JFLCO buys Narda-MITEQ

J.F. Lehman & Company has acquired Narda-MITEQ from L3Harris. No financial terms were disclosed. Narda-MITEQ is a maker of custom radiofrequency and microwave subsystems and components for defense and commercial end markets.

PRESS RELEASE

NEW YORK, NEW YORK – 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.

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