SPECTRUM CONTROL acquired by AEA INVESTORS

AEA Investors affiliates acquired API Technologies (now Spectrum Controls), a US designer and manufacturer of RF and microwave components, from investment affiliates of JF Lehman. The transaction closed on May 9, 2019. API supplies components and subsystems used in RF, microwave and electromagnetic spectrum management applications, a business whose heritage dates back to the 1950s. At the time of the deal it employed roughly 1,700 people and served some 1,800 customers across more than 200 programs. J.F. Lehman had owned API since 2016. Evercore Group and Houlihan Lokey Capital acted as financial advisors to J.F. Lehman, with Houlihan Lokey also assisting in marketing, structuring and negotiating the transaction for J.F. Lehman and API. Blank Rome served as lead legal counsel, BakerHostetler advised on international trade, government contracts and defense security compliance, and Renaissance Strategic Advisors handled market vendor due diligence. AEA is a private equity investor active in four sectors: value-added industrial products, specialty chemicals, consumer and retail, and services. Financial terms of the acquisition were not released.