For Immediate Release
June 30, 2009
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 Defense Venture Group and its affiliates (“DVG”) in partnership with DVG management.
DVG is a holding company with two principal operating businesses: (i) Indigen Armor, which designs and manufactures low-profile, purpose-built armored vehicles and (ii) ArmorLine, which develops and manufactures force protection products, including armored vehicle extraction devices and transparent ceramic Spinel – a revolutionary material whose combination of high-hardness, lightweight and broadband optical transmission properties make it an ideal candidate for transparent armor and sensor applications across numerous vehicle, aircraft and vessel platforms. DVG is a recognized leader in the purpose-built armored vehicle and transparent ceramic Spinel markets and possesses strong customer relationships with numerous agencies of the U.S. Government. Based in Charlotte, NC, DVG employs approximately 50 people.
“We are excited to be partnering with the DVG management team and are pleased to welcome DVG to the J.F. Lehman & Company portfolio,” said C. Alexander Harman, a Partner with J.F. Lehman & Company. “DVG is an excellent fit with our investment strategy given its leading niche market positions, unique product portfolio and numerous opportunities for growth. We plan to work with management to expand its current product offering and customer base as well as grow the company’s operations and capabilities to enhance how we meet the needs of DVG’s customers and markets.”
John M. Zinn, President and CEO of DVG commented, “J.F. Lehman & Company is the ideal partner for DVG. They offer an excellent combination of unique expertise and relationships as well as capital to accelerate our growth. We look forward to aggressively scaling our operations in order to satisfy market demand.”
Gibson, Dunn & Crutcher and Blank Rome provided legal counsel to J.F. Lehman & Company, while Zinn & Lorand and Kurtz, Anderson & Associates provided legal counsel to DVG. WoodRock & Co. acted as financial advisor to DVG.