For Immediate Release
July 09, 2012
NEW YORK – J.F. Lehman & Company (“J.F. Lehman”), a leading middle-market private equity firm focused on the defense, aerospace and maritime sectors, announced today that it has acquired ACR Electronics, Inc. (“ACR Electronics”) from Chelton Avionics, Inc., a subsidiary of Cobham plc (LSE:COB).
ACR Electronics, Inc. is a leading global provider of safety products and solutions to the aviation, marine, military and commercial markets worldwide. The Company’s core products include life-saving devices such as rescue beacons, safety lights, and other safety equipment which have been sold for decades under the ACR and Artex brands.
“We are very pleased to have the opportunity to invest in ACR Electronics,” said Stephen Brooks, Partner at J.F. Lehman. “ACR Electronics is a market leader in many of J.F. Lehman’s core end-markets and has a strong reputation for quality and engineering expertise across a diverse product suite with both military and civilian customers. We are excited to partner with the ACR Electronics management team to drive continued success in the business and address new growth opportunities.”
Michael Wilkerson, CEO of ACR Electronics commented, “We are very excited about the partnership with J.F. Lehman and we look forward to continuing to offer our customers advanced, lifesaving products and critical safety solutions through the ACR and Artex brands. Under J.F. Lehman’s ownership we remain committed to investing in technology and opening new markets to ensure that ACR Electronics continues its position as the leading development center for emergency beacons that are designed with one purpose: to save lives.”
Debt financing for the transaction was arranged by BNP Paribas. Jones Day provided legal counsel to J.F. Lehman & Company. Blank Rome advised in the area of government contracting and import / export compliance.