J.F. Lehman & Company acquires Mission Microwave Technologies to expand aerospace and defense portfolio

J.F. Lehman & Company (“JFLCO”), a distinguished private equity firm with a focus on the aerospace, defense, maritime, government, and environmental sectors, has announced the acquisition of Mission Microwave Technologies, LLC (“Mission”), a key player in the satellite communications market. Founded in 2014 and based in Cypress, California, Mission Microwave Technologies is renowned for its innovative Solid-State Power Amplifiers (SSPAs) and Block Upconverters (BUCs), supporting a wide range of applications from commercial broadband network gateways to mobile tactical terminals on the battlefield.

Mission Microwave Technologies has quickly established a leading market position, delivering a portfolio of products essential for satellite communications’ performance across various applications. Utilizing advanced gallium nitride (GaN) transistors, unique power combining technology, and full-system designs, Mission offers the industry’s most efficient, lightweight, and compact high-power devices. This acquisition underscores JFLCO’s commitment to supporting companies at the forefront of technological innovation in critical sectors.

Steve Brooks, Partner at JFLCO, expressed enthusiasm about partnering with Mission to continue building on the company’s exceptional reputation for innovation and technological leadership. This partnership aims to enhance Mission’s capabilities, especially in satisfying high power and high frequency requirements with size, weight, and power (SWaP) efficient packages.

Mike Friedman, Managing Director at JFLCO, highlighted Mission’s strong positioning with blue-chip customers, differentiated technical performance, and proprietary product portfolio. JFLCO’s investment strategy aligns with supporting Mission’s product development and growth initiatives, further positioning the company to capitalize on compelling market opportunities.

JFLCO is collaborating with Mission’s prior majority shareholders (affiliates of GaAs Labs LLC), founders, and management, who will remain significant shareholders and continue to lead the company into its next growth phase. Francis Auricchio, Co-Founder, President, and CEO of Mission, expressed confidence in JFLCO as the perfect partner to support Mission’s evolution, highlighting the blend of deep industry knowledge, commercial and operational expertise, and substantial capital that JFLCO brings to the table.

The transaction received debt financing support from Barings, co-led by PennantPark and SMBC, with legal counsel provided by Jones Day for JFLCO and Phillips Lytle for Mission. King & Spalding offered government contracts, defense security, and international trade advice to JFLCO, with KippsDeSanto & Co. serving as financial advisor to Mission.

The acquisition of Mission Microwave Technologies by J.F. Lehman & Company represents a strategic move within the aerospace and defense sectors, indicating a strong focus on innovation and technology leadership. As the satellite communications market continues to evolve, companies like Mission, supported by experienced investors like JFLCO, are well-positioned to address the complex and ever-changing challenges of their customers. This partnership is poised to drive technological advancements and expand Mission’s product portfolio, enhancing its impact on global communications infrastructure.