J.F. Lehman & Company, a middle-market private equity firm focused on aerospace, defense, maritime, government and environmental sectors, has purchased the assets of the Narda-MITEQ division and the stock of Narda Safety Test Solutions from L3Harris Technologies, Inc. (NYSE: LHX).
Narda is a provider of design, engineering and manufacturing of custom radiofrequency and microwave subsystems for defense and commercial markets. The firm’s services enable the conditioning, management and transfer of RF and microwave energy in demanding operating environments across a variety of applications.
“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,” stated Bob Tavares Narda-MITEQ incoming CEO.
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.