TransDigm Group Inc. is selling its Esterline Interface Technologies group of businesses to an affiliate of KPS Capital Partners for approximately $190 million.
EIT was acquired by TransDigm in March 2019 as part of the Esterline Technologies acquisition and comprises three distinct businesses including Advanced Input Systems, Gamesman and LRE Medical. The business is a developer and manufacturer of interface solutions serving leading OEMs in the growing medical, commercial, industrial, diagnostics and gaming end markets and has over 750 employees primarily in the United States, Germany and China. EIT generated revenues of approximately $190 million for the fiscal year ended September 30, 2018.
TransDigm Executive Chairman W. Nicholas Howley commented, "This is part of our previously communicated plan to evaluate and potentially divest businesses that do not align well with TransDigm's strategy."
The divestiture, which is subject to regulatory approvals and customary closing conditions, is expected to be completed during the first quarter of our fiscal 2020.