J.F. Lehman & Co., a middle-market private equity firm focused on the aerospace, defense, maritime, government and environmental sectors, has promoted Michael Greenspan to principal, portfolio operations, and has hired Erik Toth as a managing director, portfolio operations.

Prior to Greenspan joining the firm in 2019 as a vice president, he was a manager in Alvarez & Marsal‘s private equity services group and a senior associate at HBR Consulting.

Toth founded Larx Advisors, an advisory firm focused on providing finance, accounting, marketing and operations expertise to private equity firms, family offices and mid-market companies. He served as the divisional CFO for a reporting segment of DynCorp International and served as director of corporate finance at FTI Consulting. Toth was also a mechanical systems engineer for the NASA space shuttle program.