Esterline Technologies buys CMC Electronics for US$392 million from Onex

On March 14, 2007, Esterline Technologies Corporation of Bellevue, Washington, completed the purchase of CMC Electronics Inc., formerly known as Canadian Marconi Company, a leading aerospace and defense avionics company, from Onex Corporation and ONCAP, Onex's mid-cap private equity group, for approximately $392 million. CMC Electronics was acquired by ONCAP and related co-investors in 2001. Esterline is a leading worldwide supplier to the aerospace and defence industry with 8,000 employees in 11 states in the United States, and operations in France, Germany, the United Kingdom and China. Esterline specializes in three core areas: avionics and controls; sensors and systems; and advanced materials. Fasken Martineau DuMoulin LLP assisted Esterline's management and VP of Business Affairs and General Counsel of the Avionics and Optics Group, David Ashby, and their external U.S. counsel with a team comprized of Louis Séguin and Jocelyn Lafond (corporate); Alain Ranger and Thomas Copeland (tax); Lise Rochette (real estate); Julie Cuddihy and Hugo Sigouin-Plasse (labour and employment); Lyne Duhaime (pension); Charles Kazaz (environment); Felix Gutierrez and Andrew Klug (banking).