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Odyssey to buy CPI International from Veritas Capital - sources
July 3, 2017 / 8:03 PM / 3 months ago

Odyssey to buy CPI International from Veritas Capital - sources

(Reuters) - Private equity firm Odyssey Investment Partners LLC has agreed to acquire CPI International Inc, a U.S. manufacturer of circuits used in radars and satellites, from Veritas Capital Management LLC, another buyout firm, for more than $800 million, including debt, people familiar with the matter said on Monday.

The deal coincides with CPI expecting to benefit from increased U.S. defense spending. Orders also have risen for its circuits used in medical devices.

The sale to Odyssey could be announced as early as this week, the sources said, asking not to be identified ahead of an official announcement.

Odyssey and Veritas declined to comment. CPI did not immediately respond to a request for comment.

Based in Palo Alto, California, CPI makes radio frequency, microwave, power and control products for defense, communications, medical and scientific purposes.

Founded in 1948 as Varian Associates, a division of the company won an Emmy Award in 1989 for technological achievement by the Academy of Television Arts and Sciences because of a television tube it manufactured.

CPI was taken private by Veritas for $525 million in 2010. The company reported 2016 sales of $499 million.

Reporting by Andrew Berlin and Greg Roumeliotis in New York; Editing by Tom Brown and Grant McCool

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