Narda-MITEQ, has acquired Intelligent RF Solutions (iRF). iRF is a market leader in the design, engineering and manufacturing of RF and microwave systems and subsystems for mission-critical military and intelligence community applications. The Company specializes in wideband, high frequency products for signals intelligence ("SIGINT"), electronic intelligence ("ELINT") and electronic warfare ("EW") functions. With a legacy dating back to 1962, the Company employs approximately 50 individuals based in its facility in Sparks, Maryland. iRF represents the first add-on acquisition completed by Narda-MITEQ under JFLCO's sponsorship and will continue to be led by the current iRF management team.
Narda-MITEQ is a market leader in the design, engineering and manufacturing of custom RF and microwave subsystems and components for defense and commercial end markets. The Company's highly engineered solutions facilitate the conditioning, management and transfer of RF and microwave energy in demanding operating environments across a variety of radar, space, test and measurement and intelligence, surveillance and reconnaissance applications. Narda-MITEQ is headquartered in Hauppauge, NY with additional facilities in Pfullingen, Germany and Cisano, Italy.
Bob Tavares, Chief Executive Officer of Narda-MITEQ, commented, "Our partnership with iRF will further strengthen and broaden both organizations' market presence and penetration, customer relationships and technology and product development capabilities. We look forward to working with the current iRF management team to build upon the Company's sterling reputation and drive continued growth at Narda-MITEQ."
"The iRF acquisition substantially expands Narda-MITEQ's product portfolio with increased focus on system and subsystem capabilities for SIGINT/ELINT/EW applications, which is a key growth area for the business," said Glenn Shor, Chairman of Narda-MITEQ and Partner at JFLCO.
"We are excited to welcome iRF and its strong SIGINT/ELINT/EW systems technology, as well as its experienced senior management and engineering teams into the Narda-MITEQ platform," added Ben Hatcher, Director of Narda-MITEQ and Principal at JFLCO.
Debt financing for the transaction was provided by Barings Finance and Siemens Financial Services. Shearman & Sterling served as legal advisor to Narda-MITEQ and JFLCO. Baker Hostetler provided government contracts, defense security and international trade advice and Jones Day served as counsel for the debt financing. Philpott Ball & Werner served as financial advisor to iRF while Barnes & Thornburg LLP were iRF's legal representatives for the transaction.
