SPECTRUM CONTROL acquired by J F LEHMAN

US private equity firm J. F. Lehman, which focuses on the aerospace, maritime and defense sectors, has agreed to buy API Technologies, a US supplier of RF, microwave, millimeterwave, power and security solutions, through a newly created affiliate. That vehicle will take over all of the company's outstanding common stock in a merger. The definitive agreement, announced by API, is expected to be completed in the second fiscal quarter of 2016. JFLCO, as J. F. Lehman is known, is buying the business from its existing stockholders. Robert Tavares, API's President and Chief Executive Officer, said the transaction shows backing for the strategies and tactics his leadership team has introduced over the preceding twelve months. He added that the company will gain, under its new owner, the liquidity and capital structure required to carry out its business improvement and growth plans. API's board approved the agreement unanimously, and holders of a majority of its outstanding shares gave their consent in writing. Completion depends on the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expiring or being terminated early. Jefferies is advising API on the financial side, while Wilson Sonsini Goodrich & Rosati, Professional Corporation, is providing legal counsel to the company.