J.F. Lehman & Company has acquired PSSC Holding Co. and its subsidiary, BEI Precision Systems & Space Company.
BEI Precision Systems & Space Company (BEI) designs and manufactures highly accurate optical encoders, accelerometers, infrared optical scanners and encoder-based motion control systems that are used in military, space, aviation, and range instrumentation applications. Over 90% of all optical encoders currently flying in space are BEI encoders. The company traces its roots back to 1862 when it was founded as the D.H Baldwin Company, a manufacturer of pianos. BEI is headquartered near Little Rock in Maumelle, AR (www.beiprecision.com).
“BEI has an exceptional reputation for providing unique and highly accurate sensors to prime contractors and system providers in the defense and aerospace markets,” said Steve Brooks, a Partner at J.F. Lehman. “The company has a longstanding history supporting many important programs. We look forward to partnering with management to support the continued growth and future success of the business through organic development and complementary bolt-on acquisitions.”
J.F. Lehman & Company was founded by Dr. John Lehman, who served six years as Secretary of the United States Navy. To date, J.F. Lehman has made investments in companies with an aggregate transaction value of approximately $1.6 billion. The firm was founded in 1992 and is headquartered in New York with an additional office in Washington, DC (www.jflpartners.com).
Evercore Partners (www.evercore.com) was the financial advisor to J.F. Lehman and KippsDeSanto & Co. (www.kippsdesanto.com) – a Tysons Corner, VA-based investment bank specializing in aerospace/defense and technology companies – advised BEI.
Debt financing for this transaction was arranged by BNP Paribas and Barings.
© 2017 Private Equity Professional | May 8, 2017
