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HighBank serves as the exclusive financial advisor to Maryland Aerospace on its combination with Adcole Aerospace

May 3, 2017
HighBank Advisors (“HighBank”), a Baltimore, Maryland-based mid-market investment bank, announces that it was the exclusive financial advisor to Maryland Aerospace, Inc. (“Maryland Aerospace” or “MAI”) on its combination with the aerospace and defense division of Adcole Corporation (“Adcole Aerospace”). Terms of the transaction were not disclosed.
MAI engineers world-class microsats, cubesats, attitude determination and control systems (ADACS), spaceborne components and end-to-end smallsat mission systems.  MAI is the world leader in the manufacture of cubesat ADACS, having delivered 131 flight units to academic, government and industry customers all over the globe. MAI has more flight heritage than any other supplier and recently attained 100,000 cumulative hours of on-orbit cubesat operations, an operational achievement that exemplifies the reliability and robustness of MAI’s products.
Adcole Aerospace is the trusted provider of the most accurate and reliable spaceflight devices to international space organizations, telecommunications firms and spacecraft contractors around the world. Adcole Aerospace’s more than 50 years of flight heritage include deployment on every GPS satellite in orbit around the Earth; the International Space Station; and spacecrafts on recent explorations of Mercury, Jupiter, Saturn and Pluto.
The combined firm will be known as Adcole Maryland Aerospace.
Steve Fujikawa, President of Maryland Aerospace, commented, “Maryland Aerospace is thrilled to team up with Adcole Aerospace and to combine the impressive and complementary strengths of the two organizations. The synergies between Adcole Aerospace’s world standard sun sensors and MAI’s innovative ADACS offerings will be a foundation for the joint development of ADACS products, including a star tracker, for both the smallsat and ‘big space’ markets.”
“HighBank was an integral part of this transaction, working diligently and effectively to guide us through a myriad of complex merger transaction and integration issues. Their negotiating advice led to a transaction structure that achieves our strategic and financial objectives,” Steve Fujikawa added.
Stephen Gaines, Managing Director at HighBank, stated, “We are pleased to have had the opportunity to work with Steve Fujikawa and his world class team at Maryland Aerospace. MAI’s combination with Adcole Aerospace will open new markets for their innovative satellite technologies.”
Maryland Aerospace was represented by legal counsel Herb Henryson.
About Maryland Aerospace, Inc.
Maryland Aerospace, based in Crofton, Maryland, is the engineer of world-class microsats, cubesats, ADACS, spaceborne components and end-to-end smallsat mission systems.  MAI markets a comprehensive line of technologies and components to academic, government and industry clients worldwide. For more information, visit 
About Adcole Corporation
Adcole Corporation, based in Marlborough, Massachusetts, is an engineering-driven, product innovation company dedicated to the design and manufacture of aerospace and industrial metrology products with the most trusted accuracy. Adcole’s products are the world standard for precision, accuracy and reliability. For more information, visit
About HighBank Advisors LLC
HighBank is a full service mid-market investment bank and financial advisory firm. Headquartered in Baltimore, Maryland with a regional office in Philadelphia, Pennsylvania, the firm provides advice on mergers and acquisitions, raising capital, exit and transaction planning, business valuations, fairness and capital adequacy opinions, loan workouts and debt restructurings, and distressed asset sales. HighBank was formed on a mission that our clients and our people deserve to have their highest expectations met and to receive higher value for their investments of money and time. For more information, visit
All investment banking services are provided by HighBank Securities LLC (“HBS”), a registered broker-dealer and member of FINRA and SIPC. HBS is a wholly-owned subsidiary of HighBank Advisors.