RF Industries Acquires Microlab
Wednesday, March 02, 2022 | Comments

RF Industries announced the completion of its previously announced acquisition of Microlab/FXR, the radio frequency components business of Wireless Telecom Group (WTT).

"We are excited about the significant opportunity this acquisition creates to innovate and drive a more powerful product roadmap for our combined company and welcome Microlab's talented employees and customers to RF Industries,” said RF Industries President and CEO Robert Dawson. “Microlab brings us access to a new set of high-performance, network operator approved products that we can sell to our growing customer base and through our extensive distribution channel. In addition, Microlab has great customer relationships with both our existing distributor and key carrier ecosystem customers, which gives us more control of the bill of materials in key wireless applications.”

Microlab designs and manufactures high-performance RF and microwave products enabling signal distribution and deployment of in-building distributed antenna systems (DAS), wireless base stations and small cell networks, and generated unaudited revenue of approximately $16 million and adjusted earnings before interest, taxes depreciation and amortization (EBITDA) of approximately $3.7 million for the 12-month period ended September 30. RF Industries expects the acquisition to be immediately accretive to its stand-alone financials and anticipates realizing meaningful operating synergies upon the integration of the Microlab business.

"Microlab's products are considered the gold standard in RF and microwave distribution systems, and with our focus on the significant growth opportunities, we expect to see in the small cell and DAS markets, we believe their complementary products in these markets will provide additional scale and opportunity for overall margin improvement and further revenue growth," Dawson said.

B. Riley Securities acted as the financial advisor to RF Industries and DLA Piper (U.S.) acted as legal advisor. Craig-Hallum acted as the financial advisor to Wireless Telecom Group and Bryan Cave Leighton Paisner acted as legal advisor.

"The acquisition of Microlab is another big step in the transformation of RF Industries as we continue executing on our strategic plan to grow both organically and through targeted acquisitions,” said Mark Holdsworth, chairman of the board of RF Industries. “This is the largest acquisition in RF Industries' history, and we believe that the accretive nature of this acquisition shows our continued focus on providing shareholder value through the diligent use of capital. We look forward to completing the integration of Microlab as we continue to pursue a robust pipeline of future strategic opportunities."

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