Private Equity Firm Acquires the Narda-MITEQ Division from L3Harris

Private Equity Firm Acquires the Narda-MITEQ Division from L3Harris

J.F. Lehman & Company (JFLCO), a middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors, have completed the acquisition of the assets of the Narda-MITEQ division and the stock of Narda Safety Test Solutions, GmbH from L3Harris Technologies. Narda-MITEQ is a provider of the design, engineering and manufacturing of custom radiofrequency and microwave subsystems and components for defense and commercial end markets.

The Narda-MITEQ '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.

Glenn Shor, a Partner with JFLCO said that Narda-MITEQ has established an exceptional reputation for providing innovative RF and microwave solutions to the most demanding customer specifications. They are excited for Narda-MITEQ to join their portfolio and believe that it is an excellent fit with their 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 further stated that they 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 Narda-MITEQ as CEO also commented that JFLCO is the ideal partner for the business given their extensive experience in Narda-MITEQ's target markets and substantial capital to accelerate their innovation and drive Narda-MITEQ's growth. They look forward to expanding their portfolio of RF and microwave solutions and service to their 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.

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