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JF Lehman & Company sells API Technologies

Affiliates of private equity firm JF Lehman & Company have sold API Technologies (API) to affiliates of AEA Investors LP. Terms of the transaction have not been disclosed.

API is a leading designer and manufacturer of high-performance components and subsystems for demanding RF/microwave and electromagnetic spectrum management applications. 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, JF Lehman successfully worked with management to transform the company’s operations, rationalise 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,” says Louis N Mintz, Chairman of API and a Partner at JF 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 organisation we have built over the past three years, and the significant operational improvements that have resulted from this company-wide effort,” says 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 JF Lehman, adds: “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 JF Lehman and Blank Rome served as lead legal counsel. BakerHostetler provided legal support related to international trade, government contracts and defence security compliance matters. Renaissance Strategic Advisors provided market vendor due diligence.

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