J.F. Lehman sells API to AEA Investors


AEA Investors has acquired Marlborough, Massachusetts-based API Technologies, a maker of high-performance components and subsystems for demanding RF/microwave and electromagnetic spectrum management applications. The seller was J.F. Lehman. No financial terms were disclosed. Evercore Group LLC and Houlihan Lokey Capital Inc served as financial advisers to J.F. Lehman on the transaction with Blank Rome serving as lead legal counsel.

PRESS RELEASE

NEW YORK – J.F. Lehman & Company (“J.F. Lehman”), a leading middle-market private equity firm focused exclusively on investing in the defense, aerospace, maritime, government and environmental industries, announced today that investment affiliates have sold API Technologies (“API”) to affiliates of AEA Investors LP. Terms of the transaction were not disclosed.

API is a leading designer and manufacturer of high-performance components and subsystems for demanding RF / microwave and electromagnetic spectrum management applications. Headquartered in Marlborough, MA, the company provides a broad portfolio of mission-critical products to approximately 1,800 global customers supporting more than 200 programs.

Since acquiring API in 2016, J.F. Lehman successfully worked with management to transform the company’s operations, rationalize its product portfolio, augment research and development activities and enhance API’s sales and marketing strategy – resulting in substantial revenue and earnings growth. “Our successful partnership with management has enabled API to transform a collection of market-leading technologies and brands into a cohesive, growing and best-in-class enterprise,” said Louis N. Mintz, Chairman of API and a Partner at J.F. Lehman. “The sale of API also represents an excellent outcome for our investors, whose continued support has been essential to our success.”

“We are extremely proud of the efficient, process-oriented culture and organization we have built over the past three years, and the significant operational improvements that have resulted from this company-wide effort,” said Bob Tavares, President and Chief Executive Officer of API. “We have enjoyed our partnership with J.F. Lehman, and their unwavering support has enabled the successful transformation of our business and the continuing expansion of our capabilities. We are looking forward to continuing to deliver on future growth opportunities with our new partners at AEA.”

Glenn Shor, a member of API’s Board of Directors and Partner at J.F. Lehman, added, “We are proud of the accomplishments of the API management team and the success the business achieved during our ownership period. We believe the company is well positioned to continue its trajectory and produce leading products in its core markets.”

Evercore Group LLC and Houlihan Lokey Capital, Inc. served as financial advisors to J.F. Lehman and Blank Rome served as lead legal counsel. BakerHostetler provided legal support related to international trade, government contracts and defense security compliance matters. Renaissance Strategic Advisors provided market vendor due diligence.

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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