J.F. Lehman & Company Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, J.F. Lehman & Company has acquired 9 companies.

J.F. Lehman & Company’s most common sectors for investment are marine (18%) and manufacturing (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (45%) and divestiture (28%). In total, J.F. Lehman & Company has invested in 18 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 1998 when it acquired Special Devices for $296M.

In the last 3 years, J.F. Lehman & Company has exited 3 companies. The Firm’s most common exit type is trade sale (39%). J.F. Lehman & Company’s largest (disclosed) exit occurred in 2009 when it sold Atlantic Inertial Systems for $375M.

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M&A Summary

  • M&A Total Activity61
    • M&A Buy Activity40
    • M&A Sell Activity21
  • Total Sectors Invested 17
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 25
  • M&A Advisors 11

J.F. Lehman & Company

110 East 59th Street, 27th Floor,
New York, New York 10022
United States
(212) 634-0100
www.jflpartners.com
sn@jflpartners.com

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.


Investment Criteria

Sectors of Interest: Aerospace, Defense, Electrical Equipment, Electronics, Environmental, Information Technology, Machinery, Manufacturing, Marine, Technology Hardware, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 10 50
Investment Size 35 150
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.4/yr) # 28 3 3 1 5 - 40
vol $782M $250M $1.0B
Sell (0.8/yr) # 17 1 2 1 - - 21
vol $1.2B $1.2B
  61

Most Recent M&A

Company Date Value Type
CTS Engines LLC 2020-12-28 - Secondary Buyout
Fort Lauderdale, Florida · www.ctsengines.com
ENTACT LLC 2020-12-15 - Secondary Buyout
Dallas, Texas · www.entact.com
CodeMettle LLC 2020-12-09 - Buyout (LBO, MBO, MBI)
Atlanta, Georgia · www.codemettle.com
Integrated Global Services, Inc. 2020-02-04 - Secondary Buyout
Richmond, Virginia · www.integratedglobal.com
Global Marine Systems Ltd. 2020-01-30 250M USD Divestiture
Chelmsford, United Kingdom · www.globalmarine.group
Lone Star Disposal LP 2019-08-14 - Buyout (LBO, MBO, MBI)
Houston, Texas · www.lonestar-disposal.com
API Technologies Corp. 2019-05-09 - Secondary Buyout
Marlborough, Massachusetts · www.apitech.com
Inland Pipe Rehabilitation LLC 2018-12-27 - Buyout (LBO, MBO, MBI)
Conyers, Georgia · www.inlandpiperehab.com
International Marine & Industrial Applicators LLC 2018-10-29 - Buyout (LBO, MBO, MBI)
Spanish Fort, Alabama · www.imiallc.com
NRC Group Holdings LLC 2018-10-17 - Stake Sale
Great River, New York · www.nrcc.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Inland Pipe Rehabilitation LLC 2018-12-27 Murphy Pipeline Contractors, Inc. 2020-10-01 1
Conyers, Georgia · www.inlandpiperehab.com Jacksonville, Florida · www.murphypipelines.com
NorthStar Group Services, Inc. 2017-06-13 Heneghan Wrecking & Excavating Co., Inc. 2020-06-16 1
New York, New York · www.northstar.com Chicago, Illinois · www.heneghanwrecking.com
BEI Precision Systems & Space Co., Inc. 2017-05-04 Wenzel Associates, Inc. 2019-10-23 2
Maumelle, Arkansas · www.beiprecision.com Austin, Texas · www.wenzel.com
BEI Precision Systems & Space Co., Inc. 2017-05-04 Thistle Design (MMC) Ltd. 2018-11-14 1
Maumelle, Arkansas · www.beiprecision.com Loanhead, United Kingdom · www.thistledesign.com
Ravn Air Group 2015-08-03 Peninsula Airways, Inc. 2018-10-05 1
Anchorage, Alaska · www.flyravn.com Anchorage, Arkansas · www.penair.com
Trident Maritime Systems 2012-09-28 Newsystem srl 2018-06-04 6
Fort Lauderdale, Florida · www.tridentllc.com Gorizia, Italy · www.new-system.com
Aeronautical & General Instruments Ltd. 2014-08-27 Aircraft Appliances and Equipment Ltd. 2016-08-18 1
Dorset, United Kingdom · www.agiltd.co.uk Brampton, Ontario · www.aaeltd.com
Trident Maritime Systems 2012-09-28 Callenberg Technology Group AB 2016-08-11 5
Fort Lauderdale, Florida · www.tridentllc.com Uddevalla, Sweden · www.callenberg.se
Trident Maritime Systems 2012-09-28 Joiner Systems, Inc. 2014-08-08 4
Fort Lauderdale, Florida · www.tridentllc.com Montreal, Quebec · www.joinersystems.com
Trident Maritime Systems 2012-09-28 Robichaux Automation & Control, Inc. 2014-04-21 3
Fort Lauderdale, Florida · www.tridentllc.com Metairie, Louisiana · www.raaci.com

M&A by Sector

Sector Current # Value All-time # Value
Marine 4 (25%) 250M (100%) 7 (18%) 250M (24%)
Manufacturing - - 4 (10%) 296M (29%)
Aerospace 2 (13%) - 3 (8%) -
Electrical Equipment 1 (6%) - 3 (8%) -
Electronics - - 3 (8%) -
Environmental 2 (13%) - 3 (8%) -
Machinery 1 (6%) - 3 (8%) -
Transportation 1 (6%) - 2 (5%) 235M (23%)
Chemicals 1 (6%) - 2 (5%) 120M (12%)
Construction 2 (13%) - 2 (5%) -
Defense - - 2 (5%) -
Test/Measurement Equipment - - 1 (3%) 131M (13%)
Business Services 1 (6%) - 1 (3%) -
Energy Services and Equipment - - 1 (3%) -
Information Technology - - 1 (3%) -
Software 1 (6%) - 1 (3%) -
Technology Hardware - - 1 (3%) -
Total 16 $250M 40 $1.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (88%) - 36 (90%) 782M (76%)
  California 1 (6%) - 6 (15%) 427M (41%)
  Texas 3 (19%) - 4 (10%) -
  Florida 2 (13%) - 4 (10%) -
  Virginia 1 (6%) - 3 (8%) -
  Georgia 2 (13%) - 2 (5%) -
  New York 1 (6%) - 2 (5%) -
  Michigan 1 (6%) - 2 (5%) -
  Wisconsin - - 2 (5%) -
  Massachusetts - - 2 (5%) -
  Arkansas 1 (6%) - 1 (3%) -
  Alaska 1 (6%) - 1 (3%) -
  Alabama 1 (6%) - 1 (3%) -
  Hawaii - - 1 (3%) 235M (23%)
  New Jersey - - 1 (3%) 120M (12%)
  South Carolina - - 1 (3%) -
  Maryland - - 1 (3%) -
  Connecticut - - 1 (3%) -
  Colorado - - 1 (3%) -
United Kingdom 2 (13%) 250M (100%) 4 (10%) 250M (24%)
Domestic 14 (88%) - 36 (90%) 782M (76%)
Cross-border 2 (13%) 250M (100%) 4 (10%) 250M (24%)
Total 16 $250M 40 $1.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (50%) - 18 (45%) 235M (23%)
Divestiture 3 (19%) 250M (100%) 11 (28%) 501M (49%)
Secondary Buyout 3 (19%) - 4 (10%) -
Recapitalization 2 (13%) - 3 (8%) -
Going Private - - 2 (5%) 296M (29%)
Stake Purchase - - 2 (5%) -
Total 16 $250M 40 $1.0B

Exits by Deal Type

Type Total # Value
Trade Sale 5 (24%) 617M (52%)
Secondary Sale 5 (24%) 93M (8%)
Trade Sale - Public Company 3 (14%) 483M (40%)
Unknown 3 (14%) -
Bankruptcy 2 (10%) -
Merger 2 (10%) -
Stake Sale 1 (5%) -
Total 21 $1.2B

Top M&A Advisors

Financial Deals
Evercore Group LLC
 6
Houlihan Lokey
 2
Rothschild Global Advisory
 2
Legal Deals
Jones Day
 22
Blank Rome LLP
 9
Gibson, Dunn & Crutcher LLP
 2

Deal Values

buy # Total
$100M to $1B 5 $1.0B
TOTAL $1.0B
Largest Special Devices, Inc.
$296M (1998-06-23)
sell # Total
$100M to $1B 5 $1.1B
< $100M 1 $93M
TOTAL $1.2B
Largest Atlantic Inertial Systems, Inc.
$375M (2009-12-21)

M&A Connections

Deals
Acquired from
Investor(s)
33%
5 (33%)
Strategic(s)
67%
10 (67%)
Exited to
Investor(s)
38%
6 (38%)
Strategic(s)
63%
10 (63%)

Investor Summary

Size

Middle-Market

PE Assets

900M USD

Established

1992

Specialist/Generalist

Generalist

Leadership

Donald Glickman

Co-Founder

John Lehman

Co-Founder & Chairman

C. Alexander Harman

Partner

Glenn Shor

Partner

Louis Mintz

Partner

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