J.F. Lehman & Company Acquires Narda-MITEQ

Rhea-AI Summary

On December 7, 2021, J.F. Lehman & Company announced its acquisition of Narda-MITEQ from L3Harris Technologies (NYSE:LHX). Narda-MITEQ specializes in custom RF and microwave solutions for defense and commercial markets, boasting a legacy since 1953 and approximately 400 employees across three locations in the US and Europe. JFLCO's investment aims to leverage Narda-MITEQ's technical expertise and customer base for growth in both organic and acquisition strategies. The acquisition was financed by Barings Finance and Siemens Financial Services.

Positive

• Acquisition of Narda-MITEQ aligns with JFLCO's investment strategy focused on defense and government sectors.
• Narda-MITEQ's established reputation and diverse customer base position it for growth as an independent entity.

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• None.

NEW YORK, Dec. 7, 2021 /PRNewswire/ -- J.F. Lehman & Company ("JFLCO"), a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors, is pleased to announce that an investment affiliate has completed the acquisition of the assets of the Narda-MITEQ division and the stock of Narda Safety Test Solutions, GmbH (collectively, "Narda-MITEQ" or the "Company") from L3Harris Technologies, Inc. ("L3Harris" (NYSE:LHX)).

Narda-MITEQ is a market leader in the design, engineering and manufacturing of custom radiofrequency ("RF") and microwave subsystems and components for defense and commercial end markets.  The Company's highly engineered solutions facilitate the conditioning, management and transfer of RF and microwave energy in demanding operating environments across a variety of radar, space, test and measurement and intelligence, surveillance and reconnaissance applications. With a legacy dating back to 1953, Narda-MITEQ employs approximately 400 individuals across three facilities in Hauppauge, NY, Pfullingen, Germany and Cisano, Italy.

"Narda-MITEQ has established an exceptional reputation for providing innovative RF and microwave solutions to the most demanding customer specifications," said Glenn Shor, a Partner with JFLCO. "We are excited for the Company to join our portfolio and believe Narda-MITEQ is an excellent fit with our established investment strategy given its highly technical and proprietary product portfolio, diverse customer base and legacy of supporting defense and government end markets."  Ben Hatcher, a Vice President with JFLCO, added, "We believe Narda-MITEQ is well positioned for growth as an independent entity and are thrilled to support the Company's pursuit of its organic and acquisitive growth initiatives."

Bob Tavares, who will be joining the Company as CEO, commented, "JFLCO is the ideal partner for the business given their extensive experience in the Company's target markets and substantial capital to accelerate our innovation and drive Narda-MITEQ's growth.  We look forward to expanding our portfolio of RF and microwave solutions and service to our customers in the government and commercial markets."

Debt financing for the transaction was provided by Barings Finance and Siemens Financial Services.  Shearman & Sterling served as lead legal counsel for JFLCO.  Baker Hostetler provided government contracts, defense security and international trade advice and Jones Day served as counsel for the debt financing.  Houlihan Lokey and Holland & Knight served as financial and legal advisors to L3Harris, respectively.

About J.F. Lehman & Company, Inc.

Founded in 1992, J.F. Lehman & Company is a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors. The firm has offices in New York and Washington, D.C.

For more information about J.F. Lehman & Company, please visit www.jflpartners.com.

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SOURCE J.F. Lehman & Company

FAQ

What acquisition did J.F. Lehman & Company make from L3Harris Technologies?

J.F. Lehman & Company acquired the assets of Narda-MITEQ and Narda Safety Test Solutions from L3Harris Technologies on December 7, 2021.

What is the significance of the Narda-MITEQ acquisition for JFLCO?

The acquisition enhances JFLCO's portfolio in the aerospace and defense sectors, bringing in a well-regarded company with a strong technical and product base.

How many employees does Narda-MITEQ have after the acquisition?

Narda-MITEQ employs approximately 400 individuals across its facilities in the US and Europe.

What markets does Narda-MITEQ serve?

Narda-MITEQ serves defense and commercial end markets, specializing in RF and microwave subsystems and components.

Who will lead Narda-MITEQ after the acquisition?

Bob Tavares will join Narda-MITEQ as CEO following the acquisition by J.F. Lehman & Company.