Flam & Russell

Flam & Russell, Inc., a closely held company based in Horsham, Pennsylvania, is a developer and supplier of instrumentation systems and test ranges for the measurement of antenna performance and the characterization of electro-magnetic reflectivity properties of objects.  Its systems are used worldwide in commercial and defense oriented applications ranging from developing ‘smart’ antennas for wireless communications to measuring the radar cross section of stealth aircraft.

Orbit Advanced Technologies, Inc., is a US based, wholly owned subsidiary of Orbit Advanced Technologies, Ltd. (Israel), a publicly traded manufacturer of airborne radio communications, antennas, radar and avionics equipment.

OEM Capital was engaged to assist Flam & Russell in finding a buyer for its business.  The company’s government business was in decline due to reduced defense budgets.  With our advice, the company brought its expenses in line with revenues and we initiated a competitive sale process.

OEM Capital’s presentation of the company’s value and our knowledge of the industry secured multiple bidders.  When we negotiated the best offer from a direct competitor, we devised a due diligence program which did not disclose proprietary information prior to closing.  The sellers received a premium price for their shares independent of future performance and were relieved of their obligations on all liabilities.

Our success with Flam & Russell illustrates that, whether a business is healthy or distressed, superior valuations can be realized for the selling shareholders by a well executed approach to a sale or divestiture by merger and acquisition professionals who are knowledgeable about the industry and the intentions of its participants.