Annapolis-based ARINC Inc. said yesterday that it was seeking an infusion of capital to continue its growth in military, aviation and transportation communications technology.
The company, founded in 1929, said it could not get the financing it needs from shareholders - primarily major airlines - so it was turning to private equity firms. Sale of the company is possible, a company spokeswoman said.
"We really want to build on our double-digit growth momentum," said Linda Hartwig, the spokeswoman. "In order to take advantage of additional business opportunities, we need an infusion of equity."
Revenue grew to $890 million in 2005, up from $734 million in 2004.
Last year's net income wasn't available, but in 2004, the company said, it earned about $9 million. That was about the same as the year before, officials said. Two-thirds of the business comes from military contracts, which have grown since 2001.
For example, ARINC recently won a U.S. Army contract to develop a prototype that integrates wireless communications and identification technology to help track Defense Department assets worldwide.
It also supplied a truck after Hurricane Katrina that allowed a host of first responders to communicate with one another even though they used incompatible satellite and cell phones and walkie-talkies.
Some airline shareholders, including American Airlines, which owns about 30 percent of ARINC, had no comment.
ARINC hired Goldman Sachs Group Inc. to help secure the financing, Hartwig said.