December

Canaccord Genuity advises ECI Partners on the sale of Racal Acoustics to Esterline Technologies Corporation

On 23 December 2008, our clients, ECI Partners and management shareholders announced that they had agreed to sell Racal Acoustics to Esterline Technologies Corporation for c.£115m.

Racal Acoustics is a UK based supplier of advanced noise reduction communications headsets to the military market. Its products are sold primarily to US and UK military authorities and a number of other prime military suppliers around the world for use on a range of combat vehicles and for dismounted infantry. Prince Harry used a Racal Acoustics headset during his recent tour of duty in Afghanistan.

Esterline Technologies is an NYSE listed (market cap: $1.2bn), specialised manufacturer of controls, sensors and avionics principally for the aerospace and defence markets.

Canaccord Genuity advised the shareholders of Racal Acoustics on the successful disposal notwithstanding difficult economic and credit market conditions, running a three-stage auction process involving an international field of both trade and Private Equity buyers.

Canaccord Genuity acted as financial adviser to ECI Partners.

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