CPI is the parent company of Communications & Power Industries, Inc., a leading provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.
No changes to CPI's products, services and facilities are planned as a result of this transaction, and CPI's executives are continuing in their current roles. With the consummation of the transaction, CPI International has ceased trading on the Nasdaq Stock Market.
"CPI is a respected leader in the defense and commercial markets it serves, and it has a deep catalog of vital, dependable technology," said Robert B. McKeon, founder, chairman and managing partner of Veritas Capital. "CPI is an excellent addition to Veritas Capital's diverse portfolio of investments in companies that provide critical products and services to governments worldwide, and we look forward to working together to grow the company."
"We are excited to become part of the Veritas Capital family," said Joe Caldarelli, chief executive officer of CPI. "Under Veritas Capital's auspices, we intend to maintain our focus on providing CPI's customers with advanced technology and best-in-class service, and to work to broaden our product offerings and deepen our customer relationships."