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LaBarge Acquires Pensar

Published: 24 December 2008
 by Administrator
ST. LOUIS -- To date, EMS provider LaBarge Inc. had largely stayed out of the acquisition game. 

The company ended that streak today, announcing a deal for Pensar Electronic Solutions for $45 million, subject to certain adjustments. 

Appleton, WI-based Pensar had 2008 revenues of about $55 million and is profitable, La Barge said in a statement announcing the deal. The 75,000 sq. ft. plant becomes LaBarge's third largest. Management and staff, including Pensar general manager David Steel, are expected to stay on.

The deal is expected to broaden LaBarge's end-markets, which are heavily oriented toward defense. The company currently generates about 45% of its revenue from defense programs, 21% from industrial, 16% from oil and gas, and 7% from medical.  

"The addition of Pensar is an exciting development in the advancement of LaBarge’s growth strategy. The acquisition adds significant new customers and greatly expands our presence in the medical and industrial market sectors,” said chief executive and President Craig LaBarge. 

LaBarge expects the acquisition to be modestly accretive to earnings in the second half of the current fiscal year, which ends June 28, 2009. LaBarge financed the acquisition with senior debt through U.S. Bank and Wells Fargo.
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