API Techologies Agrees to be Acquired by J.F. Lehman & Co.

API Technologies Corporation announced that it has agreed to be acquired by J.F. Lehman & Company, an aerospace and defense-focused private equity firm, for $2.00 per share in cash or an enterprise value of $306 million (based on the company's balance sheet as of August 31, 2015).  API Technologies provides RF/microwave solutions, microelectronics, electromagnetic integrated solutions, power solutions, secure systems and information assurance, and electronic manufacturing services to commercial, government, and military customers.  For the twelve-month period ending August 31, 2015, the company had revenues of $229 million and adjusted EBITDA of $22.6 million.

The deal is expected to close in the second fiscal quarter of 2016.  Jefferies LLC is the financial advisor and Wilson Sonsini Goodrich & Rosati is the legal advisor to API Technologies.