Citi Capital Strategies Advises Patriot Antenna Systems, Inc. on Its Acquisition by Cobham plc

Business Wire, Oct 3, 2007

NEW YORK -- Patriot Antenna Systems, Inc. ("Patriot"), a manufacturer of antennas that are used to support satellite communications, has been acquired by Cobham plc ("Cobham"), an international company engaged in the development, delivery and support of advanced aerospace and defense systems for land, sea and air platforms.

Citi Capital Strategies, a division of Citigroup Global Markets Inc. and a leading investment bank serving privately held businesses, served as the exclusive financial advisor to Patriot. The cash consideration for Patriot comprises $18 million, on a debt- and cash-free basis payable on completion, with additional consideration of up to $27 million, contingent on future performance.

"We are pleased to team our client with a quality strategic buyer that stands to gain product synergies from this transaction," said Ted Polk, Managing Director at Citi Capital Strategies. "With this acquisition, Cobham obtains some very real product and technology advantages. As Cobham applies these capabilities to its own antenna products, the end result could be quite positive. This transaction is one more example of the M&A activity we are seeing in the communications market as buyers look to gain access to leading-edge technology."

Citi Capital Strategies is a leading investment bank dedicated to serving the needs of closely held and family owned businesses. Ranked as the Number One M&A advisor to private-company sellers in 2006 by Thomson Financial (based on number of U.S. transactions, up to $100 million deal value), Citi Capital Strategies specializes in mergers, acquisitions, recapitalizations, ESOPs, and capital solutions for private businesses. Citi Capital Strategies is a division of Citigroup Global Markets Inc. Member SIPC. For more information, visit our website at www.citicapitalstrategies.com

Patriot Antenna Systems, Inc. is a manufacturer of antennas that are used to support satellite communications. End-users for its products include support for direct-to-home digital television, broadband communication, broadcast and cable communication, and for a variety of military uses.

Cobham plc is an international company engaged in the development, delivery and support of advanced aerospace and defense systems for land, sea and air platforms.