Channel Technologies buys Massacusetts defesnse firm
Santa Barbara-based military contractor Channel Technologies Group announced today that it has acquired Materials Systems Inc., a producer of sonar technology. The value of the deal was not disclosed.
The Massachusetts-based firm will become a wholly owned subsidiary of Channel Technologies, which is owned by private equity group Blue Wolf Capital Partners. Both companies use piezoelectricity, or electricity generated by pressure, to make advanced sonar systems for use in the defense, energy and medical industries.
“This is an enormously synergistic combination that will allow CTG to ramp up our growth and better address the complex needs of our customers,” company CEO Ralph Phillips said in a press release. “The addition of MSI’s piezocomposite sonar transducer technology will complement our single-crystal technology and give CTG the broadest product offering in acoustic transducers. MSI will also complement our emerging advanced sonar products. We welcome MSI to the CTG team.”
Most of Materials Systems’ executives will join Channel Technologies, except its chief executive, Carol Bowen, whose retirement becomes effective today. Bowen had been the firm’s president of Material Systems since the passing of her husband, company founder Leslie Bowen, in 1991.
“MSI is excited to become a part of CTG,” Bowen said in the statement. “Combining the resources and strengths of our organizations offers tremendous synergy and strategic growth opportunities.”