M&A Deal Summary

J.F. Lehman & Company, Barings Private Equity and PennantPark Investment Advisers Acquire Mission Microwave Technologies

On March 14, 2024, private equity firm J.F. Lehman & Company, private equity firm Barings Private Equity and lender PennantPark Investment Advisers acquired semiconductors company Mission Microwave Technologies

Acquisition Highlights
  • This is J.F. Lehman & Company’s 1st, Barings Private Equity’s 1st and PennantPark Investment Advisers’ 1st transaction in the Semiconductors sector.
  • This is J.F. Lehman & Company’s 41st, Barings Private Equity’s 44th and PennantPark Investment Advisers’ 22nd transaction in the United States.
  • This is J.F. Lehman & Company’s 7th, Barings Private Equity’s 4th and PennantPark Investment Advisers’ 4th transaction in California.

M&A Deal Summary

Date 2024-03-14
Target Mission Microwave Technologies
Sector Semiconductors
Buyer(s) J.F. Lehman & Company
Barings Private Equity
PennantPark Investment Advisers
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) KippsDeSanto & Co. (Financial)
Phillips Lytle (Legal)

Target

Mission Microwave Technologies

Cypress, California, United States
website
Mission Microwave Technologies is a provider of Solid-State Power Amplifiers (SSPAs) and Block Upconverters (BUCs) to the satellite communications market. Mission Microwave Technologies was founded in 2014 and is based in Cypress, California.

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Buyer(S) 3

Buyer

J.F. Lehman & Company

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 900M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

JF Lehman is a specialist private equity firm that targets investments in the defense, aerospace and maritime industries. JF Lehman looks for lower middle-market company opportunities with established products but that not may not be realizing their full potential. The Firm will only consider control based investment situations. J.F. Lehman was formed in 1992 and has offices in New York, London, and Washington DC.


DEAL STATS #
Overall 45 of 45
Sector (Semiconductors) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 19 of 19
State (California) 7 of 7
Country (United States) 41 of 41
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-19 Crystal Clean

Hoffman Estates, Illinois, United States

Crystal Clean is an environmental service company that provides parts cleaning, used oil, re-refining, and hazardous and non-hazardous waste collection services. Crystal Clean was founded in 2007 and is based in Hoffman Estates, Illinois.

Buy $1.2B
Buyer
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 48 of 48
Sector (Semiconductors) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 18 of 18
State (California) 4 of 4
Country (United States) 44 of 44
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-03 Aero Accessories & Repair

Miramar, Florida, United States

Aero Accessories & Repair is a provider of aerospace component maintenance, repair, and overhaul (“MRO”) services. Aero Accessories & Repair was founded in 2007 and is based in Miramar, Florida.

Buy -
Buyer

PennantPark Investment Advisers

Investor Investor Investor Investor Investor

website


Category Lender
Founded 2007
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

PennantPark is a provider of credit solutions to middle-market private equity sponsors. The Firm looks to provide $10 to $100 million of capital and can support a variety of investment structures. PennantPark was formed in 2007 and is headquartered in New York City.


DEAL STATS #
Overall 22 of 22
Sector (Semiconductors) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 5 of 5
State (California) 4 of 4
Country (United States) 22 of 22
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-27 Cartessa Aesthetics

Melville, New York, United States

Cartessa Aesthetics sources and provides aesthetic medical devices to dermatologists, plastic surgeons, cosmetic physicians, and medical spas. Cartessa Aesthetics was founded in 2017 and is based in Melville, New York.

Buy -