J.F. Lehman & Company Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, J.F. Lehman & Company has acquired 2 companies.

J.F. Lehman & Company’s most common sectors for investment aremarine (16%) and electrical equipment (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (41%) and divestiture (28%). In total, J.F. Lehman & Company has invested in 20 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2022 when it acquired Atlas Air Worldwide Holdings for $5.2B.

In the last 3 years, J.F. Lehman & Company has exited 1 company. The Firm’s most common exit type is trade sale (39%). J.F. Lehman & Company’s largest (disclosed) exit occurred in 2009 when it sold Atlantic Inertial Systems for $375M.

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M&A Summary

  • M&A Total Activity70
    • M&A Buy Activity44
    • M&A Sell Activity26
  • Total Sectors Invested 18
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 28
  • M&A Advisors 16

J.F. Lehman & Company

110 East 59th Street, 27th Floor,
New York, New York 10022
United States
(212) 634-0100
www.jflpartners.com

JF Lehman is a specialist private equity firm that targets investments in the defense, aerospace and maritime industries. JF Lehman looks for lower middle-market company opportunities with established products but that not may not be realizing their full potential. The Firm will only consider control based investment situations. J.F. Lehman was formed in 1992 and has offices in New York, London, and Washington DC.


Investment Criteria

Sectors of Interest: Aerospace, Defense, Electrical Equipment, Electronics, Environmental, Information Technology, Machinery, Manufacturing, Marine, Technology Hardware, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 10 75
Investment Size 50 350
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.8/yr) # 40 2 1 1 - - 44
vol $1.0B $5.2B $1.2B $7.4B
Sell (0.6/yr) # 23 2 1 - - - 26
vol $1.2B $1.2B
  70

Most Recent M&A

Company Date Value Type
Heritage-Crystal Clean, Inc. 2023-07-19 1.2B USD Going Private
Hoffman Estates, Illinois · www.crystal-clean.com
Lone Star Disposal LP 2022-08-15 - Add-on Acquisition
Houston, Texas · www.lonestar-disposal.com
Atlas Air Worldwide Holdings, Inc. 2022-08-04 5.2B USD Going Private
Purchase, New York · www.atlasair.com
Narda-MITEQ 2021-12-07 - Divestiture
Hauppauge, New York · www.nardamiteq.com
IMIA Group Holdings LLC 2021-11-11 - Secondary Buyout
Daphne, Alabama · www.imiallc.com
BEI Precision Systems & Space Co., Inc. 2021-08-17 - Add-on Acquisition
Maumelle, Arkansas · www.beiprecision.com
Trillium Engineering, LLC 2021-03-31 - Stake Purchase
Hood River, Oregon · www.trilliumeng.com
CTS Engines LLC 2020-12-28 - Secondary Buyout
Fort Lauderdale, Florida · www.ctsengines.com
ENTACT LLC 2020-12-15 - Secondary Buyout
Dallas, Texas · www.entact.com
CodeMettle LLC 2020-12-09 - Buyout (LBO, MBO, MBI)
Atlanta, Georgia · www.codemettle.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
ENTACT LLC 2020-12-15 USA Environment LP 2022-09-28 1
Dallas, Texas · www.entact.com Deer Park, Texas · www.usaenviro.com
Trident Maritime Systems 2012-09-28 Trident Maritime Systems - Cannon Mining Division 2022-06-15 1
Arlington, Virginia · www.tridentllc.com Arlington, Virginia
Inland Pipe Rehabilitation LLC 2018-12-27 Granite Construction, Inc. - Inliner 2022-02-03 2
Conyers, Georgia · www.inlandpiperehab.com Watsonville, California
Trident Maritime Systems 2012-09-28 Callenberg Technology Group AB 2016-08-11 7
Arlington, Virginia · www.tridentllc.com Uddevalla, Sweden · www.callenberg.se
Trident Maritime Systems 2012-09-28 US Joiner LLC 2013-01-31 6
Arlington, Virginia · www.tridentllc.com Crozet, Virginia · www.usjoiner.com
Trident Maritime Systems 2012-09-28 IMECO, Inc. 2013-01-31 5
Arlington, Virginia · www.tridentllc.com Iron Mountain, Michigan · www.imeco.us

M&A by Sector

Sector Current # Value All-time # Value
Marine 2 (13%) 250M (4%) 7 (16%) 250M (3%)
Aerospace 2 (13%) 5.2B (78%) 4 (9%) 5.2B (70%)
Environmental 3 (20%) 1.2B (18%) 4 (9%) 1.2B (16%)
Manufacturing - - 4 (9%) 296M (4%)
Electrical Equipment 2 (13%) - 4 (9%) -
Electronics - - 3 (7%) -
Machinery 1 (7%) - 3 (7%) -
Chemicals 1 (7%) - 2 (5%) 120M (2%)
Construction 1 (7%) - 2 (5%) -
Defense - - 2 (5%) -
Technology Hardware 1 (7%) - 2 (5%) -
Transportation - - 1 (2%) 235M (3%)
Test/Measurement Equipment - - 1 (2%) 131M (2%)
Airlines - - 1 (2%) -
Business Services 1 (7%) - 1 (2%) -
Energy Services and Equipment - - 1 (2%) -
Information Technology - - 1 (2%) -
Software 1 (7%) - 1 (2%) -
Total 15 $6.7B 44 $7.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (87%) 6.4B (96%) 40 (91%) 7.2B (97%)
  California - - 6 (14%) 427M (6%)
  New York 3 (20%) 5.2B (78%) 4 (9%) 5.2B (70%)
  Virginia 2 (13%) - 4 (9%) -
  Texas 2 (13%) - 4 (9%) -
  Florida 1 (7%) - 3 (7%) -
  Georgia 2 (13%) - 2 (5%) -
  Michigan 1 (7%) - 2 (5%) -
  Wisconsin - - 2 (5%) -
  Massachusetts - - 2 (5%) -
  Illinois 1 (7%) 1.2B (18%) 1 (2%) 1.2B (16%)
  Oregon 1 (7%) - 1 (2%) -
  Hawaii - - 1 (2%) 235M (3%)
  New Jersey - - 1 (2%) 120M (2%)
  Arkansas - - 1 (2%) -
  Alaska - - 1 (2%) -
  Alabama - - 1 (2%) -
  South Carolina - - 1 (2%) -
  Maryland - - 1 (2%) -
  Connecticut - - 1 (2%) -
  Colorado - - 1 (2%) -
United Kingdom 2 (13%) 250M (4%) 4 (9%) 250M (3%)
Domestic 13 (87%) 6.4B (96%) 40 (91%) 7.2B (97%)
Cross-border 2 (13%) 250M (4%) 4 (9%) 250M (3%)
Total 15 $6.7B 44 $7.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (27%) - 18 (41%) 235M (3%)
Divestiture 4 (27%) 250M (4%) 12 (27%) 501M (7%)
Going Private 2 (13%) 6.4B (96%) 4 (9%) 6.7B (90%)
Secondary Buyout 3 (20%) - 4 (9%) -
Recapitalization 1 (7%) - 3 (7%) -
Stake Purchase 1 (7%) - 3 (7%) -
Total 15 $6.7B 44 $7.4B

Exits by Deal Type

Type Total # Value
Trade Sale 6 (23%) 617M (52%)
Secondary Sale 6 (23%) 93M (8%)
Trade Sale - Public Company 4 (15%) 483M (40%)
Bankruptcy 3 (12%) -
Merger 3 (12%) -
Unknown 3 (12%) -
Stake Sale 1 (4%) -
Total 26 $1.2B

Top M&A Advisors

Financial Deals
Evercore Group LLC
 6
Houlihan Lokey
 4
Stifel, Nicolaus & Co., Inc.
 2
Legal Deals
Jones Day
 27
Blank Rome LLP
 9
Shearman & Sterling LLP
 3

Deal Values

buy # Total
> $1B 2 $6.4B
$100M to $1B 5 $1.0B
TOTAL $7.4B
Largest Atlas Air Worldwide Holdings, Inc.
$5.2B (2022-08-04)
sell # Total
$100M to $1B 5 $1.1B
< $100M 1 $93M
TOTAL $1.2B
Largest Atlantic Inertial Systems, Inc.
$375M (2009-12-21)

M&A Connections

Deals
Acquired from
Investor(s)
11%
5 (11%)
Strategic(s)
25%
11 (25%)
Exited to
Investor(s)
23%
6 (23%)
Strategic(s)
50%
13 (50%)

Investor Summary

Investor Type

Private Equity Firm

Size

Middle-Market

PE Assets

900M USD

Established

1992

Specialist/Generalist

Specialist

Leadership

John Lehman

Co-Founder & Chairman

Donald Glickman

Founding Partner

Lisa Steffens

Managing Director, Fund Finance & Operations

David Rattner

Managing Director, Legal, Administration & Compliance

Larry Phillips

Managing Director, Portfolio Operations

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