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Continental Electronics Sold Back to Veritas Capital Fund

Continental Electronics Sold Back to Veritas Capital Fund

Two years after acquiring Continental Electronics, DRS Technologies Inc. is selling the transmitter manufacturer, along with another business, back to Veritas Capital Fund II L.P., for approximately $31 million.
DRS Technologies acquired DRS Broadcast Technology, formerly known as Continental Electronics, as well as DRS Weather Systems in November 2003 from Veritas Capital Fund for an undisclosed sum.
DRS is divesting its broadcast and weather system units to concentrate on defense technology, the company stated. Continental makes broadcast transmitters for AM/FM/shortwave and offers supporting analog and digital broadcast products. Ibiquity Digital last month licensed Continental as the fourth transmission company to manufacture HD Radio exciters.
James Weldon founded Continental in 1946. The company, based in Dallas, has experienced several ownership changes over the years.