Realized Investments

Sierra Technologies

Sierra Technologies, a Buffalo-based designer and manufacturer of radio-frequency avionics equipment for the U.S. military, was an orphaned division of LTV, its bankrupt corporate parent. Major products included station-keeping equipment, avionic threat simulators and F-16 "heads-up" displays.

CIC Partners co-led the management buyout with industry veteran Jim Gero in 1992. At the time of purchase, sales were roughly $50 million, and Sierra had suffered through two years of significant losses. Jim worked closely with the incumbent management team to orchestrate a rapid turnaround of the company and grew EBITDA to $10 million by the time of the company's sale in 1999.

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