An investment affiliate of private equity firm J.F. Lehman and Co. has closed its acquisition of Cypress, California-based Mission Microwave Technologies for an undisclosed sum to support the latter’s product development efforts and growth initiatives in government and commercial markets.
Established in 2014, Mission provides solid-state power amplifiers and block upconverters for the satellite communications market and backs government and commercial clients with its Ku, X and Ka Band units supporting ground-based, maritime, airborne and space-based applications, JFLCO said Thursday.
“Since its founding, Mission has rapidly established a market leading position with a product portfolio critical to the performance of satellite communications across a range of applications, from commercial broadband network gateways to mobile tactical terminals deployed in the battlefield,â said Steve Brooks, partner at JFLCO.
Brooks added that the firm is excited to work with Mission to build on the latterâs efforts to advance innovation with respect to meeting high frequency and high power requirements in size, weight and power efficient packages.
Barings supported the transaction by leading the debt financing, which was co-led by PennantPark and SMBC.
Jones Day acted as JFLCO’s legal counsel in the transaction, while King & Spalding offered government contracts, defense security and international trade advice to the private equity firm.
KippsDeSanto & Co. and Phillips Lytle served as Mission’s financial adviser and legal counsel, respectively.
