Polaris Venture Partners Announces Sale of Cushcraft to Laird Technologies

Business Wire, Feb 26, 2007

WALTHAM, Mass. -- Polaris Venture Partners today announced that Cushcraft Corporation has been acquired for $89.75 million in cash by The Laird Group PLC (LSE: LARD.L), a U.K.-based global electronics, security systems and distribution group.

Polaris took a majority interest in Cushcraft in September 2003. The sale is the second portfolio company exit in a month for Polaris, as it follows the recent acquisition of Archivas, a provider of digital archiving solutions, by Hitachi Data Systems for $120 million.

Cushcraft Corporation, based in Manchester, NH, with facilities in San Diego, CA and Bluffdale, UT, is the leading supplier of high performance antenna solutions for the Wireless Networking and Communication industry. Cushcraft's infrastructure, customer premise and client products are used in a variety of applications including WLAN (WiFi), WWAN (WiMAX and 802.11 based WISP networks), In-Building Cellular and RFID.

The Cushcraft business and its management will be integrated with Laird Technologies' growing Wireless Infrastructure Antenna SBU, and will benefit from Laird's greater product development and application engineering resources, customer presence and global reach, while providing Laird with an expansion of both its product range and the market sectors it serves. Laird Technologies is based in St. Louis, Missouri.

The acquisition of Cushcraft by Laird Technologies, the world's leading designer and manufacturer of antenna solutions, electromagnetic interference (EMI) shielding products, telematics, signal integrity products and thermal management solutions, creates a powerful force in the wireless arena. Antennas have historically played a key roll in the deployment of wireless communications and connectivity systems, making the acquisition of Cushcraft a natural fit for Laird.

"Our goal is to add value to the companies in which we invest by actively partnering with each entrepreneur and management team to help propel them into market leading businesses. Greg Czuba and his team at Cushcraft did a tremendous job of building Cushcraft into the leading provider of high performance antennas for the WLAN, WiMAX, WISP and RFID markets," said Bryce Youngren, General Partner at Polaris Venture Partners.

"We have had an excellent relationship with Polaris. They strongly supported both our organic and acquisition growth initiatives with business expertise and financial resources," said Gregory S. Czuba, CEO of Cushcraft Corporation. "We are very excited to join the Laird Technologies team at this point in our evolution. Cushcraft's growth prospects will benefit immensely from Laird's core RF technology, scale, global reach and highly complementary business strategy. I believe that Cushcraft's advanced RF technology and the breadth of our antenna solutions and customer relationships is highly valued by Laird."

"Our strategy is to establish leading positions and key technologies in our core markets where we see opportunities for growth," said Peter Hill, Chief Executive of The Laird Group. "Cushcraft's position and development expertise in the new and exciting, fast growing WiMax and RFID sectors will enhance our current and future products for the growing wireless market, providing our combined customer base with the solutions they require as wireless signal integrity becomes increasingly important."

About Cushcraft

Based in Manchester, NH, with facilities in San Diego, CA and Bluffdale, UT, Cushcraft Corporation is the leading supplier of high performance antenna solutions for the Wireless Networking and Communication industry. Cushcraft's infrastructure, customer premise and client products are used in a variety of applications including WLAN (WiFi), WWAN (WiMAX and 802.11 based WISP networks), In-Building Cellular and RFID. For more information, see www.cushcraft.com.

About The Laird Group PLC

The Laird Group PLC is a leading global electronics and security systems group, employing 12,500 people in operations in North America, Europe and across Asia. For more information, see www.laird-plc.com.

About Laird Technologies

Laird Technologies designs and supplies customized performance critical products for wireless and other advanced electronics applications. Laird Technologies is a global market leader in the design and supply of electromagnetic interference (EMI) shielding, thermal interface products, signal integrity components, and wireless antennae solutions, and has recently established a position in the design and supply of complete radio frequency ("RF") modules and systems. These performance critical products, co-designed in conjunction with customers, are essential in enabling and protecting the functionality of electronic devices and wireless applications. Custom products are supplied to all sectors of the electronics industry, including telecommunications, data transfer and information technology, as well as to the automotive, aerospace and defense, consumer electronics, medical and industrial markets. Laird Technologies' customers include global leaders in their respective markets.