API Technologies Corp. on Friday said that the private equity firm J.F. Lehman & Company has completed the acquisition of the defense electronics provider, giving the company access to liquidity to pursue its growth plans.
With the close of the acquisition, API asked to be delisted from the NASDAQ exchange where its stock traded under the ticker symbol ATNY.
The acquisition by J.F. Lehman “demonstrates support for the strategies and tactics the leadership team has put in place over the past 12 months,” Robert Tavares, president and CEO of API, said in a statement in February when the deal was first announced. “Under the new ownership, API will have the liquidity and capital structure needed to execute on our various business improvement and growth plans, creating a stronger business for our customers and employees alike.”
API designs and manufactures systems, subsystems, modules and components for RF, microwave, millimeter wave, electromagnetic, power and security applications. Its products are used in aerospace and defense systems, wireless communications, and other markets.
API’s financial adviser on the deal was Jefferies LLC. Lazard acted as financial adviser to J.F. Lehman.