Kanders & Company on Monday said it has completed its $200 million acquisition three business units of L3Harris Technologies
[LHX] used in the development and manufacture of antennas and test equipment that have been combined into a new company called Fisica, Inc.
The ATI, Datron, and Randtron businesses form the initial backbone of California-based Fisica. Warren Kanders, the executive chairman of the new company and president of his own investment firm, said Fisica will grow organically and through targeted acquisitions.
“Alongside the talented existing management team, I look forward to leveraging and building on Fisica’s outstanding portfolio to serve a growing need in the electronic warfare and communications industry,” Kanders said in a statement. “I view these businesses as an excellent starting point to think expansively and opportunistically about growth in the broader defense space.”
Fisica’s president is Mark Rayner and Christopher Prabhu is chief financial officer. Previously, Rayner was a general manager at L3Harris overseeing the antenna and test equipment businesses while Prabhu was lead for their finances.
Kanders also named three independent directors of Fisica. Hamish Norton is president of Star Bulk Carriers Corp., Lisa Randall is a professor of science at Harvard Univ., and Neil deGrasse Tyson is an astrophysicist.
The acquisition was first announced in April (Defense Daily, April 5). Deal terms included $175 million in cash and a $25 million seller note. Fisica has about 375 employees.