An investment affiliate of J.F. Lehman & Co. has purchased an L3Harris Technologies (NYSE: LHX) division that manufactures radio frequency and microwave technologies for both defense and commercial applications.
The private equity firm said Tuesday it bought Narda-MITEQ division assets that were part of L3Harris’ aviation systems segment and the stock of Narda Safety Test Solutions, which markets equipment built to identify electromagnetic field and RF sources.
Narda-MITEQ has nearly 400 employees in the U.S., Italy and Germany and more than six decades of experience providing custom components and subsystems for RF and microwave electronics manufacturers.
Bob Tavares will serve as CEO of the acquired business.
L3Harris sought financial and legal advisory services from Houlihan Lokey and Holland & Knight, respectively.
Barings Finance and Siemens Financial Services provided debt financing for the deal and Shearman & Sterling served as J.F. Lehman’s lead legal counsel on the transaction.
Jones Day acted as a counsel for the debt financing while Baker Hostetler acted as the private equity firm’s adviser for government contracts, defense security and international trade.