The Cypress Group Buys Communications & Power Industries for $300M
The Cypress Group, a New York-based private equity firm, has completed the acquisition of Communications & Power Industries (CPI) in a transaction valued at approximately $300 million. CPI is a Palo Alto, Calif.-based provider of satellite communications amplifiers, vacuum electron devices, medical imaging generators, and other related equipment for defense and commercial applications. As part of the Cypress transaction, members of CPI management retain a significant equity stake in the company. UBS Investment Bank, Bear, Stearns & Co. and Wachovia Securities provided the senior debt financing for the transaction.