AMETEK, Inc. completed the acquisition of Abaco Systems Inc. from Veritas Capital Fund Management, L.L.C
April 28, 2021
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AMETEK, Inc. (NYSE:AME) entered into a definitive agreement to acquire Abaco Systems Inc. from Veritas Capital Fund Management, L.L.C in a transaction valued $1.4 billion on March 22, 2021. Upon closing, Abaco Systems will join AMETEK as part of its Electronic Instruments Group (EIG). Abaco Systems has annual sales of approximately $325 million. The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close mid-2021. Kenneth Wolff, Jessica Cohen, June Dipchand, Steven Messina, Michael Leiter, Paul Schockett, Erica Schohn, David Schwartz, Kenneth Schwartz and John Adebiyi of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Veritas Capital Fund Management, L.L.C. Deborah Spranger and Erica Wilson of Troutman Pepper Hamilton Sanders LLP acted as legal advisor to AMETEK, Inc. Jeremy Parker and Tim Alden of Macquarie Capital along with Ira Wolfson of Evercore Inc. acted as financial advisor to Abaco Systems Inc. Robert Feit also represented the deal.
AMETEK, Inc. (NYSE:AME) completed the acquisition of Abaco Systems Inc. from Veritas Capital Fund Management, L.L.C on April 29, 2021.
AMETEK, Inc. is one of the world's leaders in manufacturing and marketing electronic instruments and electromechanical devices. Net sales break down by family of products as follows:
- electronic instruments (70.1%): instruments and screens for aircrafts cockpits, airborne electronic systems of data surveillance and registering, pressure, temperature and flow sensors for airline companies and aeronautical manufacturers, analysis devices for the medical and research sectors, measurement and surveillance instruments used in the processing industries, instruments and dashboards for heavy trucks and agricultural vehicles, etc.;
- electromechanical devices (29.9%): brushless motors, heat exchangers, connectors, terminals, thermal management subsystems, motors-blowers, etc. primarily for the aeronautic, automotive, medical, computing and defense sectors. The group also provides metal powders and alloys for the manufacturing of electronic components and automotive and aeronautic products.
At the end of 2023, the group had more than 150 production sites worldwide.
Net sales are distributed geographically as follows: United States (52.6%), Asia (20.9%), United Kingdom (3.3%), European Union (14.3%) and others (8.9%).
AMETEK, INC. 
