TJC Announces Sale of CPI's Electron Device Business to TransDigm Group

For Immediate Release

New York, NY – TJC, L.P. (“TJC”) has announced the sale of Communications & Power Industries’ (“CPI”) Electron Device business ("EDB") to TransDigm Group Inc. for $1.385 billion in cash. The sale was made through an affiliate of The Resolute Fund V, L.P. and marks a significant milestone for both CPI and TransDigm Group.

CPI’s Electron Device business is a leading global supplier of high-power microwave components that are crucial for high-reliability technologies. These components play a vital role in serving global defense, high-performance industrial, medical, and scientific customers. With over 75 sole-source platform positions, the Company holds a strong position in mission-critical applications. Additionally, CPI’s EDB benefits from a large installed base with enduring aftermarket needs, ensuring predictable recurring revenue. The Company boasts an extensive portfolio of owned designs that have been developed over a 75-year heritage of innovation.

According to Andy Ivers, President and Chief Executive Officer of CPI, "With its focus on the aerospace, defense, and medical industries and its strength in aftermarket products, we believe TransDigm will provide an excellent home for the Electron Device business. The Electron Device business will provide TransDigm with a stable and healthy business due to its reputation for technology excellence and dependability."

The sale of the Electron Device business will enable CPI to concentrate on providing exceptional products and services in the satellite communications and medical industries. Erik Fagan, Partner at TJC, expressed pride in partnering with the EDB team, acknowledging that the Company is well-positioned for future growth.

Financial advisors Harris Williams LLC and Goldman Sachs & Co. LLC are representing TJC and CPI, while Kirkland & Ellis LLP is serving as legal counsel. Evercore is serving as the financial advisor, and BakerHostetler is the legal counsel for TransDigm Group.

About Communications & Power Industries

Communications & Power Industries (CPI) is a global manufacturer of electronic components and subsystems, with a primary focus on the communications and defense industries. The Company develops, manufactures, and globally distributes innovative and reliable technology solutions used in the generation, amplification, transmission, and reception of microwave signals for commercial and military applications. Learn more about CPI at www.cpii.com.

About TransDigm Group

TransDigm Group is a leading global designer, producer, and supplier of highly engineered aircraft components. The Company's products are used on many commercial and military aircraft worldwide. TransDigm Group offers a range of products, including mechanical/electro-mechanical actuators and controls, ignition systems, power conditioning devices, specialized AC/DC electric motors and generators, and more.

About TJC

TJC is a middle-market private equity firm that has a 41-year track record of investing in and contributing to the growth of businesses across various industries. The firm has raised funds with original capital commitments exceeding $23 billion. TJC's senior investment team has been investing together for over 22 years and is supported by the Operations Management Group. The firm is headquartered in New York, with offices in Miami, Chicago, and Stamford. For more information, visit www.tjclp.com.

In conclusion, the sale of CPI's Electron Device business to TransDigm Group represents a significant move in the industry. Both companies are well-positioned to thrive in their respective sectors, and this transaction will allow CPI to focus on delivering outstanding products and services to its customers. With TransDigm Group's expertise in the aerospace, defense, and medical industries, the Electron Device business will find a stable and prosperous home. This acquisition is expected to have a positive impact on both companies and the customers they serve.