Barnard/Montague Advises in the Sale of the Assets of Microwave Technology Company

The principals of Barnard/Montague Capital Advisors are pleased to announce the sale of Commercial Microwave Technology, Inc., (“CMT”) headquartered in Rancho Cordova, CA, to API Technologies Corp. (“API”) (NASDAQ:ATNY).

		CMT is a leading manufacturer of RF and microwave filters for the telecommunication and aerospace industries worldwide. Founded in 1997, CMT had developed an excellent reputation among many Fortune 100 companies as being a sole source supplier of custom filters for use in a variety of applications, including satellites, surveillance, remote metering and interference mitigation. With the majority shareholder looking to retire but wanting to provide a platform for continued growth of the Company, he engaged Barnard/Montague to exclusively represent the Company in a sale process. Barnard/Montague approached a carefully selected universe of strategic buyers to conduct a competitive auction process. The highly profitable business attracted interest from a number of public and private strategic buyers who saw the acquisition as an opportunity to gain access not only to CMT’s blue chip customer base but also to their team of talented engineers and technicians. After conducting a competitive auction process involving domestic as well as international suitors, Barnard/Montague was able to structure a transaction that met the needs of the selling shareholders in terms of an all cash offer without any financing contingency. The sale to API was completed in only 22 days after reaching agreement on terms, requiring tremendous coordination among all parties.
API designs, develops and manufactures systems, subsystems, RF and secure communications solutions for technically demanding defense, aerospace and commercial applications. The company's international customers include leading Fortune 500 firms, as well as the governments of the U.S., Canada, the United Kingdom, NATO and the European Union. Barnard/Montague Capital Advisors is a San Francisco based investment bank providing sell-side and private placement advisory services to private, middle-market companies throughout the western United States. The firm’s primary focus is on companies with revenues between $25 million and $250 million in a diverse range of industries. The principals of the firm have successfully completed a number of sell side assignments in the professional staffing industry.