The private equity firm J.F. Lehman & Company on Tuesday said it has acquired the Narda-MITEQ electronics business unit from L3Harris Technologies [LHX], which is nearing the end of a portfolio reshaping effort to shed non-core businesses.
Terms of the deal were not disclosed.
Narda-MITEQ has about 400 employees across three facilities in New York, Germany and Italy. The former L3Technologies acquired the business unit in 2015.
Narda-MITEQ designs and manufactures custom radio frequency and microwave subsystems and components used in defense and commercial markets for land, sea and airborne applications, missile guidance, satellite and ground-based communications, air traffic control radar, electronic countermeasures, radioastronomy and medical applications.
“Narda-MITEQ has established an exceptional reputation for providing innovative RF and microwave solutions to the most demanding customer specifications,” Glenn Shore, a J.F. Lehman partner, said in a statement. “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.”
The private equity firm said it will support Narda-MITEQ’s growth through organic and acquisition activities.
Houlihan Lokey served as L3Harris’ financial adviser on the deal.