Houlihan Lokey Advises Anaren

Houlihan Lokey is pleased to announce that Anaren, Inc., a portfolio company of Veritas Capital, has been acquired by TTM Technologies, Inc. (TTM) for $775 million. The transaction closed on April 18, 2018.

Anaren is a leading provider of high-frequency RF and microwave microelectronics, components, and assemblies for the space, defense, and telecommunications sectors. For over 50 years, Anaren's proprietary technology has set the standard for best-of-breed products that (i) receive, process, and transmit microwave and RF signals and (ii) manage large amounts of RF power and thermal energy at high frequencies and increased bandwidth. The company has sole-source positions on many high-priority DoD programs, including the Joint Strike Fighter, Air and Missile Defense Radar, and Long Range Discrimination Radar, among others. The company also provides highly specialized RF solutions to leading wireless infrastructure OEMs for use in cellular base stations and optical networks. Anaren is headquartered in Syracuse, New York, and has over 1,000 employees worldwide.

Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology or technology-enabled solutions, to government and commercial clients worldwide, including those operating in aerospace & defense, healthcare, technology, national security, communications, government services, energy, and education.

TTM is a major global printed circuit board (PCB) manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs and the backplane and subsystem assembly business. TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Through the acquisition, TTM is adding highly engineered and differentiated RF products to its portfolio and a large team of talented RF engineers. The transaction increases TTM's capabilities in the aerospace & defense end market and provides new growth opportunities in the industrial, medical, and automotive end markets.

This transaction underscores Houlihan Lokey's leadership and expertise in the defense electronics market.

Houlihan Lokey's Aerospace•Defense•Government (ADG) Group is the leading M&A advisor to aerospace, defense, government services, and homeland security companies. Since 2015, we have closed more than 60 transactions worth nearly $15 billion in enterprise value. With a staff of approximately 30 investment bankers in Washington, D.C., and Los Angeles, Houlihan Lokey's ADG Group is among the largest dedicated industry banking groups worldwide.


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