HEICO Corporation has acquired 90% of the stock of Millennium International, an avionics repair provider specialising in business jet systems. Millennium's co-founders Jeanne Rau-Flattery and Dan Rafferty will retain the remaining ownership and continue leading the company, which will operate from its existing facilities in Lee’s Summit, Missouri. Transaction terms were not disclosed, but HEICO expects the acquisition to contribute to earnings within a year.

Millennium International provides repair, overhaul, retrofit and exchange services for avionics displays, navigation and radio equipment, weather radars and collision avoidance systems. The company serves aircraft OEMs, fleet operators, repair businesses and avionics brokers. Its workforce of over 40 engineers and technicians will remain at the company.

“The addition of Millennium to HEICO’s family of businesses marks a significant milestone in our strategic expansion into the business jet market,” says HEICO chairman and CEO Laurans A. Mendelson. “With Millennium’s innovative avionics repairs, extensive expertise and flawless reputation, HEICO is now well-positioned to offer a broad range of solutions for business jet manufacturers and operators.”

Rau-Flattery and Rafferty add: “We are thrilled to partner with a like-minded organisation such as HEICO. This transaction presents a tremendous opportunity for our company to drive innovation and broaden the scope of our capabilities.”