments are used by government labs, the semiconductor industry, and network equipment providers, among others, in research and automated test environments. The Company expects to close this acquisition in the months ahead. Wireless Telecom Group is headquartered in Parsippany, New Jersey.
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