J.F. Lehman & Company (JFLCO) has acquired Mission Microwave Technologies, a manufacturer of components used in satellite communications systems.
Mission’s lightweight and compact high-power devices meet stringent size, weight and power (SWaP) requirements and are used to support ground-based, airborne, maritime and space-based applications for both government and commercial customers.
Mission Microwave’s products include solid-state power amplifiers (SSPAs) and block upconverters (BUCs). SSPAs are used to amplify signals transmitted from ground stations to satellites. By boosting the strength of these signals, SSPAs allow signals to maintain their integrity and coherence over the extensive distances they need to travel through space.
Similarly, BUCs are used to convert (“upconverting”) a lower frequency signal originating from terrestrial devices, such as satellite phones or internet terminals, to a higher frequency that a satellite can easily receive and relay back to Earth. In summary, SSPAs boost the strength of signals sent from Earth to satellites, while BUCs convert signals to the appropriate frequency for transmission through space.
The company’s products support multiple electromagnetic spectrum bands including X (8 to 12 gigahertz) for satellite communications, radar systems, and terrestrial microwave; Ku (12 to 18 gigahertz) for broadcasting, data transmission, and broadband internet services; and Ka (26.5 and 40 gigahertz) used for high-speed data transmission, multimedia broadcasting, and satellite internet services.
Mission Microwave was founded in 2014 and is headquartered near Los Angeles in Cypress, California. JFLCO is partnering on this transaction with GaAs Labs (Mission’s prior majority shareholders), the company’s founders, and senior management team, who will remain material shareholders in the business and continue to lead the company.
GaAs Labs is an investor in the communications semiconductor market with a specific interest in radio frequency (RF), microwave and optical products (GaAs, stands for Gallium Arsenide, a widely used compound in electronic and optoelectronic devices). The firm was founded in 2008 by the late John Ocampo and his wife Susan Ocampo.
“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,” said Steve Brooks, a partner with JFLCO. “We are excited to partner with the Mission team to build on the company’s exceptional reputation for innovation and technological leadership, particularly with respect to satisfying high power and/or high frequency requirements in size, weight and power efficient packages.”
“Mission represents an excellent fit with our established investment strategy given its strong positioning with blue-chip customers, differentiated technical performance and proprietary product portfolio across a diverse and expanding array of end markets,” said Mike Friedman, a managing director at JFLCO. “We are looking forward to supporting the company’s continued product development and growth initiatives as Mission further positions itself to capitalize on an extremely compelling market opportunity.”
J.F. Lehman is a middle-market private equity firm focused primarily on the maritime, defense and aerospace sectors. The firm was founded in 1992 by Dr. John Lehman, who served six years as Secretary of the United States Navy. J.F. Lehman is headquartered in New York City with an additional office in Washington DC.
“JFLCO represents the perfect partner to support the next stage of our company’s evolution,” said Francis Auricchio, the co-founder, president, and CEO of Mission. “JFLCO offers a unique combination of deep industry knowledge and relationships, commercial and operational expertise, and substantial capital we will leverage to accelerate our growth, product portfolio expansion and further advance our technological leadership. The entire Mission team is excited to continue to deliver innovative solutions to our customers’ complex and ever-changing challenges under JFLCO’s sponsorship.”
Debt financing to back this acquisition was provided by Barings and co-led by PennantPark and Sumitomo Mitsui Banking (SMBC). KippsDeSanto & Co. was the financial advisor to Mission.
© 2024 Private Equity Professional | March 19, 2024
