Archives for July 29, 2025

J.F. Lehman & Company has completed the sale of Narda-MITEQ to publicly traded electronics manufacturer Amphenol Corporation.

Narda-MITEQ designs and manufactures advanced radio frequency (RF) and microwave components and subsystems used in military, space, and commercial applications.

Specific products include RF amplifiers, frequency converters, mixers, couplers, isolators, and integrated subsystems that are used in electronic warfare (EW), radar, signals intelligence (SIGINT), satellite communications, and aerospace testing systems. Customers of Narda-MITEQ include defense contractors, aerospace OEMs, and communications equipment integrators. Narda-MITEQ is led by CEO Bob Tavares has annual revenues of $120 million and is headquartered on Long Island in Hauppauge, New York.

“Through our partnership with the team at JFLCO, we have achieved tremendous organizational and process transformation resulting in significant operational and commercial improvements for our customers and employees,” said Mr. Tavares. “We are excited to build on our successes with our new partners at Amphenol.”

Amphenol (NYSE: APH) designs, manufactures, and markets electrical, electronic, and fiber optic connectors, interconnect systems, antennas, and specialty cables that are used by OEMs, defense contractors, telecom providers, and automotive suppliers in the military, aerospace, industrial, automotive, and broadband sectors.

Specific products of the company are RF and microwave connectors, power and signal connectors, and high-speed cable assemblies, used in equipment ranging from military radios and satellites to EV powertrains and 5G infrastructure.

Amphenol is headquartered near Hartford in Wallingford, Connecticut, and operates manufacturing facilities in over 40 countries including the U.S., China, Germany, and Mexico, with an aggregate operating footprint of more than 10 million square feet. The company was founded in 1932 by Arthur Schmitt and today is led by CEO R. Adam Norwitt.

J.F. Lehman formed Narda-MITEQ in December 2021 to acquire the assets of the Narda-MITEQ division and the stock of Narda Safety Test Solutions from publicly traded L3Harris Technologies (NYSE: LHX). In January 2022, Narda-MITEQ added on with the acquisition of Intelligent RF Solutions, a Maryland-headquartered maker of RF and microwave systems and subsystems used in military and intelligence.

“This transaction reflects management’s successful execution of our collective strategic plan to expand the company’s product portfolio, grow sales and strengthen Narda-MITEQ’s value proposition with its customers,” said Ben Hatcher, a principal at JFLCO. “We wish them continued success with Amphenol.”

Amphenol’s acquisition of Narda-MITEQ reflects surging demand for RF and microwave technologies, driven by advancements in defense systems and 5G infrastructure. According to Deloitte’s 2025 outlook on aerospace and defense, global defense spending is projected to rise 4.5% annually through 2030, fueled by geopolitical tensions and modernization efforts. The RF component market, as reported by Bloomberg in January 2025, is expected to grow at a 7% compound annual rate, driven by electronic warfare and satellite communications. However, supply chain constraints, particularly in semiconductor availability, pose challenges, with delivery delays reported by Reuters in March 2025 impacting subsystem manufacturers. Emerging competitors in Asia, as noted by the Financial Times last month, are also pressuring established players, pushing firms like Amphenol to acquire specialized providers like Narda-MITEQ to secure technological advantages.

J.F. Lehman is a middle-market private equity firm primarily focused on the maritime, defense, and aerospace sectors. The firm typically invests between $50 million and $350 million in companies with EBITDA ranging from $10 million to $75 million.

In December 2024, J.F. Lehman & Company closed its latest flagship fund, JFL Equity Investors VI LP, securing $2.2 billion in capital. This fund is the largest in the firm’s history, significantly exceeding its original target of $1.6 billion. Founded in 1992 by Dr. John Lehman, who served as Secretary of the United States Navy for six years, J.F. Lehman is headquartered in New York City, with an additional office in Washington, DC.

KippsDeSanto served as financial adviser to JFLCO and Narda-MITEQ on this transaction.

© 2025 Private Equity Professional | July 29, 2025

Velocity Rail Solutions, a portfolio company of Wind Point Partners, has acquired Liquid Tech Solutions (LTS), a provider of on-site mobile refueling services, from Lindsay Goldberg.

LTS’ products and services include On-Site Fueling, delivering diesel directly to fleet vehicles; Renewable Diesel, which provides low-carbon fuel options; and Rail Fueling, which supports locomotive refueling operations. Customers of LTS include logistics firms, rail operators, and critical power providers across the United States.

LTS was founded in 1998 and is headquartered in Stoughton, Massachusetts, with additional facilities in Texas, California, and Illinois. Lindsay Goldberg acquired LTS in 2020 and closed 15 add-on acquisitions, expanded its reach to serve all 50 states, added new service capabilities in rail and power, and grew revenue and EBITDA by over 150%.

“Lindsay Goldberg was LTS’ first institutional investor, and their team has been a tremendous partner over the past five years,” said William McNamara, the founder and CEO of LTS. “Together, we executed strategic initiatives to drive value across the LTS platform, including leveraging technology to improve our customers’ experience.”

Under Lindsay Goldberg ownership, which began in 2023, LTS completed 15 add-on acquisitions that expanded its route-based network of company-owned trucks and delivery partners. In addition, LTS’s technology stack, which optimizes routing and delivery operations, has also supported growth across all market service territories. As a result, the company’s market reach has expanded to all 50 states and grown the company’s revenue and EBITDA by over 150%.

“This transaction represents a successful outcome for LTS, Lindsay Goldberg, and our investors, and reflects our commitment to partnering with high quality, founder-led businesses,” said Krishna Agrawal, a partner at Lindsay Goldberg.

Velocity Rail, acquired by Wind Point in November 2024, is a provider of on-site services to the rail transportation industry, specializing in mobile locomotive fueling, inspection, maintenance, and the replenishment of consumables such as oil, sand, and water.

The company operates primarily within customer railyards, using dedicated crews and a fleet of over 250 specialized vehicles to deliver services at more than 75 dedicated sites that support over 300 railyards throughout North America. The company primarily serves Class I railroads and industrial shippers with captive or private railyard operations. Velocity Rail, led by President Jeff Chesler and founded in 2008, is headquartered in Draper, Utah.

“We are thrilled to partner with LTS and its leadership team as they drive the combined organization into a new phase of growth,” said Jake Behringer, a vice president with Wind Point. “Both Velocity and LTS have demonstrated impressive execution on strategic objectives, and we look forward to continuing to invest in the combined enterprise and management team’s vision. Capitalizing on this continued momentum and furthering organizational investment will help enable strategic end market diversification, geographic expansion and deepen our customer relationships.”

The acquisition of LTS by Velocity Rail aligns with growing demand for mobile refueling amid rising fuel costs and sustainability pressures. A 2025 report from Bloomberg projects a 6% annual increase in demand for renewable diesel through 2030, driven by logistics and rail sectors seeking lower-carbon alternatives. However, supply chain bottlenecks for biofuels and regulatory uncertainties around emissions standards pose challenges. Velocity Rail’s acquisition of LTS positions it to capitalize on the shift toward sustainable fuels, leveraging LTS’s nationwide reach and technology to gain a competitive edge in a consolidating market.

“We are excited to partner with the talented team at LTS. They have built strong customer relationships by delivering high quality service complemented by a robust IT platform,” said Konrad Salaber, a managing director with Wind Point. “We look forward to continuing to build upon the company’s reputation for exceptional service in this critical, growing market.”

Lindsay Goldberg, based in New York City, invests in family-owned and entrepreneur-led businesses across various sectors, including industrials, business, government, and financial services. Since 2001, the firm has raised over $20 billion of equity capital and invested in over 65 platform companies and over 350 add-on acquisitions.

Chicago-based Wind Point invests from $50 million to $250 million in companies with EBITDA of at least $10 million. Sectors of interest include industrial products, consumer products, and business services sectors. The firm utilizes a team of executive advisor partners, comprised of more than 40 private and public company executives who are aligned with Wind Point and contribute across all aspects of the firm’s investment process.

Harris Williams, UBS Investment Bank, and Citizens Capital Markets & Advisory were the financial advisors to LTS on this transaction.

© 2025 Private Equity Professional | July 29, 2025