Cirtek Philippines acquires US antenna solutions firm

CIRTEK HOLDINGS Philippines Corp. (CHPC) is buying US-based antenna solutions firm Quintel for $77 million, allowing it to expand into the growing base station antenna market.

In a statement released over the weekend, CHPC said it has signed a definitive agreement to acquire 100% of Quintel with Trillium International, the shareholder representative of Quintel Cayman, Ltd.

The deal, which has been approved by both companies’ board of directors, is expected to be completed today.

CHPC said it is looking at taking on a loan to fund the transaction.

Quintel is a developer of spectrum and space-efficient base station antennas for wireless networks, with clients that include two of the top 5 telecom carriers in North America.

“Quintel’s cutting edge R&D (research and development) and product capabilities significantly add to and complement Cirtek’s growing portfolio in wireless communication, and is aligned with our business focus on high- growth market segments,” CHPC Chairman Jerry Liu was quoted as saying in a statement.

For his part, Quintel President David Piazza said the partnership will provide the company with “horizontal growth opportunities as well as vertical integration with a highly capable manufacturing group” to improve efficiencies and expand its product portfolio.

“Quintel’s R&D innovations combined with Cirtek’s world class micro wave and millimeter wave product and manufacturing know- how will enable Quintel’s 5G product portfolio for tomorrow’s high growth wireless communication market,” Mr. Piazza added.

New York- based private equity funding firm Trillium International Funds, which has been a shareholder in Quintel since 2007, called the partnership “another milestone,” as it makes Quintel part of a technology company with international scope.

“Quintel has built a major business in North America, and through work with the Cirtek team will provide increasing innovation and valuable products worldwide, while making a positive impact on the regional economies in Rochester New York and San Jose California,” Trillium International General Partners Jose Coronas and Jim Stoffel said in a statement.

Cirtek recorded a 14.7% yearon-year gain in earnings in the first quarter of 2017 to $849,395, following a 12% increase in revenues to $17 million. —